Permits of work and residence for investors and entrepreneurs
The Law 14/2013, which supports entrepreneurs and their internationalization, has established a series of measures to boost the Spanish economy, including a special regime of residence and work that permits to the foreigners to invest or undertake in Spain. This supposes certain requirements, as explained below.
A special regime of work and residence permits
This is a parallel regulation, which does not replace the general system of work permits for self-employed or other people contemplated in law 4/2000 and its modifications (the popularly known as the Aliens Act or Inmigration Law), whose regulations remain in force.
It is assumed to be more expeditious, although the conditions for work and residence permits for investors and entrepreneurs may be stricter in some cases.
Thus, as a general advice, we can say that we should analyze each case in particular to determine which of the two regimes is more favorable, ie, what application to obtain a work permit and residence in Spain.
Possible beneficiaries of the Law to support entrepreneurs and investors
The abovementioned law 14/2013 indicates several cases of foreigners who can obtain work and residence permits for investors and entrepreneurs:
1- Investors. They are “passive” investors or rentiers, of considerable purchasing power, who would have to:
– to acquire titles of the Spanish public debt in the amount of two million euros, or
– shares worth EUR 1 million in active companies, or investment funds and similar companies incorporated in Spain, or
-to maintain bank deposits in Spanish institutions for the latter amount, or
-acquire a property with an investment equal to or greater than 500 thousand euros.
2- Entrepreneurs. That is, those entrepreneurs who are effectively looking to start a new business. Although a specific minimum investment is not required in this case, certain criteria have to be met in terms of job creation, with a positive impact on the geographic space where the company is located and, above all, on innovation.
3- Highly qualified professionals. It covers both management and highly qualified personnel, as well as graduates or postgraduates from prestigious universities and business schools. In these cases, the request must be formulated by the company that will hire the foreign professional, a company that must meet certain requirements of size and volume of business.
4- Researchers. The special regulations also provide for the granting of work and residence permits in the case of scientific or technical personnel hired by certain Spanish public or private institutions, such as universities or R & D & I centers.
5- Intra-company relocation. It refers to those workers of a company in their country of origin, who must move to Spain for work or training reasons, and go to work in the centers of that company in Spain or in companies that are part of the same group.
An aspect to emphasize of the work and residence permits for investors and entrepreneurs
An advantage of this type of work and residence permit for investors and entrepreneurs in general is that it allows the beneficiary to apply simultaneously for the residence permit for their relatives (spouse or partner, minor children, and older children and ancestors who Depend economically on it). That is, it is not necessary, as it is in the general regime, to wait more than a year to apply for family reunification.