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Type a law, a topic, a person or a province.

What it is

Bill would replace the investor residence visa home purchase rule with a business project

Admitted step 2 of 7 · Unfinished

It is a members’ bill. Introduced by parliamentary groups, the Senate, regional governments or citizens. It was introduced on 14 February 2023. Introduced by: Grupo Parlamentario Plural.

Official title: Private member's bill amending Law 14/2013, of 27 September, on support for entrepreneurs and their internationalization.

Follow this law

Source: Congreso de los Diputados, file 122/000304· updated 11 Nov

Automatic summary, not yet reviewed

  1. The bill would remove the requirement to buy real estate in Spain for 500,000 euros or more to get the investor residence visa. Its authors argue that these purchases drive up housing prices and favor money laundering.
  2. The bill would replace that requirement with carrying out a business project in Spain certified as being in the general interest. To qualify, the project must create jobs, have a significant socioeconomic impact, or contribute relevant scientific or technological innovation.
  3. The other investment routes for the visa would remain: Spanish public debt of 2 million euros, or shares or bank deposits in Spanish companies or banks of 1 million euros. The bill also details how to prove each type of investment.
  4. If passed, the law would take effect the day after its publication in the Boletín Oficial del Estado (official state gazette).

Who it affects

  • Non-resident foreign investors: Could apply for the investor residence visa by presenting a business project in the general interest instead of buying real estate.
  • People wanting to live in Spain by buying a home: Would no longer be able to get the visa by buying property for 500,000 euros or more.
  • Economic and Commercial Offices (Oficinas Económicas y Comerciales): Would have to issue a favorable report on the general interest of the business projects submitted.
  • People looking for a home or business premises in Spain: The bill's authors say it would ease pressure on housing and commercial property prices.

Words worth knowing

Visado de residencia para inversores
Investor residence visa: a permit allowing a foreigner to live in Spain in exchange for a large investment in the country.
Silencio administrativo
Administrative silence: if the administration does not reply in time, the application is deemed decided, in this case favorably.
Paraíso fiscal
Tax haven: a territory with very low or no taxes, often used to evade taxes.
Registro de Inversiones Exteriores
Register of Foreign Investment, kept by the Ministry of Economy, where some foreign investments must be declared.

It summarizes the text as it was introduced. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 2 of 7 steps. It reached Admitted, and today it is unfinished.

  1. Introduced14 February 2023Someone registers the text in the Congreso.
  2. Admitted21 February 2023The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsnot reachedGroups propose changes.
  4. Committeenot reachedA committee goes through the text in detail.
  5. Plenarynot reachedAll 350 deputies vote.
  6. Senatenot reachedThe Senate can pass it, amend it or veto it.
  7. BOEnot reachedIt is published in the Official State Gazette (BOE) and comes into force.
See the 6 official steps on a timeline
Feb 2023Mar 2023Apr 202311. 14 February 2023: Presentación22. 21 February 2023: Boletín Oficial de las Cortes Generales Publicación desde 21/02/2023 hasta 24/02/202333. 21 February 2023: Calificación44. 24 February 2023: Gobierno Contestación desde 24/02/2023 hasta 03/04/202355. 3 April 2023: Pleno Toma en consideración desde 03/04/2023 hasta 30/05/202366. 30 May 2023: Concluido - (Caducado) desde 30/05/2023 hasta 16/06/2023

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

The legislature ended before it finished. To go on, someone would have to introduce it again in the new Cortes.

It was presented again:

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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