Spain

Spain

Spain simplifies requirements for visas and residence permits for investors

29 Sep 2015

A number of changes to the rules for visas and residence permits came into force on 29 July, which significantly reduced the administrative and financial requirements for obtaining a Spanish visa. For investor visas and residence permits the following changes are in force: 1) The applicant can directly apply for a residence permit without prior visa approval, provided that they are legally present in Spain. 2) The granting of a visa also allows the individual to work in Spain without any further approval required. 3) It is now possible to have a representative lodge an application, which previously had to be made by the applicant. 4) The eligible investments for an investor visa have been extended to include closed-end funds or venture capital funds established in Spain. 5) It must be certified that the investment has been carried out at least one year before the application, rather than the 60 days that was previously specified. 6) When purchasing real estate, the applicant can apply for the visa or residence permit even if they have not formally completed the purchase so long as there is a contract of deposit. However, in this case the visa will have a maximum duration of six months. 7) In other cases the initial validity period will be for two years and subsequent renewals, if the initial conditions continue to be met, will be for five years instead of two.

Nature of measure:
  • Facilitation
Type:
  • Promotion and facilitation (Investment facilitation )
Industry:
  • Not industry specific
Inward FDI:
No
Outward FDI:
No
Sources: