New Express Residence Permits for Foreign investors
Since September last year and according to the Law 14/2013 for the support of entrepreneurials (Ley 14/2013, de 27 de septiembre, de apoyo a los emprendedores) there is in Spain a new, quicker and easier procedure to obtain the legal residence permit just by investing a certain amount of money in our country . The minimum investments have to amount:
– 2 Mio € in Public debt or 1 Mio€ in stock of Spanish Companies o r bank deposits in Spanish credit entities
– 500.000 in a real estate located in Spain
-incorporating a business to be carried out in Spain if certain requirements are matched.
In principle this procedure is thought for non EU residents and the objective is to attract investments from emerging economies like the Russia and China.
The procedure is established in the articles 63 to 65 of the Law 14/2013 and starts with the application of the N.I.E. or Foreigners Fsical Nr. Then the applicant has to open a bank account and make a deposit of at least 25.560,52 € for him y el 100 % and 6.390,13 € for member of his family to cover current year expenses. There is also an obligation to show evidence of having either private or public medical insurance.
Once the acquisition of the property or any of the others investments are completed an application for the “Visado de residencia para inversore” must be submitted within 60 days at the Spanish Consulate of his home country and then, if all the requirements are met and after paying the visa fees, a Visa of one year shall be granted which the applicant has to collect in Spain within the next month. After that period it might be extended for periods of two years residence permits and so stay and live here without having the obligation to leave each 90 days.
It is important to know that the investment shall fulfill the requirements of the Spanish Money Laundering preventions and that depending of the Consulate an historic criminal records of the applicant might be requested.
Finally, the holders of said resident permits might also circulate freely in all the Schengen area during 3 months without getting passport stamped.