Residency in Europe

In recent years, European countries have passed new laws to grant long-term residency to foreign investors. Spain also followed this trend in late 2013 by passing Law 14/2013 on Entrepreneurs. With this new rule, foreign investor may now obtain European (Schengen residency) through two programs:

• Old Program, as regulated by Organic Law 4/2000 on Immigration. This Program regulates the status of non-profit foreign residents, namely foreigners who are eligible to obtain temporary residency in Spain if they provide evidence of the following minimum income:

- € 2,130.04 per month for the applicant

- € 532.51 for any additional family member included in the application.

Additional requirements may apply, while foreigners are subject to a minimum actual stay in Spain to maintain their status.

• New Program, as regulated by Law 14/2013 on Entrepreneurs, amended in July 2015. This Program known as Golden Visa provides residency in Spain without requirement for a minimum stay in the following events:

- Stat up an innovative and job-creating business in Spain

- Invest at least € 500,000 in Spanish real estate (one or several properties)

- Invest at least € 1,000,000 in the capital of a Spanish company

- Deposit at least € 1,000,000 in a bank account in Spain (including a securities account)

- Invest at least € 2,000,000 in debt instruments issued by the Spanish government.

Real estate investment and starting up a business have been the most popular ways to obtain residency in Europe by investing in Spain. Residency in all cases applies for the entire Schengen Area of 26 European countries.