Staff Reporter
SPAIN is known as one of the most attractive markets in Southern Europe for various foreign, EU and local investors. However, this scenario has not always been the case since the European financial crisis of 2008 hit our country hard when debt more than doubled (i.e. from 40% to 90% in 2013).
Of course, by that time, the Spanish financial system was quite fragile and the government took some drastic measures, as well as some complex labour market reforms, to stabilise the market and the economy of our country.
As a result, the Spanish economy revived with higher economic growth rates and a better/(improved?)account balance with the rest of the world. Spain also adjusted its legislation with regard to foreign investment, providing more incentives for the private sector, and generating greater security for investors.
Spain is currently the thirteenth largest economy in the world and the fifth largest in Europe in terms of gross domestic product, and is expected to retain both positions for the next few years. Some of the most relevant sectors that can be found within the Spanish economy are real estate, renewable energies, tourism, the Forex market and mining. However, one of the biggest questions asked by some foreign investors is: How to invest in Spain?
Golden Visa: Residence for entrepreneurs in Spain
In 2013, in order to stimulate foreign investments, the Spanish Government introduced Law 14/2013, of 27 September, on support for entrepreneurs and their internationalisation, which establishes that people from outside the European Union that invest in the country can obtain an investor residence permit (also called Spanish Golden Visa).
There is no doubt that the Golden Visa offers several advantages to its applicants, the first is that, unlike any visa under the General Law on Foreigners, you can apply for this permit directly from Spain. In addition, it grants you the right to live and work in Spain for two years on an initial application (instead of just one year like other residence authorisations).
The Golden Visa will also allow you to renew your residence permit, and this time will be valid for you to apply for Spanish nationality.
Obtaining this residence for investors in Spain will also allow you to:
– To circulate freely in the rest of the European countries of the Schengen area.
– Carry out the residency procedure at the Spanish Consulate or directly from Spain.
– Work in Spain as an employer or employee once the permit has been granted.
– That your family group lives in Spain, even if you as an investor do not reside here.
– To include your children over the age of 18 if they are economically dependent on you
Additionally, unlike non-lucrative visas and residence permits under the General Law on foreigners, the Golden visa does not require a minimum stay of six months in Spain. As a matter of fact, you can renew it only by having entered the territory once.
On top of all these advantages, the Spanish administration is resolving Golden Visa applications within 10-20 working days (usually a visa application under the General Law on foreigners can take up to three months).
It should be noted that the Golden Visa is granted if you make an investment of a value equal to or greater than two million euros in Spanish public debt securities, or for a value equal to or greater than one million euros in shares or stock in Spanish companies, or bank deposits in Spanish financial institutions.
Another equally valid and interesting option for many investors is to acquire the Golden Visa in Spain through the acquisition of real estate with an investment of 500,000 euros or more.
Finally, you can also obtain your residence by investment if you present a business project that can be developed in Spain and that is considered and accredited as being of general interest, since it would promote the creation of jobs, and would have a relevant socio-economic impact or a relevant contribution to scientific and/or technological innovation.
In addition to the above, in order to obtain a residence visa for investment in Spain, it is necessary to prove compliance with the following general requirements:
1. Not to be irregularly present in Spanish territory.
2. Be over 18 years of age.
3. Not have a criminal record in Spain or in the countries where you have resided during the last five years, for offences under Spanish law.
4. Not to be refused entry in the territorial space of countries with which Spain has signed an agreement to this effect.
5. Have public insurance or private health insurance arranged with an insurance company authorised to operate in Spain.
6. Have sufficient economic resources for themselves and their family members during their period of residence in Spain.
7. Pay the fee for processing the authorisation or visa.
In conclusion, obtaining a residence visa for investment in Spain is a quicker and simpler way for those interested in making a substantial investment in our country. It is precisely this ease of obtaining and maintaining it that has led to a large number of people having already benefited from it, as has happened in countries such as Portugal or France.
You should bear in mind that on our website we offer key and timely information on various procedures or processes. However, in order to assess your possibilities, it is essential to receive a comprehensive analysis and advice based on your personal circumstances.
Del Canto Chambers takes a personalised approach to each client, which is carefully tailored to their conditions, providing certainty throughout the process, and making our clients’ applications successful.
For more information please call Del Canto Chambers on +44 2070 430648 or Make An Online Enquiry.
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