Lucrative visa explained (self-employed)

Raymundo LarraĆ­n Nesbitt, April, 1. 2021

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By Raymundo Larraín Nesbitt
Director of Larraín Nesbitt Lawyers
8th of April 2021

As its own name implies, this permit allows the applicant to work in Spain as you will be self-employed. This residency applies to someone who is looking to set up his own business in Spain. Typically, you will be acting as director or company administrator. Needless to say, one of the key requirements is that you will have enough means to be self-supporting both for yourself and your family for one year.

Outlining and submitting a sound business plan is required by the Spanish Authorities. You will be required to work in the business plan which is submitted. You can either set up a new business or else take over an existing business. Renewals of this type of permit are guaranteed so long as the business is making a profit and money is not owed to either the Social Security or the Spanish Tax Office.

As stressed, devising a professional business plan is paramount to the success of this application; LNA can assist you both in devising one, to meet their stringent expectations, as well as attaining the residency permit itself.

This residency permit allows the investor’s family to live, and study in Spain.

Frequently asked questions

 

  1. Will my family be included in this visa?

Yes, your spouse and underaged children are regarded as dependants and will be included in the visa.

  1. How long does this work visa last for?

Initially one year, then on two-year renewals. After you have completed five years you may apply for a permanent residency card.

  1. How much money do I need to invest?

The figure varies, depending on the business, but we advise a minimum of between €80,000 to €100,000.

  1. Do I need to hire private health insurance?

No, unless you want to. When you work in Spain, you must be enrolled in Social Security which follows a monthly pay-in scheme. This already covers all your medical needs, both for yourself and your family.

  1. Do I need to live in Spain all year round?

If you want to be eligible for renewals, you need to spend more than six months within a calendar year in Spain (which automatically makes you tax resident).

  1. Is a business plan required?

Yes, we would take care of that. We work with registered economists who would draft you a professional plan and submit it to Spanish Immigration Authorities for approval.

  1. What type of business are we talking of?

There are no restrictions (other than your own qualifications to run a business). Most clients choose a business in line with their expertise that does not demand a formal qualification such as a boutique hotel, a bed&breakfast, a restaurant, retail outlets, import-export business, etc. You can also take over a going concern (existing business).

  1. How long does a work visa take to arrange?

On average, 3 to 4 months.

 

LNA offers the following residency service for non-EU nationals: Lucrative visa (self-employed)

LNA has a 100% track record attaining Spanish residency

Larraín Nesbitt Lawyers, small on fees, big on service.

At Larrain Nesbitt Abogados, we have assisted hundreds of EU and non-EU nationals to successfully attain a Spanish residency permit.

Interested? Come and speak to Larraín Nesbitt Abogados’ friendly staff who will be pleased to guide you through the different residency options, choosing the one that appeals to you most. Your family’s success is only one call away: (+34) 952 19 22 88.

Residency services available from LNA

 

Related residency articles

 

Article originally published at Spanish Property Insight: Lucrative residency permit

Please note the information provided in this article is of general interest only and is not to be construed or intended as substitute for professional legal advice. This article may be posted freely in websites or other social media so long as the author is duly credited. Plagiarizing, whether in whole or in part, this article without crediting the author may result in criminal prosecution. VOV.

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