The Spanish Entrepreneurs Law regulates a set of resident permits with the aim of attracting talent and foreign investment to Spain, and it has many advantages for foreigners who would like to set up a business or corporation in the country. Applications for these visas must be approved by the UGE or the Large Companies and Strategic Sectors Unit.
Visa applications under the Entrepreneurs Law are processed within a maximum period of only 20 days. You can apply for it in Spain while in the country on a tourist visa or from your home country. Family members like your spouse and children can be included in the application. Visas issued under the Entrepreneurs Law are valid for two years.
There are several types of visas and residence permits issued under the Entrepreneurs Law, each one adapted to the personal situation of the applicant:
- The Golden Visa or investor visa falls under the Entrepreneurs Law and requires a minimum investment of €500,000 in real estate, shares, bonds or Spanish public debt, and allows the holder to live and work in Spain.
- The Work Permit is only for the highly skilled workers like those foreigners who have completed a degree, a masters or doctoral course and who are working in a technical or managerial position in a company. Their salary needs to be higher than €50,000 a year.
- The Residence Permit for Researchers is for foreigners who are university professors, doctoral students or professionals dedicated to research, development and innovation tasks in an institution or company, both public and private.
- The Entrepreneur Visa is for a foreigner who would like to set up an innovative business with a large technological component in Spain. Approval for this visa hinges on the business plan of a business that does not yet exist in Spain.
If you work for a multi-national company based in Spain in your home country or elsewhere and receive an offer to transfer to Spain for working or training purposes, then you will need the Intra-Company Transfer Visa.
Students can also benefit from the Entrepreneur Law. If you are pursuing a level 6 studies or higher and have finished at least 2 years of your studies, you can move from a student visa to an internship work permit, skipping the three years waiting as a student to get a work permit.