Thursday, 28 November, 2013

New Spanish visa and residence permit program.

The Spanish residence permit legislation was enacted on 27 September 2013.

Spanish Law 14/2103 allows nationals of third countries fulfilling certain investment requirements to freely enter or even reside in Spain. It also allows freely travelling into other European countries of the Schengen Area for a maximum period of 90 days every six months, avoiding existing administrative burdens and waiting periods.

The new legislation does not require a minimum amount of time to be spent in Spain, so investors can remain tax resident outside of Spain, whilst benefiting from Spanish residency and the freedom of travel and circulation in the EU.

Immigration regulations shall be previously adapted to determine the specific procedures required to obtain entry visas and residence permits for qualifying individuals.

Third country nationals may obtain a Spanish visa valid for a term of one year that may be converted into a residence permit in Spain for a term of two more years; and renewable for subsequent terms of two years. The visa and residence permit can simultaneously (or subsequently) be requested for the spouse and children.

General requirements

  • Targeted to certain categories of individuals - investors, entrepreneurs, highly skilled professionals, researchers and to facilitate intercompany transfer of employees.
  • Currently not living in Spain without visa or residence permit.
  • Have no entry prohibition records in Spain or other countries with which Spain has concluded a convention in such respect.
  • Not being a EU, EEA or Swiss citizen.
  • Have no record of criminal offences in Spain or other countries of residence during the previous five years.
  • Have sufficient economic resources to support themselves during their period of residence.
  • Being publicly covered for medical insurance or privately covered by an insurance company licensed to operate in Spain.

Specific requirements for investors - qualifying investment

A. A deposit of at least €1m in an account opened with a Spanish bank; or

B. Holding shares in a Spanish company for a value of at least €1m; or

C. Acquire Spanish public debt for an amount of at least €2m; or

D. Invest in Spanish public debt for an amount of at least €500,000 free of any liens and debts (any exceeding amount may bear liens and debts). This minimum amount can be invested in one or more properties; or

E. Develop a business or entrepreneurial project of national interest, which shall be resolved by taking into consideration the amount of jobs to create, relevant of the investment or of the scientific or technical innovation.

 

For further information, please email Oscar Garcia or call him on +34 933 623 390.