Visas in Spain for the Elite, the Entrepreneur and the Exceptional Investor

Spain remains a highly attractive destination for British citizens and businesses.  The relatively recent exponential rise of Barcelona’s tech sector involving start-ups and scale-ups across a wide range of disciplines is well placed to take advantage of the new initiative “Action Plan for the Internationalisation of the Spanish Economy 2021-22”,  led by Reyes Maroto, the Minister of Industry, Trade and Tourism aimed at driving Spain’s economic recovery.  Spanish businesses have a strong focus on internationalisation which offers work opportunities to foreign nationals.

The latest research reports that an estimated 1million – 800,00 British citizens own a property in Spain, many of whom have made the decision to relocate to Spain, and others just prefer to spend the summer months in a warm sunny climate that is more or less guaranteed.  However, there are considerable numbers of individuals that fully recognise the advantages of working in an international setting.  Prior to Brexit, living, working and travelling to Spain did not pose a problem but now for British investors, businesses and employees, there the necessity of applying for a visa.  A range of visas to match the requirements that must be applied for to facilitate any visits to Spain that exceed 90 days.

Long term visas allow non-EU citizens to work, study, retire, invest and set up businesses in Spain. The type of visa suited to whatever the applicant intends to do in Spain, each activity, listed below, has different visa requirements.  A visa must be obtained in order to work in Spain and the type of visa is defined by the nature and the level of the proposed work to be undertaken requires.

• Work visa
• Visa for highly qualified professional
• Start-up or Entrepreneur Visa
• Golden visa (Investor visa)

Once you have established the type of visa you required you can begin your application.  There are some requirements common to all applications. Each visa takes between one and three months to be approved. Applications should be made at the Spanish consulate, with the exception of visas for highly qualified professionals, where the initial application must be made by the employer.

The charges and fees for a visa are non-refundable whether or not your application is approved.  If your application is rejected due to incomplete documentation or the application was completed incorrectly you will have to re-apply and pay again. The Spanish government is not liable for any expenses incurred prior to your application, related to your visit to Spain if your application is rejected. 

It is necessary to have a British passport for a British citizen to apply for any visa.  An individual with a criminal record will not be granted a visa with an exception made for spent convictions or minor crimes; however, the application is likely to take longer to process.

All foreign applicants must be capable of providing financial support for themselves and their families if they are to accompany them.

Giorgio Guaneri, an associate in the Barcelona office, comments “the safest course to ensure that your application is accepted the first time is to instruct an experienced immigration lawyer to review your application to make certain that all the supporting documentation is correct and there are no errors in the application that would result in rejection. There is no obligation to grant a visa but if your application has all the relevant data and it is clear and concise, it is has a far better chance of being accepted.” Giorgio further remarked, “it would be wise to ensure that sufficient time should be allowed for the processing of your visa before setting a start date with your future employer in case your visa application is unexpectedly delayed.”

The lawyers in Giambrone’s immigration team  also strongly urge applicants to retain copies of all documents relating to the application. 

Work Visa – working for an existing business based in Spain

A British citizen who has received a long term job offer, defined as over six months, must apply for a work visa.  An applicant should expect approval to take at least two months.  Also, the current pandemic may also affect the time taken for approval. 

An applicant must demonstrate that they are prepared to comply with the tax regime in Spain.  The documents required for the application are as follows:

1. A valid Passport with at least six months before expiry.

2. A completed National Visa Application Form.

3. Payment of all fees

4. A recent colour passport size photograph

6. You are required to have adequate health insurance.

7. A Certificate of Good Conduct – a person who has a criminal record listing serious offences will not be granted a visa.

8.  You must be able to produce a contract of employment from the company that you will be working for, which must outline your place of work, the salary to be paid, it must also describe the role you have been hired for and the length of time you have been hired for.

9. Complete the Application form 790 Model 052

10. Copy of the resolution issued by the Spanish authorities.

Highly qualified professional visa

As the name suggests this type of visa applies to elite professionals with extensive expertise and experience, individuals with PhDs in a range of fields, medicine, pharmacology, engineering and the sciences.  This type of visa is unusual in that the process of visa application in instigated by the Spanish employer who is obliged to request approval from the Direccion General de Migraciones (The General Directorate of Migration).  Until approval from this body is obtained the application cannot proceed.  The documents required are as follows:

1. A valid Passport with at least six months before expiry.

2. A completed National Visa Application Form.

3. Payment of all fees

4. A recent colour passport size photograph

6. You are required to have adequate health insurance.

7. The positive resolution issued by the  Direccion General de Migraciones for highly qualified professionals

As with other visas adequate time must be allowed to ensure that you have plenty of time for approval of your application.

Entrepreneur or Start-up Visa

This relatively recently created visa category and relates to commercial activity by a foreign entrepreneur that is innovative and will have a favourable economic impact on Spain.  There are requirements that must be met that vary from other types of visas.

1. The applicant must supply information about their professional training and experience and the nature of their personal involvement in the project.  Should there be several other partners they will each have to provide similar information to enable an assessment of their participation and role in the project.
2. A business plan must be provided with a number of specific elements:
   1. A full description of the proposed project including projected start date; location; legal form of the entity; potential economic impact; number of jobs created; the intended activities of the project and its sales strategy.
   2. A detailed description of the product or services to be provided including outlining the innovative aspects of the project.
   3. Market analysis, valuation of the target market and prospective customers. Assessment of competitors as well as an analysis of supply and demand
   4. A financial plan, projected funding and funding sources
   5. A detailed breakdown of value to the Spanish economy, including investment opportunities.
3. A favourable report must be obtained prior to a visa application, (Giorgio what does this mean? A favourable report from whom?)

The standard visa requirements also apply:

1. A valid Passport with at least six months before expiry.

2. A completed National Visa Application Form.

3. Payment of all fees

4. A recent colour passport size photograph

6. You are required to have adequate health insurance.

7. A Certificate of Good Conduct – (a person who has a criminal record listing serious offences will not be granted a visa, except for spent convictions and very minor convictions)

Giorgio Guaneri commented “if an entrepreneur can demonstrate that the new project involves a viable product or service for which there is a genuine demand there is a greater chance for the approval of the application.” He went on to point out “if the principal of the new venture has a track record of commercial success this is a very compelling advantage.”

The entrepreneurs’ family members may also be included in the application.

Golden Visa (Investor Visa)

The highly popular visa provides a range of benefits to holders.  A Golden Visa can be obtained by means of investment in the Spanish economy by the following means:

1. The purchase of residential real estate to the value of €500,000 or over.
2. Holding €2 million in Spanish public debt securities
3. € 2 million in company shares or stock of Spanish capital companies that are actually carrying out day-to-day business activity.
4. € 1million in investment funds, closed-end investment funds or venture capital funds constituted in Spain, included within the scope of application of Act 35/2003, of 4 November, on Collective Investment Institutions, or of Act 22/2014, of 12 November, regulating venture capital entities, other closed-end collective investment entities and the management companies of closed-end collective investment entities, which amends Act 35/2003, of 4 November,
5. €1 million bank deposits in Spanish financial institutions

As with all other visas the standard requirements apply:

1. A valid Passport with at least six months before expiry.

2. A completed National Visa Application Form.

3. Payment of all fees

4. A recent colour passport size photograph

6. You are required to have adequate health insurance.

7. A Certificate of Good Conduct

Giambrone’s excellent Spanish immigration team can assist and advise you with your application. For more information please click here