Advantages of Residency in Spain
- The main advantage is the ability to permanently reside in Europe (with a tourist visa, you can stay in the Schengen zone for no more than 90 days in each half-year).
- If you have a residence permit, there is no need to apply for visas to other Schengen countries.
- After 10 years of legal residence, a residence permit provides an opportunity to obtain EU citizenship.
- A residence permit allows you to study in European schools and universities (you need to apply for a special residence permit).
- Access to European medical services, as when applying for a residence permit, the applicant must obtain compulsory health insurance that gives access to medical care in the country issuing the residence permit.
- All immediate relatives can get a residence permit: spouse, adult children, minor children and dependent parents.
- There are no restrictions for living in the Schengen zone (from 0 to 365 days).
Types of Redisence Permit in Spain
- Standard permit
- Investor visa (since 2013)
Modernization of Spanish Immigration Law
Law 14/2013, of 27 September, On support for entrepreneurs and their internationalization is aimed at attracting foreign investors and entrepreneurs and facilitating the process of their legalization.
Requirements for Foreign Entrepreneurs and Professionals
- Entrepreneurs. Entrepreneurs are required to create new jobs when establishing a company that should be economicall and technologically beneficial for the Spanish economy.
- Qualified professionals. Specifically researchers, scientists, high-class technicians, etc.
- Employees moving within the same company or a group of companies.
Advantages of Business Immigration to Spain
- Simplified proceeding of applications by the Consulate of Spain (in the case of an entrepreneur's residence permit, also the possibility of submitting documents directly to the Ministry of Economy in Madrid, bypassing the Consulate);
- No need to stay on the territory of Spain for most of the calendar year (it is enough to visit Spain at least once during the term of the residence permit);
- The possibility of obtaining a residence card immediately, for up to two years.
Requirements to the Entrepreneur's Residence Permit
- Business is required to be successful: saving jobs, paying taxes, making a provit.
Taxes paid by Entrepreneurs in Spain
Tax residents of Spain, for example, foreign citizens who have obtained an entrepreneur's residence permit with the right to work, are obliged to pay the personal income tax (IRPF) and property tax (property tax on individuals). Common taxes paid by businesses in Spain are the following:
- Corporate income tax.
- Value Added Tax (VAT).
- Tax on economic activity.
- Labor related contributions: payments to the Social Insurance Fund.