On the 3rd January this year, Organic Law 1/2025 on measures in the field of efficiency of the Public Justice Service was published in the Official State Gazette, which in its 21st final provision supresses articles 63 to 67 of Law 14/2013 (Law of Entrepreneurs). As of the entry into force of this provision on the 3rd of April, residence visas for investors will be abolished.
Those investors or family members of investors who, prior to the date of entry into force of the provision, have submitted the corresponding application, may receive visa or authorization in accordance with the regulations in force on the date of submission of the application. Visas and authorizations for investors which are valid on the date of entry into force of that provision shall remain valid for the period for which they wree issued. In the event that applications for renewal are submitted, they shall be processed and resolved in accordance with the regulations in force on the date of granting the initial authorization.
Investor Visa:
Short-stay or residence visa for foreigners making a significant capital investment, understood as:
- An initial investment of at least 2 million euros in Spanish public debt securities, or 1 million euros in stocks or shares in Spanish companies undertaking actual business activities, or in investment or venture capital funds incorporated in Spain, or in bank deposits in Spanish financial institutions.
- The purchase of unencumbered real estate for a minimum of 500,000 euros, (if the investment is made by a couple married in community of property, one of the spouses may obtain an investor visa, and the other spouse, a visa as a family member of the investor).
- A business project in Spain considered to be of general interest, as regards the creation of jobs, the significant socio-economic impact on the geographical area in which the project is to be carried out, or its significant contribution to scientific or technological innovation. In this case, the visa may be obtained by a representative designated by the investor to manage the project.
Investments made by legal persons will be accepted, provided that the legal person is not based in a tax haven, and that the investor holds, directly or indirectly, majority voting rights and the power to appoint or dismiss the majority of the members of the board of directors.
The following family members of the investor may also obtain the visa:
- The spouse or unmarried partner.
- Children and adult children who are financially dependent on the investor and who have not created a family unit of their own.
- Relatives in the ascending line in the investor's care.
Required documents for the investor
1. National visa application form
. Each applicant, or their representative, must complete and sign a visa application form, filling in each of its sections.
2. Photograph. A recent, passport-size, colour photograph, taken against a light background, facing forward, without dark or reflective glasses, or any garments concealing the oval of the face.
3. Valid, unexpired passport. Original and a photocopy of the page or pages of the passport that contain biometric data. The passport must have a minimum validity period of 1 year and contain two blank pages. Passports issued more than 10 years ago will not be accepted.
4. Documents accrediting the investment. Original and a copy of the following documents:
- Investment in unquoted stocks and shares: Declaration of investment made at the Foreign Investments Registry of the Ministry of Economic Affairs and Digital Transformation.
- Investment in quoted stocks: Certificate from the financial intermediary registered at the National Securities Market Commission (CNMV) or at Banco de España, accrediting that the interested party has made the investment.
- Investment in public debt: Certificate from the financial entity or from Banco de España accrediting that the applicant is the sole owner of the investment for a period equal to or exceeding 5 years.
- Bank deposit: Bank certificate indicating that the applicant is the sole owner of the investment.
- Investment in real estate: Certificate from the Land Register with up-to-date information on ownership and encumbrances, issued no more than 90 days earlier, and deed of sale if the amount of the purchase is not included in the certificate on ownership and encumbrances.
- Investment in a business project: Favourable report from the relevant Economic and Commercial Office of this consular district, stating the general interest that will be served by the business project.
- In the event of an investment made through a legal person: Favourable report from the relevant Economic and Commercial Office of this consular district, stating that the company is not based in a tax haven, and that the investor holds, directly or indirectly, majority voting rights and the power to appoint or dismiss the majority of the members of the board of directors.
Foreign documents must be legalized or apostilled and, where applicable, must be submitted together with an official translation into Spanish.
5. Financial means. Original and a copy of the documents proving sufficient own financial means, or accrediting a regular source of income for the investor and, where applicable, for the family members accompanying them. The minimum required amount is equivalent to 400% of Spain's Public Multiple Effects Income Indicator (IPREM). To this amount must be added 100% of the IPREM for each family member. Foreign documents must be legalized or apostilled and, where applicable, must be submitted together with an official translation into Spanish. The Consulate may ask for more documents when treating the application.
6. Criminal record check certificate. Applicants of legal age must submit both the original and a copy of the criminal record check certificate(s) issued by their country or countries of residence for the past 5 years, issued maximum 90 days prior to the application. Foreign documents must be legalized or apostilled and, where applicable, must be submitted together with an official translation into Spanish.
7. Health insurance. Original and a copy of the certificate accrediting the public or private health insurance contracted with an insurance entity authorized to operate in Spain. It must be a health insurance (not a travel insurance). Therefore, it is not necessary to cover repatriations and/or evacuations.
The insurance must cover all the risks that are normally covered for nationals (i.e. the catalogue of benefits of the National Health System regulated in articles 7 and following of Law 16/2003, of 28 May, on the cohesion and quality of the National Health System). This coverage must be maintained for the entire duration of the authorization.
The health insurance must not have deficiencies, co-payments or coverage limits, that is, it must cover 100% of medical, hospital and out-of-hospital expenses. Spanish companies such as Sanitas, Adeslas, Axa, etc. offer 100% coverage of expenses and without limits.
8. Proof of residence in the consular district. Original and photocopy of a recent document that proves the actual domicile (as electriticy bills, etc.). When necessary to assess the application, the Consular Office may request additional documents or data and may also ask the applicant to come in for a personal interview. All the documents must be translated to Spanish, except for ID cards, residence cards, bank operation extracts or other documents of easy interpretation.
9. Proof of the representative's identity and capacity. If the visa application is submitted through a representative, a copy of the identity document or passport of the representative and of the power of attorney or document accrediting representation must be submitted. The originals must be shown when submitting the application. Foreign documents must be legalized or apostilled and, where applicable, must be submitted together with an official translation into Spanish.
10. Payment of the visa fee. The visa fee is stated in the "Schengen Visa" section. It is imperative that the fee is paid before initiating the procedure.
Required documents for family members
For each family member accompanying the investor, the following must be submitted:
- All the required documents specified in sections 1, 2, 3, 6, 7, 8 and 10. Where applicable, those specified in section 9 also. In the case of minors, the visa application must be signed by one of their parents or by a duly accredited representative.
- Documents proving family relationship with the investor: birth or marriage certificates issued by the civil registry, certificate of registration as an unmarried couple or any other document proving that the relationship is an unregistered partnership. Foreign documents must be legalized or apostilled and, where applicable, must be submitted together with an official translation into Spanish.
- In the case of adult children, documents proving their financial dependence and civil status. Foreign documents must be legalized or apostilled and, where applicable, must be submitted together with an official translation into Spanish.
- In the case of relatives in the ascending line, documents proving they are in the investor's care. Foreign documents must be legalized or apostilled and, where applicable, must be submitted together with an official translation into Spanish.
When necessary to assess the application, the Consular Office may request additional documents or data and may also ask the applicant to come in for a personal interview.
Procedure
This Consular Office is competent to accept visa applications from individuals residing in the consular district.
- Who can apply for a permit: Visa applications must be submitted in person by the applicant, or by one of their parents if they are a minor. They may also be submitted through a duly accredited representative.
- Visa application period: 1 year as of the capital investment. This period is not applicable to investments in real estate, but investments made before 29 September 2013 will not be eligible.
Place of submission: Applications will be submitted, by appointment, at the BLS offices, depending on the place of permanent residence. BLS Office in Cape Town: Only residents of the provinces of Northern, Eastern, Western Cape, KwaZulu-Natal. Address: 10th Floor, the Tower Building, 2 Hertzog Boulevard, Foreshore, Cape Town, 8000, South Africa. Call center tel.: 010 500 2032. BLS Office in Durban: 1st floor, Silver Oaks Building, 36 Silverton Road, Musgrave, Durban. BLS Office in Pretoria: Only residents in Limpopo, Gauteng, Mpumalanga, North West, Free State and Lesotho. Address: 1st Floor, Building B, West End Office Park, Centurion, 0157. For permanent residents of Mauritius, Madagascar or Comoros, send an email to visacapetown@maec.es and we will inform you about how to proceed. Persons entitled to an EU family reunification Visa: Possibility of application directly from the Consulate or at the BLS offices. If application through the Consulate, an appointment must be booked in advance by sending an email to visacapetown@maec.es
- Proof of receipt: The Consular Office will provide the applicant with proof of receipt of the application with a code that enables them to check the status of the dossier through the following link: https://sutramiteconsular.maec.es/Home.aspx
- Rectifying the application: The Consular Office may ask the applicant to submit any missing documents, or to provide additional documents or data that are necessary for a decision regarding the application. The applicant may also be called in for a personal interview.
- Decision period: The legal period for reaching a decision is 10 days as of the day after the submission date of the application, but this period may be extended when an interview or additional documents are requested.
- Collecting the visa: The visa must be collected in person by the applicant or by their representative within a maximum period of 1 month, counted as of the day after the date on which the favourable decision is notified. The Consular Office will inform the applicant regarding the procedure for the return of the passport and any other original documentation.
- Visa refusal: Visa refusals will always be notified in writing, setting forth the grounds on which the decision adopted was based.
- Appeals: If a visa is refused, the applicant may submit an appeal for reconsideration to this Consular Office within 1 month of the day following the date on which notification of the refusal is received. An application for judicial review may also be filed with the High Court Justice of Madrid within the 2-month period beginning the day after the date on which the applicant receives notification of the visa refusal or of the dismissal of the reconsideration appeal.
- Validity period of the visa: The visa is valid for 1 year.
The visa accredits residence in Spain during its validity period, making it unnecessary to obtain a Foreigner Identity Card. However, this card may be applied for at the Foreign Nationals' Office or the corresponding Police Station.