Seven months after the government created the express residence visa for investors, less than one hundred immigrants have been approved. The majority of those who have been approved originate from Russia or China.
This regulation has established certain requirements where only a select group of people actually benefit. These groups include investors looking to purchase a home or investors looking to launch business projects of general interest.
The express visa has two important advantages for those fortunate enough to be granted one.
1.) The visa holder does not need to have resided in Spain for any specific period of time in order to renew the permit. This is different from any other type of residence visa in Spain.
2.) The visa holder and his family shall be authorized to work for either self or paid employment.
This new regulation will be incorporated into the New Law for Entrepreneurs in order to generate both business and employment even though the results regarding the creation of new projects of general interest are not yet satisfactory. Along with this new express visa for investors, the new law for entrepreneurs has cut down on entrance requirements for senior executives, scientists or employers. It has also shortened the issuing times of visas and residence permits.
Translated by: Katherine Pascal