Residence for investors
he law 14/2013, of September 27th , is directed to facilitate , for reasons of economic interests for Spain, the entrance of those foreigners from outside the EU that propose to enter in Spanish territory with the purpose of making a significant inversion of capital. In order for that in the first place they must obtain a residence visa requesting it to the Spanish diplomatic mission or consulate of Spain in his country of legal residence.
It’s understood as a significant investor some of the following assumptions:
- Investment equal to or higher than 2 millions of euros in public dept securities.
- Accredited by certificate of the financial institution or of the Bank of Spain in which is indicated that the applicant is the only investment holder for a period equal or superior to 5 years.
- Investment equal to or higher than 1 million of euros in stock or social shares of Spanish companies, or bank deposits in Spanish financial institutions.
- Case of unquoted stocks or social shares, certified by the copy of the investment declaration made in the registration of foreign investments of the Ministry of Economy and Competitiveness.
- Case of quoted shares, with accreditation of the certificate from the financial intermediary registered in the National Stock Market Commission or in the Bank of Spain, stating the investment has been made in effects of this law.
- Case of investment in bank deposit, accrediting by certificate of the financial institution specifying that the applicant is the only titleholder of the deposit.
- Acquisition of properties in Spain with an inversion of value equal to or higher than 500.000 euros for each applicant. The indication for “ each applicant “ means that the purchase of the same house can involve the acquiring of visa for more than one person, always that he features as owner. The inversion must be unencumbered, although the part that exceeds over 500.000€ can be subject to a charge or encumbrance.
- Accrediting with certification with continuous information of ownership and encumbrances of the Property Registry that corresponds to the property or properties, it must have an electronic verification code. If the inscription is in process, it will be enough with the attesting of the filling presentation of the document of acquisition along with the confirmation of the tribute payments.
- Business project that will be developed in Spain considered and certified as general interest that must comply with one of the fallowing conditions:
a) Creation of employment.
b) Produce an inversion with economic impact with relevance in the geographic area in which the activity will be developed.
c) Relevant contribution to the scientific and/or technological innovation.
- Accrediting with a favorable report of the economic and trade office of the field of geographic demarcation where the investor presents the visa application.
In all cases the investment will be valid carried out by a legal person when the foreigner that applies for the visa owns, direct or indirectly, the majority of his rights to vote and has the faculty of naming or dismissing the majority of the members of his administration board, and is not registered in a tax haven.
Accrediting one of these assumptions the Consulate will resolve about the concession of the visa within 10 working days, such visa will habilitate to reside in Spain for one year without processing the residency card.
The general requirements for obtaining the visa or residency are:
- To not be in Spanish territory illegally.
- You must be over 18 years of age.
- Have no criminal records in Spain and in the countries where you have resided during the last 5 years,, for crimes referred to in the Spanish legal system. This point in practice implies the presentation of certificates of criminal records of various countries in some cases considering the geographic mobility of the applying subjects, not only of their country of origin.
- To not figure as reprehensible in the territorial space of countries with whom Spain has a signed agreement in this matter.
- To count with a public or private health insurance concerted with an insurance company authorized to operate in Spain.
- To count with enough economic resources for yourself and for the members of your family during your period of residence in Spain.
- To pay out the application fee for the visa or authorization.
The visas will have a duration of one year and will be of 1,2 or of multiple entries with a maximum validation of 5 years.
The absences of Spain over 6 months will not prevent the acquirement or renovation of the residence authorizations; nonetheless it will be taken in account the continuity for the acquirement of the long- term residence permit and for the nationality.
Once in Spain and even if the visa enables you to reside in the country for 1 year, if you desire you can apply for a residence authorization without waiting for the expiry of your visa, certifying:
- That you are holder of a valid residence visa or that you are in the 90 days after its expiry.
- Having traveled to Spain at least 1 time during the validity of the visa.
- To have maintained the investment that led to the concession of the visa.
- To certify the fulfillment of the obligations in tax and social security matters.
The authorization for residence will be resolved in the term of 20 working days, past these without response it will be considered granted by positive silence, it will have a validity of two years and can be renewed indefinitely for periods of two more years.
The management of the authorizations of residence for investors is competence of the Large Business Unit and Strategic Groups and will be resolved by General Directorate for Migration.
Along with the investor or afterwards the spouse or sons under 18 or over that age that are not objectively capable of providing his own necessities due to his state of health, can apply visa or residence.
The law does not have retroactive affects; therefore the investments must be after the effective date of law.
The non-resident foreigners that propose to enter in Spanish territory with the purpose of making a significant capital investment can apply for the stay visa , or in the case, for investors residence.
It is understood as a significant capital investment:
a) An initial inversion of more than 2 million euros in Spanish public dept securities, more than 1 million euros in stocks and social shares of Spanish companies, or bank deposits in Spanish financial institutions.
b) Acquisition of Property in Spain with an inversion of more than 500.000 euros of value for each applicant
c) A business project in Spain and that is considered as general interest with the compliment of at least one of the conditions:
- Creation of employment.
- Produce an inversion with a relevant socioeconomic impact in the geographic area.
- Relevant contribution to the scientific and /or technological innovation.
For the concession of the visa residence for investors it will be necessary to have made the inversion in the minimum amount required, in a period not over 60 days before the presentation of the application.