Law 25/2015: modifications to the Law of support for entrepreneurs and their internationalisation

On July 29th, 2015, the “Law 25/2015 of July 28th of the Second Chance Mechanism, reduction of the financial burden and other measures of social order” that modifies “Law 14/2013 of September 27th, was published, of support for entrepreneurs and their internationalization”.

Date 28/10/2015

Among the main modifications introduced by the new Law, the possibility of applying for a residence permit and, where appropriate, the visa, in addition to the spouse and child under 18 years of age, to the person associated with an analogous relationship of effectiveness, to older children are increased 18 years who continue to depend economically on the holder and the ascendants in charge.

It is also now possible to obtain the visa to the investor's representative, when he is going to manage a project of general interest and also introduces a new additional concept to what is called “significant investment”, adding the investment of one million euros in funds of Investment with certain characteristics.

On the other hand, one of the most striking developments is that the investor in real estate who has not formalised the purchase of the property or real estate but has signed a pre-contract, and meets a set of established requirements, may obtain a residence visa for investors with a maximum duration of 6 months, which may be one year or the residence permit may be requested if the effective purchase of the property is accredited.

As for the effects of the residence visa grant, it will now constitute sufficient title to reside and work, unlike what happened with the Law prior to the modification, which only allowed to reside.

Another of the most significant modifications is that the renewal of the residence permit will be for successive periods of 5 years and not two as established in the previous wording of the law.

Aspects regarding highly qualified professionals and residence authorisations for intra-corporate transfer are also modified.

Finally, it should be mentioned that in addition to all the modifications contained in the regulations there is also a place to clarify certain aspects that were not contemplated in the previous wording and that generated certain doubts, so that now it is more complete and clear for the reader.

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