Legal tip 569. New regulations foster foreign invest in Spain
Friday, August 5, 2011 @ 1:23 PM
New Foreign Persons Regulations Foster the Entry of Qualified Workers in Spain
The new Regulations contained in the Law on Foreign Persons came into effect on the 1st of July, having been passed by the Council of Ministers on the 15th of April. The regulations are a response to challenges set by a new wave of migration and foster the arrival of highly qualified foreigners in the country.
The main novelties affecting foreign workers and companies include a new situation for researchers. The regulations have established a fast-track entry procedure with a maximum of 45 days. It also aims to promote the automatic reunification of families without a need to wait a year to initiate procedures.
And it incorporates the European Directive on blue cards for highly qualified foreign professionals, setting conditions for the entry and residency of nationals from third countries for the purposes of highly qualified employment.
As for entrepreneurs, their entry in Spain has been improved. They must show they have sufficient funds for maintenance, accommodation and sustaining their company, but they are not required to generate profits from year one as in the previous regulations.
As far as SMEs in strategic sectors set up in Spain are concerned, when they require foreign executives or highly qualified personnel, they can take advantage of a fast-track method for the granting of permits through the Large Companies Unit (UGE). This fast-track method enables the granting of permits in less than 30 days and includes the family of the person concerned.
The new Regulations have reduced the threshold of worker numbers required by large companies in order to benefit from the fast-track granting of permits from 1,000 to 500. They have also reduced the compulsory thresholds concerning foreign investment and net annual turnover. In addition the Regulations have included a “public interest case”, which allows permits to be processed through the UGE even when they do not meet the above-mentioned requirements, for companies with business projects generating employment in strategic sectors.
The Foreign Persons Regulations have the backing of a broad consensus and are one of the instruments the Government has at its disposal for the purposes of strengthening social cohesion, integration and equality of rights and responsibilities.
Source: InvestinSpain
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