Following the approval of Law 14/2013, of 27 September, on support for entrepreneurs and their internationalisation, foreigners who intend to enter or reside in Spain may do so for reasons of economic interest in those cases in which they can prove they are investors.
In order to do so, a series of requirements must be met, which can be summarised as follows:
– Be over 18 years of age,
– Not be irregularly present in Spanish territory,
– Not having a criminal record in Spain,
– Not be ineligible in the territorial space of countries with which Spain has signed agreements in this regard, and
– Have sufficient economic resources to support themselves or, failing that, have public or private health insurance arranged with an insurance company authorised to operate in Spain.
How to obtain residency for real estate investment in Spain.
With regard to the requirements relating to the investment, this must fall into one of the following categories:
A) An initial investment for a value equal to or greater than 2 million euros in Spanish public debt securities, or for a value equal to or greater than one million euros in shares or stockholdings in Spanish companies, or bank deposits in Spanish financial institutions. This investment must have been accredited within a period not exceeding 60 days prior to the submission of the application.
B) The acquisition of real estate by purchase and sale in Spain with an investment of a value equal to or greater than 500,000 euros per applicant. The acquisition of these properties may be carried out in joint ownership, and do not necessarily have to be destined for housing, so it would be possible to acquire, for example, business premises.
C) A business project to be developed in Spain and which is considered and accredited as being of general interest, for which at least one of the following conditions will be assessed:
1.º Creation of jobs.
2. Investment with a significant socio-economic impact in the geographical area in which the activity is to be carried out.
3. Relevant contribution to scientific and/or technological innovation.
An investment made by a legal entity domiciled in a territory that is not considered a tax haven under Spanish law, and the foreigner holds, directly or indirectly, the majority of its voting rights and has the power to appoint or dismiss the majority of the members of its governing body, will also be eligible.
Initially, if all the legal requirements are met, a residence visa for investors may be obtained for a period of 1 year and subsequently a residence permit for a period of 2 years, if the investment and other requirements established by law are maintained, with the maximum duration of residence permits being 5 years.
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