Residence permits for foreign investors – Practical Issues (II)

Residence permits for foreign investors – Practical Issues (II)

The Law on Support to Entrepreneurs provides for the granting of a visa and residence permit for foreigners who carry out a significant capital investment in Spain.

This investment can be made directly in cash, by acquiring real estate or financial assets, or by creating a business project to be developed in Spain that is considered of general interest.

What does it mean of general interest?

The business project will be considered of general interest, when at least one of the following circumstances will concur:

  • Creation of jobs.
  • Investment has a social and economic impact on the geographical area  where the activity will be developed.
  • The business constitutes an important contribution to the scientific or technological innovation.

The formulation of these circumstances is very generic, so it must be evaluated on a case-by-case basis.

Who values if the project is of general interest?

In the case of visas, the assessment will be performed by the Economic and Commercial Office located at the place of application. Upon receipt of the request, the consulate shall forward the project to the Economic and Commercial Office, which will issue a favourable report, as a prerequisite for granting the visa.

If what is sought is the residence permit as an investor is the Directorate General of International Trade and Investment of the Ministry of Economy and Competitiveness, who evaluate the project to determine whether it meets the conditions.

Who can apply for a visa or residence permit for investment in a business project?

The investor can apply for a visa or permit by himself or by a representative appointed by him to manage the business project.

So that the representative can obtain a visa, it is necessary that the Economic and Commercial Office assess, with the concurrence of the other requirements, the need for such representative for the proper management of the business project intervention.

0 Comments

Leave a reply

Your email address will not be published. Required fields are marked *

*