Entrepreneurs Support & Internationalisation Law (14/2013)

This law aims to attract foreign investment into Spain and came into force on 29 September 2013.

It provides for residence permits and visas to be granted to foreign nationals who acquire real estate in Spain valued at Euro 500,000 or more (the property must not be subject to a mortgage or injunction).

The foreign investor’s wife and children can be granted residence in Spain as well as the foreign investor.

The residence permit has a duration of 2 years and is renewable for further periods of 2 years provided the investment is maintained (it appears that first, a 1 year residence visa must be obtained during which time the application for the new residence visa can be made).

 

Although residence permits will not include a work permit (nor will they give any right to receive social or health benefits in Spain), applicants should be able to obtain a work visa allowing them to work in Spain.

There is no minimum residence requirement regarding the properties acquired by the foreign nationals (who only have to have travelled to Spain once during the period for which the visa was granted). It appears therefore that investment properties can be let out or otherwise exploited by the foreign investor.

Applicants should be covered by private (or public) medical health insurance and have ‘sufficient economic means’ to live on in Spain, as well as have a clean criminal record (over the previous 5 years).

Spain forms part of the Schengen Area (currently comprising 26 European countries). Foreigners with a Schengen residence permit can move freely for up to 3 months in any period of 6 months within the Schengen Area.

New born babies born and residing in Spain will be eligible for Spanish nationality 1 year after their birth. In other cases, the applicant for Spanish nationality must be resident in Spain continuously for 10 years immediately preceding the application.

Under Spanish law, family members can be granted residence in Spain at the same time as the foreign investor. ‘Family’ for these purposes includes the spouse, children and the ascendants of the investor and spouse, but not siblings.

Spanish “Residency for Property purchase” Law

  • This law provides for residence permits and visas to be granted to foreign nationals who acquire real estate in Spain valued at Euro 500,000 or more (the property must not be subject to a mortgage or injunction).
  • The residence permit has a duration of 2 years and is renewable for further periods of 2 years provided the investment is maintained (it appears that first, a 1 year residence visa must be obtained during which time the application for the new residence visa can be made).
  • The foreign investor’s wife and children can be granted residence in Spain as well as the foreign investor.
  • Although residence permits will not include a work permit (nor will they give any right to receive social or health benefits in Spain), applicants should be able to obtain a work visa allowing them to work in Spain.
  • There is no minimum residence requirement regarding the properties acquired by the foreign nationals (who only have to have travelled to Spain once during the period for which the visa was granted). It appears therefore that investment properties can be let out or otherwise exploited by the foreign investor.
  • Applicants should be covered by private (or public) medical health insurance and have ‘sufficient economic means’ to live on in Spain, as well as have a clean criminal record (over the previous 5 years).