“Golden Visas” Go to Over 1.200 Investors and 600 Family Members

9/07/2014 – Expansion

Yesterday, the Government announced that 1.880 visas or residency permits have been given out to foreign businessmen and investors since the new Law of Entrepreneurs came into force in September last year.

However, the datum excluding the beneficiaries determined by the ruling indicates 1.231 visas were granted to investors, highly-qualified experts, investigators and the specialists who had to move within the company. Another 656 permits fell in hands of the relatives of the latter. At the moment, the majority of the processed visa applications have been submitted also for family members.

During the scholarships award for studies in China by Fundación ICO, the Secretary of State of Trade Jaime Garcia-Legaz put special emphasis on the importance of the Chinese investors who until now have received 282 visas in exchange for their investments in Spain.

Garcia-Legaz boasted of the advanced trading relations between the two countries, although, as he admitted, they are still far from desired. According to the data provided by the Spanish Institute for Foreign Trade (or Icex), in 2012, Spain sold a €3.8 billion worth of goods to China, while it imported €17.8 billion. The equation speaks in detriment of Spain.

Likewise, in the years 2007 – 2013, the Chinese invested around €10 billion in the Spanish economy, as per the information piled up by Freshfields lawyers.

The Entrepreneur Law states that the investors who purchase a property for over €500.000, shares or banking deposits for €1 million, public debt for €2 million or the business projects of “public interest” may apply for a visa or a residence permit.

According to the Government, except for the Chinese, also Russians are the leading beneficiaries of this measure, especially thanks to their real estate investments.

 

Original article: Expansión (by Yago González)

Translation: AURA REE

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