Question:
Dear lawyer,
I would like to know how I can obtain residence in Spain as an investor, and to learn what the requirements are to allow this. My idea is to invest in real estate properties in Spain.
Thank you very much,
Answer.
Dear reader,
Thank you for your enquiry.
Indeed, it is possible to obtain a residence visa and even a residence permit for investors in Spain.
Legally this is regulated by the law 14/2013 of support for entrepreneurs and its internationalization, which provides the possibility of obtaining a residence visa in Spain, to foreign investors who makes a significant investment.
What type of investment is needed to apply for residence ?: In principle, Article 63 of this law, provides that investments, which may give the right to apply for a residence visa or permit to investors, are:
a) An initial investment for 2 million euros or more, in Spanish public debt securities, or for a value of one million euros or more in shares of Spanish companies, or bank deposits in financial Spanish entities.
b) The acquisition of real estate properties in Spain for an investment equal or in excess of, 500,000 euros for each applicant.
c) A business project that will be developed in Spain and that is considered of general interest, for which the following will be taken into account: creation of jobs, investment, scientific and / or technological innovation.
Who can apply for a residence visa for investors ?: They can be individuals, who invest personally, or through a legal entities or companies as far as they are not domiciled in a tax haven, provided they have the majority of the voting rights, etc. .
Residence Visa for real estate investments.
The investor must prove the acquisition of a property or properties with proof from the corresponding Spanish Land Registry.
In addition, the investor must prove that the investment in real estate is at least of 500,000€ free of all types of charges or encumbrances (i.e. without mortgages), although for the investment above € 500,000 could be charges.
In addition, there are other requirements such as lack a criminal record, health insurance, etc.
Residence visa period: the residence visa for investors, will be at least 1 year (also for the spouse and children who are dependants, etc.).
AUTHORIZATION OR PERMIT FOR RESIDENCE FOR INVESTORS.
Those investors who wish to be residents in Spain for a period longer than one year (foreseen for the residence visa), may request for the residence authorization or permit for investors, which will be at least 2 years renewable at the request of the investor, subject to compliance with several requirements, which we will develop in a next article.
So, if you wish to reside in Spain and Europe, and want to apply for a residence visa or permit for investors, contact us and we will help you.
The information provided in this article is not intended to be legal advice, but merely conveys general information related to legal issues.
Carlos Baos (Lawyer)
White & Baos
Tel:+34 966 426 185
E-mail: info@white-baos.com
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