30 Nov New resident Visa and resident Permit for foreign investors
The Spanish Act 14/2013, as of September 27, for the support of entrepreneurs and their internationalization, has introduced a new way of granting Spanish resident Visa and residence Permit for foreign investors.
In order to qualify for the Visa the following investments exist for each foreign
- Spanish public debt amounting at least EUR 2 MM
- Shares on Spanish companies exceeding EUR 1 MM
- Cash deposits in Spanish Banks exceeding EUR 1 MM
- Spanish real estate exceeding EUR 0,5 MM
- Entrepreneurial projects in Spain that either
- create jobs, or
- imply investments with a relevant socio-economic impact in the location of the business, or
- make relevant technological or scientific innovation contributions.
Those investments made through entities, which are not resident in tax haven territories, provided that the foreign individual owns at least 50 per cent, and has powers to appoint the majority of their Directors, also qualify for this purpose.
Investor’s resident Visa will be extended for a 1 year period.
Holders of the investor’s Visa may ask for an investor’s resident Permit for periods of 2 years, that may be extended for 2 more years. For that purpose, the following
requirements are to be met:
- Maintenance of the aforementioned investments.
- Traveling to Spanish territory at least once on each permit period.
- Fulfillment of tax and social security obligations.
NEXIA Spanish member firms in Spain will be happy to assist on this issue.