VISA AND RESIDENCE PERMIT FOR FOREIGN INVESTORS IN SPAIN

1. MATTER: VISA AND RESIDENCE PERMIT FOR FOREIGN INVESTORS
Dear Sir or Madam,
Herewith we inform you that on 19th September, 2013 the draft of the law to give
support to entrepreneurs and its internalization including the amendments of the
Senate has been approved in the plenary of deputies, so that on today's date only the
publication in the Bulletin BOE is pending to come into effect.
Of particular interest regarding this law is the possibility that from now on may be
granted a residence permit to Non-Residents, who purchase a property of a value of
500,000 -.€ or more per applicant.
The same regulation is applicable, when the investment has been made by a legal
person, if the entity doesn’t have its legal address in a territory classified as a tax
haven and the foreigner directly or indirectly holds the majority of voting rights and the
competence to appoint the majority of the members of the Board or displace them.
In the mentioned cases the following requirements have to be fulfilled for the granting
of a visa:
o Proof of the investment, presenting a certificate of property ownership of the
land registry, or if the inscription in the land registry is pending, presentation of
a certified copy of the deed, which has been presented in the land registry.
o Proof of ownership of a real estate investment of a value of 500,000 -. €, free
of any liens and encumbrances. The part of the investment, which exceeds
this amount may be subject to liens or encumbrances.
The granting of a residence permit entitles the holder to stay at least one year in
Spain. After a year and if certain requirements are fulfilled, it is possible to request a
residence of two years, which may be extended for two more years, if desired.
The spouses and children under 18 years, or disabled full age children, who
accompany the investor can jointly and simultaneously or later apply for an
authorization and in case for a visa.
Palma de Mallorca
Pollença
Carrer dels Oms, 50 Esc.A. 1º
Vía Pollentia, 39 bjs.
07003 Palma de Mallorca- Illes Balears
07460 Pollença- Illes Balears
T+34 971 728 008 F +34 971 720 570
T + 34 871 590 600 F +34 971 720 570
info@illeslex.com
pollensa@illeslex.com
www.illeslex.com

2. The purpose of this law is to facilitate and accelerate the granting of visas and permits
to make foreign investments in Spain more attractive.
We are at your disposition for any further questions.
With kind regards,
Javier Blas Guasp
Abogado
Guillermo Dezcallar Enseñat
Abogado
Palma de Mallorca
Pollença
Carrer dels Oms, 50 Esc.A. 1º
Vía Pollentia, 39 bjs.
07003 Palma de Mallorca- Illes Balears
07460 Pollença- Illes Balears
T+34 971 728 008 F +34 971 720 570
T + 34 871 590 600 F +34 971 720 570
info@illeslex.com
pollensa@illeslex.com
www.illeslex.com