27 October 2016

Arrangement of the residence authorisation for investors as per law 14/2013, of the 27th of September, of support to entrepreneurs and their internationalisation. Golden visa.

We have a department specialised in arrangement of residence authorisations for investors (Golden Visa) since the Law of support to entrepreneurs and their internationalisation entered into force. 

1.- CASES THAT ALLOW OBTAINING RESIDENCE AUTHORISATION FOR INVESTORS.-

According to Law 14/2013 those non resident foreigners who develop a significant capital investment may obtain residence authorisation for investors.

The Law consider the following investment scenarios:

1)      Initial investment for a value equal or higher than:

·         Two million Euros in Spanish public debt securities.

·         A million Euros in shares of Spanish capital companies with real business activity.

·         A million Euros in investments funds.

·         A million Euros in bank deposits of Spanish financial institutions.

2)      Acquisition of immovable goods in Spain with an investment equal or higher than 500,000 Euros.

3)      A business project to be developed in Spain and deemed and proved to be of general interest.

2.- APPLICATION IN SPAIN OF RESIDENCE AUTHORISATION OFR INVESTORS.-

Recent amendments to the Law allow to directly apply for residence authorisation before the Unidad de Grandes Empresas (Large Businesses Unit) in Madrid, without needing prior arrangement of investor visa. Previously it was necessary to apply for investor visa in the Spanish consulate of the country of residence and to apply for the authorisation residence afterwards.

3.- REQUIREMENTS FOR INVESTORS IN IMMOVABLE GOODS.-

Regarding requirements that shall be complied with by those investors who wish to obtain residence authorisation we are going to mention only those which refer to investment of immovable goods as it is the most common scenario:

–          To prove an investment in immovable goods of 500,000 Euros free of all charge or encumbrance, through certificate of domain and charges of the Land Registry that corresponds to the property.

–          If purchase has not been signed it can be submitted: private contract with compliance guarantee through payment of a down payment or other mean offered by law formalized by public deed and certificate from a Spanish bank entity stating that the applicant is holder of an unavailable bank deposit with the necessary amount for acquiring the property. In this case, the interested party shall receive a residence authorisation for investors for a maximum of six months. If it is proved the effective purchase of the said property or Properties, the interested party may apply for a residence authorisation for investors.

–          If the investment is made through a legal entity, apart from the herein before documentation,  it shall be also submitted report from the Dirección General de Comercio e Inversiones del Ministerio de Economía y Competitividad (General Directorate of Trade and Investments of the Ministry of Economy and Competitiveness).

–          In general it shall be submitted, for all authorisations, documentation proving financial resources for applicant himself/herself and his/her family during residence period in Spain; public or private health insurance contracted with an insurance company authorised for operating in Spain; certificate of criminal records and proof of payment of rate for the arrangement.

Residence authorisation gives right to work in Spain to applicant as well as relatives older than 18 years old.

It does not require additional investment of 500,000 Euros per each family member. Main investor that has invested an amount higher than 500,000 Euros may apply for an authorisation for his/her spouse or children under age, even for those of full age that are not objectively able of covering their own needs due to their health situation, or just because they are economically dependent of their parents because they are studying in an educational institution.

In addition among the most recent amendments to the Law, it is important to mention that if investment is made in regime of community of property and its amount does not exceed double of the minimum established (1,000,000 Euros for immovable goods), authorisation may be obtained by any of the spouses and the other may obtain an authorisation of relative.

4.- DURATION OF RESIDENCE AUTHORISATION.-

Initial residence authorisation for investors shall have duration of two years, without prejudice to what is established for unconcluded purchases.

Once the period is expired a renewal for successive five years period may be applied for, as long as conditions that generated that right remain.

Foreigners holders of a residence authorisation issued by one member state may freely move within a three months period as maximum within any six months period, within territory of the rest of the member states.

5.- DEPARTMENT SPECIALIZED IN RESIDENCES FOR INVESTORS.

We have a department specialized in arranging residence authorisations for investors and we are in permanent contact with Unidad de Grandes Empresas in Madrid.

We study each case in concrete, we prepare and review all the necessary documentation, we submit the documentation to the Unidad de Grandes Empresas in Madrid and once you have obtained the residence authorisation we proceed to assist you in all the later procedures necessary for obtaining the residence card in the Police Station depending on registered address in Spain.

Please, do not hesitate to contact us for any residence scenario and we will study your case with personalized care!

Written by

Javier

Pérez de Vargas Ruedas

[email protected]

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