Details of New Law: Investors, Entrepreneurs, Researchers
21 Oct 13
IMPACT – Medium
What are the changes? A new Spanish law allows investors, entrepreneurs, researchers and graduates to receive work permits if the individuals meet certain requirements. The criteria for each of the new categories of workers are updated below.
- Implementation timeframe: Sept. 27, 2013.
- Visas/permits affected: Work permits.
- Who is affected: Entrepreneurs, investors, and researchers.
- Impact on processing times: The new categories fall under the UGE (“Large Company Unit”) processing times which have been expedited under the new law; they will be processed within 20 days.
Background: The changes are part of the Act for Entrepreneurs, approved by Spain’s Congress on Sept. 19, 2013, aimed at attracting foreign investment by creating new categories of workers eligible for expedited work permits.
The specific criteria are listed below for each type of applicant.
Must have one of the following:
- 2 million euros in securities;
- 1 million euros investment in Spanish stock or cash;
- Real estate worth 500,000 euros; or
- Be engaged in business in Spain that either creates jobs, helps the economy or contributes to technological or scientific innovation.
Includes those engaged in scientific or technological work, university lecturers for schools and other educational institutions located in Spain, and researchers from private and public organizations.
Must work in a sector that Spain has targeted for development.
Graduates or postgraduates of prominent universities or business schools may qualify. Please contact BAL for more details.
BAL analysis: The new law provides new avenues for business startups, real estate and business investors, researchers and graduates to do business in Spain and qualify for faster processing of work permits.
This alert has been provided by the BAL Global Practice group and our network provider located in Spain. For additional information, please contact GlobalVisaGroup@bal.com.
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