NONPROFIT RESIDENCE
ECONOMIC RESOURCES
The non-profit residence was created for those foreign citizens who have resources and income that allow them to reside in Spain without having to develop a work activity.
Consequently, the fundamental requirement to obtain this type of residence is the possibility of demonstrating sufficient economic resources during the period of stay in Spain.
The minimum amount that the applicant must prove is 400% IPREM, which in 2018 is equivalent to € 25,828 per year, for the holder, plus 100% IPREM or € 6,454 per year for each of the members of his family who wish to reside with him .
ADVANTAGE
Allows both the owner and the members of his family to reside in Spain: his spouse and children. Unlike residence for investors, they can be both minor children and adults dependent on the owner.
It is not an indispensable requirement, although it is highly recommended, to have real estate in Spain. So, both the owners of properties of a lower value than required and even foreign citizens who still do not have real estate in Spain or those who have acquired real estate prior to the entry into force of the new law, can obtain residence accrediting your economic resources.
Authorizes to carry out commercial activity and after its renewal can be modified by a residence with work permit.
OBSTACLES AND DISADVANTAGES
To be renewed, it is essential to prove effective residence for six months a year. Consequently, it may involve the acquisition of tax resident status and the obligation to pay taxes in Spain for the taxpayer’s worldwide income.
The time required to process the visa and subsequently the residence is significantly longer than in the case of residence for investors.
The control of economic capacity will be much stricter than in the case of residence for investors, since in the case of non-profit it is the indispensable requirement. Furthermore, in this case, unlike residence for investors, there is no additional manifestation of economic capacity. SUPPORT ACT
INVESTOR RESIDENCE
ECONOMIC RESOURCES
Being very similar to the non-profit residence, the objective of residence for investors is not the desire to attract residents with a certain purchasing power, but, rather, to attract foreign capital.
Therefore, the main requirement is to make an investment, which can be in public debt, in companies or financial entities or in real estate (2 million, 1 million or 500 thousand euros respectively).
However, in addition to the investment in the Spanish economy, it is still necessary to prove that he has € 25,560 per year for him and € 6,390 per year for each member of his family.
ADVANTAGES
One of the main advantages is that it does not limit the residence time in Spain. The owner can reside in Spain for the entire period of validity or if you wish, come only to renew the residence. In other words, it allows the holder to choose between actually residing in Spain, becoming a tax resident or using the residence as a mere visa for multiple entries without a maximum limit of stay.
The period for processing visa and residence is very limited. It allows obtaining the visa in less than one month from the presentation of the application.
Authorizes to work, from the first moment. The investor and the members of his family can perform remunerative labor activity both on their own account and as employees.
OBSTACLES AND DISADVANTAGES
Although it allows obtaining the residence of the spouse and minor children of the holder. Children of legal age can not obtain residence together with the owner, unless they depend on him for health reasons.
The properties acquired prior to the entry into force of the law to support entrepreneurs do not give the right to obtain residence for investors.
For its renewal, it is essential to demonstrate that the investment subsists. Consequently, it is necessary to maintain the investment in the Spanish economy, although it may be the same or a new investment, but respecting the amounts required.
It should be noted that in addition to the differences mentioned, the authorizations agree that both in addition to authorizing residence in Spain, they give the right to travel freely throughout the Schengen territory.
Likewise, the new entrepreneurs law refers to the immigration law in relation to long-term residence. In both cases it is possible to apply for long-term residence after an effective residency in Spain for five years. However, although the residence for investors does not have limits of permanence in the Spanish territory, in order to obtain the long-term residence, it is essential to respect.
