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EMIGRATION TO SPAIN: NEW SPANISH LAW ON VISA APPLICATIONS FOR NON EU CITIZEN
LAW 14/2013 , OF SEPTEMBER 27 , SUPPORT TO ENTREPRENEURS AND INTERNATIONALIZATION
Do you wish to emigrate to Spain being Non EU citizen?
At our blog of today, we are making a brief reference to this Spanish law and how it affects those non-resident foreign citizens (Non EU) who will make a significant capital investment, particularly referring to purchasers of Real Estate in Spain.
Spanish Residence visa for investors.
Non resident citizens (non-EU nationals) who intend to enter Spanish territory in order to make a significant capital investment may apply for a Spanish residence visa or, if applicable, a residence for investors .
“Significant capital investment”:
i. An initial investment equal to or higher than 2,000,000 euro in Spanish Government bonds,
ii. Equal to or higher than 1,000,000.00 euros in shares in Spanish companies, or bank deposits at Spanish financial institutions.
iii. The acquisition of real estate (home) in Spain with an investment equal to or higher than EUR 500,000 per applicant.
– A business project that will be developed in Spain and is considered and credited as “of general interest”,for which at least one of the following conditions must be fulfilled:
a. Creating jobs in Spain.
b. Making an investment with a relevant socio-economic impact in the geographical area in which the activity will be developed.
c. An important contribution to scientific innovation and/or technology .
A Spanish non-resident who applies for the Visa will also be considered to have made a significant capital investment when the investment is carried out through a “company” established in a territory which is not considered an offshore territory according to Spanish law, and in which the non-resident owns, directly or indirectly, the majority of the voting rights and has the power to appoint or remove a majority of the members of its board of management.
Forms for accreditation of the investment
We refer now to the way to accredit the investments in cases of acquisition of real estate (one or more) with an investment of at least EUR. 500,000.00 per applicant:
The applicant must prove he or she acquired the property by means of an updated certification of title and charges issued by the Land Registry corresponding to the property. The certification will include a verification e-code for online processing.
If at the time of residence visa application, the acquisition of the property was pending registration in the Land Registry, it will be sufficient to submit the said certification stating the submission stamp (“asiento de presentación”) of the acquisition, accompanied by evidence of the corresponding tax payments.
The applicant must provide proof of a real-estate investment of 500,000 euros free of any liens or encumbrances. The part of the investment that exceeds the amount required may be subject to liens or encumbrances (i.e. Mortgages. Loans).
Effects of residence visa (“visado de residencia”) for investors.
The granting of a residence visa for investors will be sufficient title to reside in Spain for at least one year.
Spanish Residence permit for investors .
The Foreign investors who desire to reside in Spain for a period exceeding one year may be provided with an authorisation of residence for investors, which will be valid throughout the national territory.
In the event of Real-Estate owners, the applicant must prove that the value of the property/ies amounts to a minimum of 500,000.00euros. The applicant mustprovide the corresponding certificate or certificates from the Land Registry corresponding to the property or properties and the date of such certificate may not exceed 90 days prior to the submission of the application.
Duration of residence permit for investors.
The initial residence permit for investors will have a duration of two years.
On expiry of that period, those foreign investors who are interested in residing in Spain may request a renewal of the residence permit for investors for an additionaltwo years.
If you have any query about this new and important Spanish law, simply contact our professionals at Arcos & Lamers Asociados, your law firm on the Costa del Sol, Marbella.
Félix Ruiz, Lawyer in Marbella
Marbella, November 2013
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