Highway to Residence Visa

Getting a residence visa is not always an easy task.
In our blog we will tell you the novelties of the Law of Entrepreneurs of Spain, in which there is a section on how to get a Resident Visa in Spain. For obtain it, we will have to meet some requirements that we tell you later.

The Law of Entrepreneurs of Spain mainly affects the investors, entrepreneurs, highly qualified professionals, researchers and workers who make intra-business movements.
This classification also includes the spouses and children under the age of 18 of these entrepreneurs. The good thing about this law is that it have a deadline of 10 days for the resolution of the visa is established.

What are the advantages of applying for a visa with the law of entrepreneur?

First of all, its quick resolution.
Another important point to keep in mind is that this visa is considered a sufficient qualification to reside in Spain for a year, without having to process the identity card of foreigner.
In addition it can be renewed even though periods outside Spain have remained that exceed 6 months per year in cases of residence visas and authorizations for foreign investments or foreign workers of companies that although their activities carry out outside Spain and they have their base of operations in our country.

What is needed?

In order to access the visa for entrepreneurs, a series of requirements must be met:

  • Not be found irregularly on Spanish soil.
  • Being over 18 years.
  • Do not have a criminal record in Spain or in the countries where you have resided in the last 5 years, for crimes that are registered within the Spanish legal system.
  • Do not appear as objectionable in the territorial space of countries with which Spain has signed an agreement in this regard.
  • Have public insurance or private health insurance arranged with an insurer authorized to operate in Spain.
  • Have sufficient financial resources for your self and family members during the period in which they will reside in Spain (this will be € 2,130 for the person applying for the visa and € 532 for each family member at your charge).
  • Pay the visa processing fee.

It is important to emphasize that when applying for the residence visa for oneself also extends the possibility of the visa for the spouse and for children under 18 years or that these children are adults and they are not able to provide their own needs due to their state of health.
This will be so, as long as they accompany those who are going to apply for the visa. In these cases in which the applicant is accompanied, these persons to whom the visa application is extended, may also apply for a family residence visa, provided that it is proven that the requirements indicated above have been fulfilled.
Finally, it should be noted that the application and the collection of the visa can also be made through a duly accredited representative.

What cases of residence contemplates the law of entrepreneurs?

Within this Law of Entrepreneurs several visas are contemplated:

Resident Visa for Capital Investors (RIC):

It is understood as a significant capital investment, an initial investment that is worth 2 million or more in Spanish public debt securities or for a value equal to or greater than 1 million euros in shares or stakes of Spanish companies or deposits Banks in Spanish financial institutions. The investment must have been made within 60 days before the application for the residence visa following the procedure:

  • In unlisted shares or social participations, a copy of the investment declaration made in the Register of Foreign Investments of the Ministry of Economy and Competitiveness will be presented.
  • In investments of listed shares, a certificate from the financial intermediary must be presented, duly registered with the National Securities Market Commission or the Bank of Spain, stating that the interested party has made the investment for legal purposes.
  • In cases of investment in public debt, a certificate from the financial institution or Bank of Spain must be presented stating that the applicant is the sole holder of the investment for a period equal or superior to 5 years.

In cases of investment in bank deposit a certificate from the financial institution must be presented stating that the applicant is the sole holder of the bank deposit.

Residence Visa for Acquisition of Real Estate (RIV):

Those persons who make an investment in real estate in Spain for a value equal or superior of 500,000 € can request the residence.
In addition to the general requirements, those who wish to opt for this option must prove that they have acquired ownership of the real estate through a certification with the continued domain information and charges of the Property Registry corresponding to the property.
This certification will have to be issued 90 days prior to the application for the residence visa. If, at the time of the request for a visa, the acquisition of the property is in the process of being registered in the Property Registry, it be presented a proof of the presentation of the certificate indicating the entry of the document of acquisition and must be accompanied by the documentation proving the payments of the corresponding taxes.
In these cases, the person applying for the visa must prove that he / she has an investment in real estate of € 500,000 free of all charges or encumbrances. The part that exceeds this demanded amount may be subject to charge or tax.

Resident Visa for Entrepreneurs and Business Activity (REM):

These cases of residence visa are:

  • Investors who present a business project to be developed in Spain and that is considered and credited as being of general interest.
  • Those who plan to enter and remain in Spain for a period of one year with the sole or main purpose of carrying out the previous procedures in order to be able to carry out an entrepreneurial activity.

In the first case, a favorable report from the Commercial Office of the area of geographical demarcation where the investor presents the visa application will have to be submitted, to emphasize that in the business project presented there are reasons of general interest.
It must be taken into account that in these cases a significant investment of capital is also allowed when the investment is carried out by a legal person domiciled in a territory that is not considered a tax haven according to Spanish regulations and the applicant has a direct or indirect majority of the voting rights and has the power to appoint or dismiss the majority of the members or bodies of its administration.

In the case of the Entrepreneurs, it will be taken into account as an entrepreneurial activity that is of innovative character with special interest for Spain. It will have to submit a favorable report from the Commercial Office where the investor submits the visa application.

Residency Visa for Training or Research (RIN):

This type of visa is reserved for people who want to carry out training, research, development and innovation activities in public or private entities.
These people will be considered as Scientific and Technical Personnel and will carry out works of the type that we have discussed in business entities or R + D + I centers that are in Spain. Also included in this case are teachers who are hired by universities, bodies or centers of higher education and research, or business schools that are in Spain, as long as they follow the criteria that are established by regulations.

Residence Business Relocation Visa (TII):

This type of visa may be requested by those who move to Spain on the basis of a bussines, professional or vocational training relationship with a company that is in Spain or in another country.
This request requires the company to carry out the prior processing in Spain of a Residence Permit by intra-company transfer. This process will have to be carried out in the Unit of Large Companies and Strategic Groups. The granting of the visa will depend on the General Directorate of Migration.

Family Residence Visa (RFI):

The new Law of Entrepreneurs establishes that the spouse and children under 18 years of age or older who are not objectively able to provide their own needs due to their state of health, who accompany the person applying for the visa, may also apply the solicitation. In these cases besides having to meet the general requirements, will also have to demonstrate their family relationship.

At Moya & Emery we are experts in Foreign Law. If you need a Spanish Residence visa, do not hesitate to ask us for a Previous Appointment and we will advise you in the best way to request it. You can ask for an appointment by calling us on 971 13 23 59. You can also come to visit our offices in Mallorca.
Check out all our services at www.moyaemery.com

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