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Wednesday, 18 June 2014 00:00

Approved residence permits for foreigners

Today comes into force the new Law on Support for Entrepreneurship and Internationalization, which was published yesterday in the Official Gazette.

Among other measures, this law the government facilitates and speeds up the granting of residence permits to foreigners who are engaged in property acquisitions in Spain over half a million euros, as well as, among others, the purchase of public debt exceeding two million euros.

The Government will also facilitate the residence permit to foreigners who make a significant financial investment, foreigners who move to Spain in the context of an employment relationship and highly skilled professionals and entrepreneurs to invest in projects create jobs or involve scientific or technological innovation.

Investment assumptions are as follows:

a) An initial investment for a value equal to or greater than 2 million euros in securities of Spanish public debt, or a value equal to or greater than one million euros in shares or part-tions social Spanish companies, or bank deposits Spanish financial institutions.

b) The acquisition of real estate in Spain with an investment of less than 500,000 euros per applicant value.

c) A business project that will be developed in Spain and is considered accredited and general interest, for which compliance with at least one of the following conditions are evaluated:

1º. Creating jobs.
2º. Making an investment with relevant socio-economic impact in the geographical area in which it will develop the activity.
3º. Significant contribution to the scientific and / or technological innovation.

The permit may be requested per household, if the spouse and children under 18 or adults are financially dependent on the applicant.

David Figueras
Managing Partner SF Lawyers