To attract foreign investors , Spain has voted a law in September 2013 to offer a resident VISA for non EU citizens: this VISA is subject to certain conditions.
The “law of support to entrepreneurs and internationalization ” (Ley de apoyo a emprendedores y su internationalización) has indeed modified the immigration law. It allows the delivery of an entry visa and residence permit to foreign investors that would make a “significant” capital investment. This law applies to financial investments, real estate investments and new business investments.
For the real estate industry, an investor that purchases a property in Spain for a value equal to or greater than € 500,000 may be issued a permanent entry VISA and authorization of permanent residence.
The applicant will have to prove the ownership of a property by providing relevant certificates from the land registry of Spain and the corresponding notarial acts. The investor have 60 days to deliver the originals documents.
If these investors, after having received the entry visa, wish to stay for a period of a year and over in Spain, they can apply for a residence permit for them and for their wife and chids.
The conditions to apply for a residence permit are:
• Do not be illegally in Spain
• Have more than 18 years
• Do not have a criminal record in Spain and / or previous country of residence for the past five years
• Have a private or public insurance with an insurance company authorized to operate in Spain
• Have sufficient resources during the period of residence in Spain
• Pay the cost of processing the permit /VISA
For more detailed information on conditions see our post “Condition to apply for a golden Visa in Spain” The validity of the residence permit is 2 years and is renewable if the above conditions are still met at the time the new application. This law came into effect September 27, 2013. If you want to invest in the Barcelona area, do not hesitate to contact us.