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Residence permits in Spain: new opportunities

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5 Jun. 2013

With the objective of stimulating both the national and the international investment in Spain, the Government approved last May 24th the draft Bill of Entrepreneurs, in line with the European regulation recently approved in this field. This draft from the Government is pending to be passed as Project of Law, but sets the basic guidelines of the future Law, aimed to promote the foreign Investment in different areas and the development of business Projects in Spain, boost the scientific and technological innovation and stimulate the generation of employment.

By virtue of this new regulation, temporary Residence Permits would be granted to those non EU citizens who:

  • Create employment by starting or investing in business Projects; those who invest in business Projects that might have a social-economic impact or from the point of view of scientific and technological innovation; as well as those who make relevant investments or create a business Project of general interest.
  • Invest through the acquisition of Houses located in Spain for a value of at least 500.000 € (minimum value of the investment that can be split in the acquisition of several properties).
  • Acquire public debt for value of 2.000.000 €.

- Other requirements:

  1. a) To be a non EU citizen.
  2. b) To be legally in Spain.
  3. c) Not having criminal records in Spain and/or in the country/es of the last five years of residence.
  4. d) To have a public or private health Insurance and count on sufficient economic means.
  5. e) It is also required that the investor does not require external financing for the purchase.

A central office will be created for those who apply for this type of Residence Permits, with the purposes of unifying and speeding up the application process.

Besides other relevant novelties, it is worth mentioning the regulation of a new fiscal regimen applicable to entrepreneurs, by which different fiscal incentives in the IRPF (Income Tax) would be applied to the investment and financing of new companies. Furthermore, this new Law will be used as a vehicle to simplify and ease the procedures of creation and closing of Companies and businesses.

It should be taken into consideration that this draft is under study, thus it will be necessary to wait until the definitive Law is finally approved. It is expected that the approval will take place next autumn.

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