info@tlacorp.es +34 965 48 81 68
Languages:   English /  French  / Deutsch

SPAIN VISA FOR NON EU NATIONALS. BUYING SPANISH PROPERTIES FOR MORE THAN 500.000 EUR GIVES PERMANENT VISA

New project of law in Spain will authorize entry, stay and residence for foreigners Non-EU citizens with an investment in real estates, shares or deposits.

The “Project of support for entrepreneurs and its internationalization” (Proyecto de Apoyo a Emprendedores y su Internacionalización” would amend the Immigration Law 4/2000 on Spain, and considers, among others, to provide an ENTRY VISA and a RESIDENCE PERMIT foreigners (Non EU citizens) who make a “significant capital investment that meets that any of the following conditions.

I.- ENTRY VISA

It is a VISA to “enter” in Spain, and to have the right to “stay” in Spain (with the possibility to travel all around EEC-UE Europe). The conditions to obtain an entry visa are:

a) FINANTIAL INVESTMENT: An initial investment equal to, or more, than 2 million euros in Spanish government bonds, or a million Euros in shares of Spanish companies , or bank deposits in  financial Spanish institutions.

b) REAL ESTATE INVESTMENT: The acquisition of real estate in Spain with an investment of equal or superior to EUR 500,000 per applicant.

c) ENTERPRENEUR PROJECT: A business project that will be developed in Spain and is considered and credited as general interest , for which we assess the performance of at least one of the following conditions:

1..-  Creating jobs.

2 .-  Making an investment with relevant socio-economic impact in the geographical are in which the activity will develop.

3.- An important contribution to scientific innovation and / or technology .

It also means that foreign visa applicant has made a significant capital investment when the investment is carried out a legal person established in a territory which is not considered as OFF-SHORE country according to Spanish law, foreign owned, directly or indirectly, and when the investor has the majority of the voting rights and/or the power to appoint or remove a majority of the members of its board.

Accreditation for the investment.

For the grant of a residence visa for investors will need to meet the following requirements:

a) FINANTIAL INVESTMENT: In the case of investment in shares, or bonds, etc., the applicant must prove that he has made ​​the investment in the minimum amount required over a period not exceeding 60 days preceding the filing of the follows:

1.- In the case of investment in unquoted shares or shares, he will present the copy of the investment statement in the Foreign Investment Registry of the Ministry of Economy and Competitiveness

2.-  In the case of investment in quoted shares , he will present a financial intermediary certificate , duly registered with the National Securities Market or the Bank of Spain , which states that the person has made ​​the investment following the standards.

3.- In the case of investment in government or public  bonds , will be presented a certificate from the bank, or the Bank of Spain, stating that the applicant is the sole owner of the investment for a period not less than five years.

4.- In the case of investment through bank’s deposit, will be presented a certificate of the financial institution in which it appears that the applicant is the sole owner of the bank deposit.

b ) REAL ESTATE INVESTMENTS: In the case of investing in Spanish real estates,  the applicant must prove ownership of real estate by providing one or more certificates of proficiency from the Land Registry that corresponds to the property or property dated within ninety days prior to the visa application.

In the event that the acquisition of the property is in the middle of the process of registration in the Land Registry , is sufficient to submit a certified copy of the notary deeds to which it was implemented , and justification had been made ​​or renewed application in the land registry within sixty days preceding the date of application.

The applicant shall prove to have a real estate investment of 500,000 Euros free of any liens or encumbrances . The excess of the investment in more than € 500,000 may be subject to liens or encumbrances (like loans, credit, mortgage, etc).

c ) ENTERPRENEUR PROJECT: In the case of setting up a business in Spain , it shall submit a report favorable to note that the business plan submitted is beneficial to the  general interest. The report will come from the Economic and Commercial Office from the Spanish Embassy or Consulate where the investor submits the application for visa.

The validity of the Entry VISA is for 2 years. And it may be renovated if the conditions for which the Visa was obtained are kept.

II.- RESIDENCE PERMIT – Permit for Residence for more than 1 year:

This project of law also opens the possibility to investors who already have an ENTRY VISA to get a RESIDENCE PERMIT if their intention is to stay in Spain for periods higher of ONE YEAR.

In this case, the investors who are considered in the above cases, have the option to apply for a RESIDENCE for more than one year, for their selves and their families, subjected to the fulfillment of the following conditions:

a)    Not be irregularly in Spanish territory. It will be proved with the Investment Visa.

b)    To have legal age of  at least 18 years old.

c)    No criminal records in Spain and/or in the countries where they have lived for the past five years, for actions considered criminal under the Spanish legal system.

d)    Not included as objectionable in the territorial space of countries with which Spain has signed an agreement to that effect.

e)    Have a public insurance or private health insurance concluded with an Entity insurer authorized to operate in Spain.

f)     Have sufficient resources for themselves and their family members during their period of residence in Spain.

g)    Pay the fee for processing the permit or visa.

The spouse and children under 18 years of age or older who are objectively unable to provide their own needs because of his health, which meet or accompany foreigners may apply jointly and simultaneously or successively, authorization and, if appropriate, a visa.

The diplomatic and consular missions, receiving applications for residence visas, made ​​to the General Police Directorate appropriate consultations designed to check whether the applicant is a security risk.

The validity of the RESIDENCE PERMIT is for 2 years. And it may be renovated if the conditions for which the Visa was obtained are kept.

FAQ’S:

– What are the differences between the ENTRY VISA and the RESIDENCE PERMIT?

The main differences are:

– The ENTRY VISA gives the option and the faculty to come to Spain to the investor, for short or long periods.

– The RESIDENCE PERMIT gives the option and the faculty to stay in Spain to the investor and his family, and only after the investor makes the investment as required for the Entry Visa.

– What are the personal TAX implications of the VISA?- If I obtain the VISA, will I be considered as Spanish Tax resident, and forced to pay taxes in Spain as Tax resident?

It is important to know that this VISA is to “enter” in Spain, and to have the right to “stay” in Spain (with the possibility to travel all around EEC-UE Europe). For this reason, is very important to know that, the fact to get this visa does not make the investor automatically “TAX RESIDENT” in Spain. This VISA, as said, will have the chance to the investor to come and stay in Spain for whatever the time he whishes. So, if the investor only comes 1-2 months per global year, then, for tax purposes, will be considered as NON TAX RESIDENTS.

Only persons who stay more than 6 months during the natural year may be considered as “TAX RESIDENTS” in Spain. And, in this case, they will be paying the personal taxes in Spain as residents, and will be forced to declare in Spain, and to pay in Spain,  all the incomes obtained overseas.

But, in instance, if the investor, once the visa is obtained, decided to stay in Spain in periods of lower than 6 months during the natural year, they will be considered as NON TAX RESIDENTS, and then, they will be responsible to declare in Spain, and to pay in Spain, for whatever assets, and incomes, they receive in Spain. So, they will not be forced to declare, and to pay, in Spain, for the incomes and assets they have in the rest of the world.

As conclusion: To obtain this visa will give the investor the “faculty”, or the “right”, to come to Spain, and stay in Spain, and travel throughout all Europe. And will depend on “how many time” the investor stays in Spain to determinate about the way in which he is considered for tax purposes.

– When will be approved this law? :

Has been approved definitely in  October 2013, so, right now is in force.

– Which nationalities?:

For Non EU nationals, for example Russia, India, China, Argelia, Maroc, Turkey, Azerbaian, United Arab Emirats, Egypt, Jordan, Saudi Arabia, Nigeria, South Africa, Tunisia, Ucranie. Pakistan, Moldovia, Taiwan, Canada, USA, Mexico, South America, Central America, Puerto Rico, Costa Rica, Panamá, Argentina, Brazil, Korea, Japan, etc.

 

 

Powered by Yahoo! Answers