On September 19, 2013, the Secretary General of the Congress of Deputies of Spain, Manuel Albana Varro, signed and approved the "Project of Law to Support Entrepreneurs and Their Internationalization" (Proyecto de Ley de apoyo a los emprendedores y su internacionalización), which was officially published on the official legislative website of Spain on September 28, 2013, and came into effect.
The new policy abolishes immigration monitoring and no longer imposes strict residency requirements, making it very suitable for individuals who find it inconvenient to reside abroad. After the main applicant immigrates, their spouse and minor children also obtain residency status simultaneously, with very lenient approval conditions. Foreign nationals who are not Spanish citizens and plan to enter Spain for meaningful economic investment can apply for a residence visa.
1. Significant economic investments must meet the following conditions:
a) Subscription of €2 million in public bonds, or €1 million in equity or deposits in Spanish banks.
b) For investors purchasing real estate in Spain, each investor must buy real estate worth more than €500,000 that is free of any debts or mortgages. This can be one or multiple properties, and the portion exceeding €500,000 can be financed with a bank loan.
c) Investing in a company in Spain that is part of the projects encouraged by Spain must meet the following conditions:
1. Create jobs.
2. Demonstrate investment that will have a socio-economic impact in the region.
3. Have high technological value.
Those who invest in companies in Spain, directly or indirectly holding absolute equity in the company and having the right to appoint and dismiss other board members, are also understood to qualify for investment residency.
After obtaining the investor residence visa, the holder can reside in Spain for at least one year. After fulfilling the required residency period, foreign investors interested in continuing to reside in Spain can apply for a renewal of their residence permit, which allows them to reside for an additional 2 years. After the two-year validity period, investors can continue to apply for a two-year residence permit as long as they maintain their investment project. Once they obtain the investor residence card, they can work locally in Spain and enjoy the corresponding benefits of taxpayers in Spain.
Who can apply for permanent residency?
a) Foreign nationals who have legally resided in Spain for more than 5 years have the right to apply for long-term residency. Additionally, foreign nationals holding a Blue Card from an EU member state and who have legally resided in Spain for more than 2 years at the time of application can also apply for long-term residency.
b) The continuity mentioned in the previous clause means that they must not leave Spain for more than 6 consecutive months, and during the 5 years mentioned in the previous clause, they must not have a total absence of more than 10 months, except for compelling reasons. For those who must leave Spain for business, their absence must not exceed 6 months, and the total absence within 5 years must not exceed 1 year. For foreign nationals holding an EU Blue Card, their absence from the territory of EU member states must not exceed 12 consecutive months, and the total absence within 5 years must not exceed 18 months.
c) Foreign nationals may also be granted long-term residency under the following circumstances:
1) The applicant is a beneficiary of a retirement pension, based on their contributions to the Spanish government, including foreign nationals who enjoy social security from Spanish government departments.
2) Foreign nationals who are beneficiaries of disability funds, based on their contributions to the Spanish government, including those who receive social insurance distributed by the Spanish government and other subsidies sufficient to cover their daily living expenses.
3) Foreign nationals born in Spain who have legally resided in Spain for more than three years at the time of application and have reached a certain age.
4) Foreign nationals of Spanish origin who have renounced their Spanish nationality.
5) At the time of applying for long-term residency, the applicant has reached the legal age and has continuously resided in Spain under the supervision of public institutions for 5 years.
6) Stateless persons, refugees, or beneficiaries of nationality protection regulations within the territory of Spain, who have been accepted and accommodated by the Spanish government.
7) Foreign nationals who have made significant contributions to the Spanish economy, science, or culture, or who have facilitated Spain from abroad. Foreign nationals meeting the above conditions may submit an application in advance through the Ministry of the Interior and be granted long-term residency by the Ministry of Labor and Immigration.
On March 10, 2014, at a seminar titled "Spain's Investment Environment • Investor Residence Permit" held by the Economic and Commercial Office of the Consulate General of Spain in Guangzhou, Mr. José Carlos, Director of the Spanish Investment Promotion Agency, reaffirmed that the conditions for applying for long-term residency in Spain have been simplified to: legally residing in Spain for more than 183 days each year continuously for five years to apply for long-term residency.
Long-term residency grants foreign nationals residing and working in Spain the same rights as Spanish citizens. Investors can sell their investment projects after obtaining a long-term residence card and reside and work in Spain indefinitely.
What materials are required to apply for long-term residency?
a) Original and photocopy of a valid passport, or original or photocopy of a valid travel document in Spain.
b) Proof of payment for the fees required during the long-term residency application process.
c) If residing in Spain and required to provide valid residency information, proof of compulsory education for minors in Spain must be provided.
d) If a resident of another EU member state, a valid Blue Card must be presented.
e) If applicable to the situations mentioned in clauses three and seven above, supporting documents must be provided to prove identity.
f) In the case mentioned in the previous clause, a certificate of no criminal record and a document issued by their home country certifying no criminal record within the 5 years prior to application must be provided.
