In order to contribute to the economic growth in Spain by attracting talent and investment, the immigration policy, which up until now has mainly focused on the labor market, has regulated ways to support entrepreneurs and their internationalization (14/2013 of 27 September) in order to facilitate and speed up the visa and work permit process.
This measure benefits not only the investor but the investor´s spouse and family by means of a new simplified and efficient procedure carried out by a single authority and granted in a short period of time. The visa is also valid anywhere in the country.
Non -resident foreigners with the intention of coming to Spain to invest may request an entry visa or a residence visa once the have fulfilled the following requirements:
- An initial investment of equal to or greater than 2 million euros in public debt bonds or equal to or greater than 1 million euros in corporate shares in Spanish companies or bank deposits in Spanish financial institutions.
- Acquisition of property in Spain with an investment equal to or greater than 500,000 euros for each applicant.
- Development of a business project considered to be of general interest to Spain. For this, the applicant must demonstrate his plan to propose one of the following:
- Job creation
- Socioeconomic impact in the geographical area relevant to the project being developed
- Relevant contribution to scientific research and/or technological innovation
Once all requirements are fulfilled and submitted, the foreign investor will be allowed to reside in Spain for at least one year after being granted the corresponding residence visa.
Those who wish to stay in Spain for a period of more than one year must request a residence permit which is initially valid for two years. In order to do this, certain requirements must be fulfilled such as providing proof of a residence visa, proof of having travelled to Spain at least once during the applicant´s authorized period of stay, proof of maintenance of the investment etc.
This residence permit may be extended two additional years if and when the applicant remains interested in his project and applies for the renewal of his residence permit.
Translated by: Katherine Pascal
