Since 2013 Law 14/2013 of 27 September, supports entrepreneurs and their internationalization.
This new law allows foreign citizens to apply for new types of visa and residence permit in Spain; in particular foreigners intending to invest in Spain or undertake an economic activity they may apply to the competent Spanish Consulate a residence visa in Spain and the subsequent application for a residence permit at the Office of Immigration.
A residence visa for investors in the case of home purchase is granted:
The acquisition of real estate in Spain with an investment of over € 500.000 for each applicant within a period not exceeding 60 days prior to the filing of the application.
The initial authorization of residence for investors will last for two years. Once that deadline, those foreign investors who are interested in residing in Spain for a period exceeding may apply for renewal of the residence permit for investors for the same period of two years.
The processing of residence permits for investors will be made by the Unidad de Grandes Empresas y Colectivos Estratégicos (MADRID), with the use of electronic means and shall grant to the Departamento de Inmigración.
The maximum resolution period is twenty days since the filing of the application. If it is not resolved within that period, the authorization is estimated by administrative silence means. Decisions will be reasoned and may be appealed.