As we advanced, the Spanish Government approved the draft Bill of Entrepreneurs aimed to promote foreign Investment in different areas as well as the development of business Projects in Spain, amongst other measures. The Law of Entrepreneurs has been finally approved in the Spanish Parliament´s plenary sessions last Thursday 19th of September.
The Law has not been published at the Official Gazette yet. Through the Association DOM3 in Marbella of which we are members and through the contacts of said Association with the Spanish Government, we were informed that this Law will be published imminently and therefore it might enter in force by end of September.
If you are not resident in the EU but are considering investing in Spain, you should take into account this law and its benefits.
One of the chapters of this regulation refers to the possibility of applying for one year Residency Visa to those who acquire real estate assets for a total value of 500.000 Euros. The Law also considers that this regulation will also apply to those who acquire said assets within the ninety days before the publication of the Law.
Investors may be entitled to apply for a two years Residency Authorization provided that the residency visa is still valid or within 90 days as of the expiring date.
Moreover, this Law provides more opportunities to other kind of investors as it also contemplates the possibility to obtain one year Visa for those investors who acquire 2 million Euros in Spanish public bonds or 1 million Euros in Spanish bank deposits or Spanish companies shares.
Investing through the acquisition of real estate properties in Spain (houses, plots or premises) requires a minimum of 500.000 Euros per each petitioner, meaning that a couple will have to invest 1 million Euro to get Visas for each of the spouses. The property/es must be registered at the petitioner´s name in the Land Registry and the 500.000 Euros investment must be free of charges, meaning that mortgages can be placed only for investments above 500.000 Euros and on the amount exceeding said limit.
The Residency Visa will allow the petitioner to stay in Spain at least during one year. Applying for a residency authorization period above one year is possible provided that the applicant has traveled to Spain at least once within the authorized period and has kept the investment of 500.000 Euros or above. The Residency Authorization will allow to stay for 2 years and petitioner will be able to apply for additional 2 years renewing the application.