Law on Visas for Entrepreneurs

This Act is aimed at investors, entrepreneurs, highly skilled professionals, researches, and workers performing inter-company business operations, including their spouses and children under 18.
The Act facilitates a swiftness of processing, generally establishing a resolve within 10 days for all visa applications relevant to this law. 

The Residence Visa issued under this law is sufficient to reside in Spain for one year without having to obtain a foreign identity card.  The renewal of Residency may take place even if absences exist  for longer than six months per year in the case of Residency Visas and authorisations for foreign investors and for foreign workers performing inter-company operations abroad or that have established their base of operations in Spain.​

GENERAL REQUIREMENTS:
  • Not to be on Spanish soil irregularly.
  • Be older than 18 years.
  • No criminal record in Spain or countries lived in during the last 5 years for offenses stipulated under Spanish Law.
  • Not listed as objectionable in the territorial space of countries with which Spain has signed an agreement in this regard.
  • Have a public insurance or private health insurance with a Health Insurance Institution authorised to operate in Spain.
  • Have sufficient financial resources for yourself and for the members of your family during the period of residency in Spain (2.130€ monthly for yourself and 532€ for every family member that is in your care).
  • Pay the fee for the processing of visa(s).
It is important to mention that the processing of the Residency Visa is extended to the spouse and children under 18 years of age or to elderly family members, who are not able to provide for themselves due to their state of health, when they unite with or accompany applicants.  Consequently they may apply, jointly and simultaneously or successively for a family residence visa, with proof of compliance with the above requirements.
The presence of the applicant of the visa is not required because biometric data is not required.  The residency visa may be requested and obtained through a duly accredited representative. 
This Act of residency visas refers to the following:
 
  • Residency Visas for Capital Investors (RIC).
A significant capital investment is understood as an initial investment with a value equal to or greater than 2 million Euros in Spanish government bonds issued or a value equal to or superior to 1 million Euros in shares or shares in Spanish companies or deposits into Spanish financial institutions.
Besides the general requirements established, the applicant must have proof of the investment of the minimum amount required over a period not exceeding 60 days preceding the filing of the application in the following manner:
    1. In the case of an investment in unlisted shares or company shares a copy of the statement of investment made in the Registrar of Foreign Investments of the Ministry of Economy and Competitiveness must be presented.
    2. In the case of an investment in listed shares, a certificate of a financial intermediary, duly registered with the National Commission of the Stock Market or the Bank of Spain, which states that the person has made the investment according to the standard rules.
    3. In the case of an investment in government bonds, a certificate of the financial institute or the Bank of Spain has to be presented which indicates that the applicant is the sole owner of the investment for a period equal to or greater than 5 years.
    4. In the case of a bank deposit investment, a certificate from the financial institution must be presented which states that the applicant is the sole owner of the bank deposit.
 
  • Recidency Visas for Acquisition of Real Estate (RIV).
Foreigners who can prove the acquisition of real estate in Spain with an investment value equal to or in excess of 500.000€ may apply for this visa. 
In addition to the general requirements established, the applicant must prove the acquisition of the real estate property by means of certification containing information of the dominion and taxes of the Land Registry which corresponds with the property.  This certification has to be issued withing 90 days preceding the presentation of the application of the Residency Visa.  If, at the time of the visa application, the acquisition of land is pending registration at the Land Registry, it will be sufficient to submit certification attesting the pending submission for registration of the acquisition document, accompanied by the proof of payment of the corresponding taxes.
The applicant must prove availability of an investment in real estate for the amount of 500.000€ free of all charges or encumbrances.  The share of investment in excess of the required amount may be subjected to charges or encumbrances.
 
  • Residency Visas for Entrepreneurs and Business Activities (REM).
This section covers all investors presenting a business plan, considered and recognised as being of general interest, to be developed in Spain with the intention of entering and staying in Spain for a period of one year for the sole or primary purpose of  carrying out the preparatory work to develop an entrepreneurial activity.
In the first place the applicant must present a favourable report from the Commercial Office in the area of geographical demarcation where the investor presents the visa request, to confirm that the business plan presented is considered as a general interest.   
It must be noted that a significant capital investment is admissible when the investment is carried out by a legal person resident in an area not under the consideration of preferential taxation conforming to Spanish legislation and the foreigner possesses, directly or indirectly, the majority of voting rights and has the power to appoint or remove the majority of board members.
In the case of Entrepreneurs, entrepreneurial activity is understood as that which is innovative in nature with a special interest to Spain and can count on a favourable report from the Commercial Office where the investor presents the application for the visa.  
  • Residency Visa for Highly Skilled Professionals (TAC).
Application for this visa requires that the company carries out the processing of the Residency Permit, issued by the Large Enterprise and Strategic Economic Unit in Spain and granted by the General Directorate of Immigration, in advance. 
  • Residency Visa for Training or Research (RIN).
This visa contemplates the mixed case relating to foreigners wishing to perform activities of training, research, development and innovation in public or private institutions.  These cases are:
    1. The Personal Researcher to which Article 13 refers in the additional provision of the Law 14/2011, of 1 June, of Science, Tecnology and Innovation.
    2. The Personal Scientist and Technician who carries out works of scientific investigation, development and technical innovation, in business institutes or centres of I+D+I established in Spain.
    3. Researches accommodated in the framework of an agreement by organisations of public or private research, under the conditions laid down by regulation.
    4. Teachers contracted by universities, organisations or centres of higher education or research, or business schools established in Spain in agreement with the criteria of established regulation.  
 
  • Visado de Residencia por Traslado Empresarial (TTI).
This visa may be processed for those foreigners who move to Spain as part of an employment, professional or vocational training on the grounds of a relationship with a company established in Spain or in another country.
This visa requires that the company performs the application beforehand in Spain for the processing of a Residence Permit for Intra-Company Transfers, done by the Large Enterprise and Collective Stragegies Unit and granted by the General Directorate of Immigration.
 
  • Residency Visas for Family Members (RFI).
The new Law establishes that the spouse and children under 18 years of age, or the elderly, unable to provide for their own necessities due to their state of health, that is united with a accompany the applicant may apply for a Residency Visa.  
In addition to the general requirements they have to prove their family relations.
 

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