The Act 14/2013 of September 27, 2013 in support of entrepreneurs and their internationalization regulates for the first time the Entrepreneur with limited liability (ERL).
The Spanish government has passed on the 28th September 2013 the Act 14/2013 to support entrepreneurs and internationals.
In order to try to stimulate foreign and national Investment.
For the promotion of the external investors in our country the Government grants certain facilities for the entrance and stay of foreigners in Spain.
These measures are applicable to foreign investors, entrepreneurs, highly qualified professional, etc and would be applicable to any person in principle NOT belonging to the European Union as people from these countries already benefit from free movement and residence.
In this connection a temporary resident visa will be given to the following investors who will have to justify their investment:
A- Those who invest in Spain in the acquisition of Real Estate for a net amount after deducting mortgage or other charges of more than 500.000 Euros per investor.
B- Those who invest more than 2 million euros in Spanish government bonds or more than 1 Million Euros in shares in Spanish companies.
C- Those who intend to develop an enterprise in our country considered of general interest.
The visa will be valid for at least 1 year.
If they wish to stay in Spain for more than a year an investor can apply for a residence authorisation, which will be valid for two years.
For this they need to have obtained the visa for investors, and maintain the investment required for the visa and comply also with the general requirements , i.e. they cannot be in an irregular situation or have criminal records in Spain and/or the countries where have lived in the previous five years; and they have to count with on a public or private health insurance and enough financial resources.
The Golden Visa for non resident investors is attractive to Eastern Europeans and Chinese Investments in Real Estate Properties in Spain.
As once they have obtained their Visa they can travel throughout the EU countries without the need of a further Visa.
On the other hand the holders of the Golden Visa do not become residents of Spain for tax purposes unless they stay in Spain for more than 185 days a year.
Please note the information provided in this article is of general knowledge only and is not to be construed or intended as substitute for professional legal advice.