Spain:
a new law for entrepreneurs and international companies
The Spanish government has updated the 14/2003 law of 27 September 2013, whose aim was to support the internationalisation efforts of entrepreneurs. The latest amendment aims to attract investment and talent from international executives. The objective is for these to develop productive economic activities in our country. This law is aimed at entrepreneurs, be they individuals or institutions.
We spoke to Xavier Diago, an economic and financial Analyst CFA, because our foreign readership/entrepreneurs had the following doubts:
Does this law grant nationality upon the single purchase of a property over 500,000 euros?
Its already in practice and is based on the 14/2013 Law of 27 September 2013 to support entrepreneurs and their internationalisation efforts. (http://www.boe.es/boe/dias/2013/09/28/pdfs/BOE-A-2013-10074.pdf). This Law is not just based on the most “known and popular” means – which is the purchase of properties, but also on other equally important aspects such as investing in existing companies or creating new activities that generate work and employment.
Is it only for residential properties or can one obtain nationality if one buys premises or invests in a Spanish company, or if they set up their own business?
The 14/2013 law specifically states that you will have the same advantages from a property purchase as you would for buying premises, land or setting up a company that would create employment. However, they specify different conditions for each option (amount invested, duration etc).
Which oficial body should one go to for information? Do we have to make the application via a lawyer or consultant?
The applications tend to be done via lawyers and consultancies as it is much easier to resolve any problems or questions that may arise between the Public Administration and the potential client. We recommend that you carry out research and outline a proposal to know exactly what privileges each investment option entails. Do not buy or invest in anything until you know that this will fulfil the requirements of the aforementioned law.
The organisation that deals with all aspects relating to nationality/resident permits in Spain is Extranjeria (Foreign Office) – here’s the link attached:
Do the requirements change according to nationality?
The main idea of this Law is to promote investment from citizens outside the EU, especially from those countries called “emerging markets”. These are the ones who have grown the most in the last decade and now have more buying power than European countries. But it doesn’t depend as much on the nationality of the applicant as the proposal itself.
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