July 18, 2014
Recent changes to Spanish Immigration and Entrepreneur laws have widened the criteria to qualify for the Immigration Fast Track Process for Large Business Units, and have created new possibilities to obtain a Residence Permit through making investments in Spain. On the other hand, an amendment to the process for obtaining a NIE Certificate in Madrid has a less favorable effect on applicants.
Immigration Fast Track Process
To be able to make use of the Immigration Fast Track route for Large Business Units one of following criteria now needs to be met:
• The company has 250 employees or more, or a net turnover of at least 50 million EUR, or more than 43 million EUR of equity in Spain;
• The company has received a foreign investment of at least 1 million EUR in the previous 3 years, or have a stock value of at least 3 million EUR;
• The employee holds a degree from university or prestigious Business School.
Investment Based Residence Permit
People investing in Spain in one of the following ways are now able to obtain a Residence Permit:
• Buying property in Spain for EUR 500,000 or more;
• Investing at least 1 million EUR in Spanish companies;
• Starting a business of “general interest” in Spain;
• Purchasing a minimum of 2 million EUR in Spanish government bonds.
Document requirements for the application of a NIE Certificate for EU nationals have been changed in Madrid. For applications where birth or marriage certificates are required, going forward these vital records need to be authenticated via legalization or Apostille and translated by a sworn translator within the 6 months prior to the application, unless an exemption applies due to a special agreement between Spain and the issuing country.
Your Pro-Link GLOBAL Immigration Specialist will advise you on a case by case basis if and how the above changes will affect the immigration process for you or your employees.