Friday, June 28th, 2013, during a Ministers’ meeting, the government gave the “green light” for the project of the Entrepreneur Support and Internationalization Law. This was announced by Vice President Soraya Saénz de Santamaria in a press conference following the Ministers´ meeting (as published by Moncloa). The bill includes measures to reduce state revenue and provide a special tax break and benefits to Entrepreneurs. In addition to these measures, is expected that the Bill provides for the granting of residence permits to non EU nationals who invest in Spain by purchasing real estate worth 500.000 Euros or by buying public debt of at least € 2 million. Also meaningful investments that create jobs or support business projects can lead to temporary residence. (“La Nueva España”)

The law will be passed by an expedited process. (Europa Press) The government wants to get this and two other pending bills passed before the end of July or August. The government has expressed their intention to hold special plenary sessions on July 16^th and 17^th to approve the bills.

No official text has yet been published according to Moncloa. However, the official report from the Ministers´ Meeting (Referencia del Consejo de Ministros) of 28 June, 2013 refers to the approval of the bill and includes reference to the Attraction of Talent and Investment, including the measures to provide residence permits for economic reasons through a quick and easy process before a single authority (As published by MONCLOA). The Bill must still pass through the Senate and is not yet an approved law. Hopefully we will hear more soon as the bill passes through the government´s approval process.

Amanda Osorio

Marina Bugallal

Mariscal Abogados, International lawyers