There is no doubt that the most interesting item of this law is that foreigners who buy one or more properties in  Spain whose total value amounts to , or exceeds, 500.000 euros can obtain a residence visa. This is valid for a period of one year and allows them to live in Spain for unlimited number of days within the one-year period. In addition, they will also be able to enter any  of th 26 aEuropean countries that have  abolish passport and immigration control at their borders - and stay for up to three months.

After the first year, they are entitled to obtain a Spanish residency card, valid for a further two years as long as they meet the criteria explained below. The main advantage of this type of residence is that applicants will not be required to stay in Spain for a period of six month every year, and they will only have to travel to Spain at least once a year. It is important to take into account that this advantage  is only applicable to those foreigners who are subject to this special type of residence visa. The remaining foreign residents are still obliged to remain in Spain for a minimum six months per year, unless the current laws for Foreign Nationals and Immigrations change. Another advantage is that this residence visa is granted in a short period of time- in theory, in no less than ten days and not in excess of 15 days. At least this is the theory...

Any interested foreigner must submit the visa application to the Spanish Consulate in their home country. They can do it personally or through a representative.

Documents to be submitted with the application are as follows:

- Passport with validity in excess of one year.

- Two photographs.

- Certificate of Criminal Records.

- Medical Insurance valid in Spain.

- Title Deed for one or more properties  whose total value amounts to or exceeds 500.000 euros. 

- Certificate from the Property Registry.

- Proof of financial solvency.

- Marriage Certificate if applicable.

- Birth Certificate for his / her children. Only children under 18 years old and those over 18 who depend on their parents for health reasons are entitled to this type of residence.

- Power of Attorney, if the applicant does not submit the application personally.

However, it must to be noted that the consulate has the authority to request any other additional documents they may consider necessary. They can also demand that the applicant attends an interview, if needed.

It is also important to point out that foreigners who buy a property for a value under 500.000 euros can also apply for a residence permit although through a longer process ( three months) and subject to foreign Nationals and Immigration Law, not the Entrepreneurs Law. However, it is only fair to say that the Foreign Nationals and Immigration Law is working reasonably well.

Another way to obtain this type of residence visa is for foreigners to deposit one million euros in Spanish banks or purchase shares in Spanish companies for a minimum of one million euros. Also by investing two  million euros in Spanish Public Debt or having a corporate project to be developed in Spain and that can be considered of general interest for Spanish economy.