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Wednesday, July 9th, 2014

New foreign investment opportunity in Spain: Law 14/2013

The new Law 14/2013, which offers a one-year residency permit to non-EU citizens who invest €500,000 or more, has been widely written about. However, there has been some confusion regarding the interpretation of this law. In some places, including Marbella, it has been considered as a way of gaining residency in exchange for buying property, but in real terms, the law actually targets not only those investing in commercial business and property, but also in residential real estate. It has been designed to promote Spain as a place for positive investment opportunities.Living in Spain

Of course, foreign investors who gain entry into Spain will automatically be able to access the other 26 countries in the European Union. Crucially, these investors can freely move to other countries, on the condition that they visit Spain at least once every year, without having to spend extended periods of time in the country. They will also be able to prolong their residency status for a further two years and every two years thereafter.

Of course, some people will not be accepted for a residence visa, such as those who appear on international police databases, but for the investors who are accepted, it is said that visas are issued quickly, within a three-week period. Residency permits are given to those supplying the title deed for one or more properties with a total value of €500,000 or more, together with a valid, one-year passport, a criminal record certificate, proof of financial solvency, two photographs, valid Spanish medical insurance, a marriage certificate, and, if relevant, children’s birth certificates.

Should applicants be unable to attend in person, they can choose someone else to represent them through power of attorney, but in this case, further information or a personal interview may be requested by the Spanish authorities. There are, however, other methods of applying for residency without buying a property costing €500,000 or more. It is possible to invest in a property valued at less than this figure, but in these circumstances, applicants will not receive their visa within the accelerated three-week period and will have to wait longer. Non-EU citizens can also gain residency by presenting Spain with a project that creates jobs, depositing one million euros in a Spanish bank account, investing the same amount in Spanish business shares, or depositing two million euros in Spanish public debt.

In summary, this new law is designed to promote real estate, commercial and financial investment in Spain. It is already in force, and can be of great benefit to non-EU citizens wanting to quickly establish themselves in the EU, whilst providing a safe environment to bring up their families.

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