International mobility – New legal framework

Residence & Working VISAS for investors, entrepreneurs andExecutives & Qualified Professionals.

Spain: your partner in Europe

* The information included in this presentation has been adapted for commercial purposes and therefore it iswithout prejudice of the applicable legal framework.

ICEX Spain Trade and Investments, support for Russi an investment in Spain

� ICEX-Spain Trade & Investment is a company owned by the Government, under theSecretary of State for Trade, Ministry of Economy and Competitiveness.

� INVEST IN SPAIN is the Directorate in charge of attracting foreign direct investment.

� Among its main activities are:

• Promoting, attracting and maintaining foreign direct investment in Spain.

• Incentives and financing of investment in Spain: Information and Advice on legal,technical and market areas, sector guides, tax, immigration, administrativeprocedures, grants and subsidies applicable to investment projects, etc…procedures, grants and subsidies applicable to investment projects, etc…Personalized advisory service.

• Assistance with the establishment of foreign companies in Spain: site location.

• To be the benchmark for foreign investors and the meeting point between companiesand institutions in the State, Regional and Local levels.

• Spain as a Global Business platform for International Investment.

• Business Climate: fostering investment and facilitating doing business in Spain.

Our Network: The Economic and Commercial Offices of the Embassy of Spain.

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New Law on Support of the Entrepreneurship and its Internationa lizationcame in force last September 2013:

This new Law facilitates and accelerates visa and residence authorizationsconcessions to investors, entrepreneurs and highly qualified profession als ,fostering:

NEW LEGAL FRAMEWORK

� International mobility of professionals and investors to Spain

� Attraction of foreign investment and talent in order to improve thecompetitiveness and innovation capacity of companies located in Spain.

New legal framework: SUMMARY

It is based on an agile and specialized system for visa and authorization concessions.

VISA AND AUTHORIZATION CONCESSIONS FOR

Investors

Entrepreneurs

Highly qualified professionals

Scientists and researchers

Intra-corporate transferred employees

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THE PROCEDURES

10 days for visas and 20 days for authorizations

A single authorization for living and working in Spain

Valid for the whole of Spain

The family will be able to apply at the same time

GENERAL REQUIREMENTS

Not being in an illegal situation in Spain

Being 18 years old or older

Not having criminal records

Public or private health insurance in Spain

Enough economic resources .

Freedom to live in Spain: Granted residence and work permits authorization

Source: http://extranjeros.empleo.gob.es/es/UnidadGrandesEmpresas/folletos/index.html

Benefits of the Schengen visa: freedom of movement within the member states

I. Investors Visa and Residence Authorization:

1. Real Estate Investors1. Real Estate Investors2. Investors in Spanish companies and bank deposits3. Investors in special interest projects in Spain4. Investors in Spanish public debt

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I. INVESTORS VISA AND RESIDENCE AUTHORIZATION

1. HOW:

Directly or through a company owned by the investor:- Not registered in a tax haven- The investor must have the majority of the company’s voting rights - The investor must be able to appoint the majority of the members of the

Management Board.

2. PROCESS:

1. VISA (at theConsulate)

2. AUTHORIZATION (in Spain)

1st step : Applying for an investor visa and 2nd step: Applying for an investor authorization

1. Visa : it allows its holder to enter and stay in Spain for a maximum period of one year .2. Residence authorization: valid for two years , it is renewable, provided that :

- The investment is maintained- The investor visits Spain at least once during that period

The visa/authorization holders do not have to stay a minimum period in Spain .Nevertheless, they can choose to have continued legal and tax residence. In this case, afterfive years, they will be able to apply for a long-term residence authorization .

Consulate) (in Spain)

3. DOCUMENTS:

• Application form and fees.• NIE number (Foreigners Identification Number): if the applicant does not have a

NIE number yet, he will have to apply for it when applying for the visa.• Documents showing that general requirements are fulfilled:

� Valid passport, medical certificate, police records� Health insurance� Proof of economic means

• Specific documents depending on the type of investor

I. INVESTORS VISA AND RESIDENCE AUTHORIZATION

• Specific documents depending on the type of investor

4. WHERE:

Visa : At the Spanish Consulate located in the residence area of the foreigner.Authorization: Ministry of Employment and Social Security (Spanish Unit for LargeCompanies in Madrid), directly or by a duly accredited representative.

5. HOW LONG:

Visa: The process will be resolved in maximum 10 days.Authorization : The process will be resolved in maximum 20 days.

I.-1. REAL ESTATE INVESTORS IN SPAIN

WHO?

Foreigners who make an investment in Real Estate goods in Spain that are worth 500,000 € ormore:

- The investment must be net of charges and taxes- The investment may consist of one or more Real Estate goods- Any type of Real Estate good will be applicable: housing, office buildings, hotels, etc.- There can be more than one applicant for one investment: each 500,000 € (net ofcharges and taxes) entitles to apply for an investor visa and authorization

Specific documents for this type of investors :Specific documents for this type of investors :

Visa (evidence of having made the investment):

Certificate of the Property Registry and deed of the Real Estate’s sale.

Authorization (evidence of having maintained the investment):

Certificate of the Property Registry, dated maximum 90 days before the application issubmitted.

I.-2. INVESTORS IN SPANISH COMPANIES AND BANK DEPOS ITS

WHO?Foreigners who make an investment of minimum 1 Million € in:

-Spanish companies listed or not listed in the Stock Exchange- Spanish bank deposits

Specific documents for this type of investors:

Visa (evidence of having made the investment):- Investment in Spanish companies listed in the stock exchange: Certificate of the financialintermediary .- Investment in Spanish companies not listed in the stock exchange: Investment declaration of the- Investment in Spanish companies not listed in the stock exchange: Investment declaration of theForeign Investments Registry (Ministry of Economy and Competitiveness).- Investment in Spanish bank deposits : Certificate of the financial entity stating that the applicant isthe only title holder of the bank deposit.

Authorization (evidence of having maintained the investment):- Investment in Spanish companies listed in the stock exchange: Certificate of the financialintermediary stating that at least 1 M. € average investment has been maintained . The certificatemust be dated maximum 30 days before the application is submitted.- Investment in Spanish companies not listed in the stock exchange: Certificate of a notary publicstating that the investment has been maintained. The certificate must be dated maximum 30 daysbefore the application is submitted.- Investment in Spanish bank deposits : Certificate of the financial entity stating that the applicant hasmaintained or extended the amount. The certificate must be dated maximum 30 days before theapplication is submitted.

I.-3. INVESTORS IN SPANISH PUBLIC DEBT SECURITIES

WHO?

Foreigners who make an investment in Spanish public debt securities that is worth 2 M. € or more(net of charges and taxes).

Specific documents for this type of investors:

Visa (evidence of having made the investment):

Certificate of the financial entity or Banco de España stating that the applicant is theonly holder of the investment during a period of minimum 5 years.only holder of the investment during a period of minimum 5 years.

Authorization (evidence of having maintained the investment):

Certificate of the financial entity or Banco de España stating that the applicant hasmaintained or extended the investment. The certificate must be dated maximum 30days before the application is submitted.

I.-3. INVESTORS IN SPECIAL INTEREST PROJECTS IN SPA IN

WHO?

Foreigners who make an investment in business projects in Spain considered to be of publicinterest reasons . Such projects must either:

- Create jobs in Spain- Have an important socio-economic impact in the geographical area in which theemployment activity is to be carried out- Have a significant contribution to scientific and/or technological innovation

PROCESS

3. AUTHORIZATION

(in Spain)2. VISA (at the

Consulate)

1. FAVORABLE REPORT (Economic and

1. Visa : it allows its holder to enter and stay in Spain for a maximum period of one year .2. Residence authorization: valid for two years , it is renewable if requirements are fulfilled.

Specific document proving the investment: Favorable report of the Spanish Economic andCommercial Office in the country of residence of the applicant.

(in Spain)Consulate)(Economic and Commercial

Office)

FAVORABLE REPORT

Where should the investor apply for it?

Prior to applying for the visa, the report must be applied for in the Spanish Commercial andEconomic Office located in the same area as the Consulate where the foreigner resides.

I.-3. INVESTORS IN SPECIAL INTEREST PROJECTS IN SPA IN (2)

MIAMI

2655 LE JEUNE ROAD SUITE 1114 CORAL GABLES FL 33134

MIAMI

2655 LE JEUNE ROAD SUITE 1114 CORAL GABLES FL 33134

Which documents are to be submitted for the application?

The Company’s Business Plan , in particular:

• Professional profile of the investor• Activity to be developed• Scientific or technological innovation, where applicable• Jobs positions to be created: number, characteristics and required qualifications• Geographical area where the project will be developed• Investment amount• Origin of the investment (equity, financing, etc.)

II. Entrepreneurs Visa and Authorization

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WHO?Foreigners who would like to develop their own business activity in Spain, that must bean innovative activity with special economic interest for Spain.

PROCESS

There are two possibilities :

1) If the entrepreneur is abroad

II. ENTREPRENEURS VISA AND RESIDENCE AUTHORIZATION

1st step : applying for an entrepreneur visa at the Spanish Consulate , in order toenter and stay in Spain a maximum period of one year in order to make thearrangements to set up business activity in Spain .

2nd step : applying for an entrepreneur residence and working authorization inSpain, valid for two years, which is renewable if requirements are fulfilled.

2) If the entrepreneur is already in Spain in a legal situatio n

He must apply directly for an entrepreneur authorization in Spain . It will be valid fortwo years and is renewable if requirements are fulfilled.

II. ENTREPRENEURS VISA AND RESIDENCE AUTHORIZATION

FAVORABLE REPORT (SpanishEconomic and CommercialOffice)

1. FAVORABLE REPORT (Economic and Commercial

Office)

FAVORABLE REPORT (Spanish

Economic and Commercial Office)

VISA (Consulate)

FAVORABLE REPORT

(Economy and Competitiveness

Ministry)

RESIDENCE AUTHORIZATION

(Ministry of Employment and Social Security)

EN

TR

Y I

N S

PA

IN

SETTING-UP OF

BUSINESS IN SPAIN

Maximum 1 year

The entrepreneur does notneed to go back to residence country after setting up the company to obtain the residence authorization

III. Companies hiring the following foreign employees:

1. Executives and highly qualified professionals2. Employees that are transferred to Spain (intra-corporate transfers)3. Scientists and researchers

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The companies wanting to hire foreign employees can apply for this authorization (validfor the whole of Spain ) in any of the following cases:

1) Executives and highly qualified professionals of a company or group of companiesthat fulfill any of the following requirements :

� An average staff of more than 250 employees in Spain.� An annual net turnover in Spain exceeding €50 million.� An equity or net assets value in Spain exceeding €43 million.� An annual average gross investment volume from abroad of a minimum of €1 million in the

three years immediately before submission of the application.

III.-1. COMPANIES hiring employees: EXECUTIVES AND H IGHLY QUALIFIED PROFESSIONALS

three years immediately before submission of the application.� Companies with an investment stock value over 3 M €.

2) Executives and highly qualified professionals of SMEs belonging to a StrategicSector.

3) Executives and highly qualified professionals of a business project in Spain thatrepresents either:

� A significant increase or maintenance of employment within the company, the activity sectoror region where the activity is to be carried out.

� A project fostering the economic activity in the region.� Interest reasons for the trade and investment policies in Spain.� A significant contribution to scientific and/or technological innovation.

4) Graduates and post-graduates from renowned Universities or Business Schools.

Companies or group of companies that would like to transfer to Spain one or more foreignersin the framework of a labor or professional relationship or to develop professionaltraining.

The company may be set up in Spain or in another country .

Requirements:

• There must be a real business activity and company or group of companies.• The foreigner must have a Graduate Degree or minimum 3 years of work experience.

III.-2. COMPANIES hiring employees: INTRA-CORPORATE TRANSFERS

• The foreigner must have a Graduate Degree or minimum 3 years of work experience.• There must exist a previous and continuous labor or professional relationship of at least 3

months with one or several companies of the group.• Providing documents of the company in which the transfer is accredited.

The process will be resolved in maximum 20 days.

Private and public companies and other entities wanting to hire foreign employeesdeveloping training, research, development and innovation activities. They must be,either:

� Research staff

� Scientific and technical staff: developing scientific research, development ortechnological innovation activities

III.-3. COMPANIES HIRING EMPLOYEES: SCIENTISTS AND RESEARCHERS

� Researchers working in a research organism, in the framework of anagreement

� Universities or business schools teachers

The process will be resolved in maximum 20 days.

ICEX-Invest in Spain

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How can ICEX-Invest in Spain support a foreign company or ind ividual withregard to immigration issues?

• Advice about the most appropriate way (quickest and easiest) to obtain theirresidence or residence and work permits.

• Advice about how to open a subsidiary, branch, acquire a company, etc.

• Services for foreign companies already operating in Spain in order to answer• Services for foreign companies already operating in Spain in order to answerlegal doubts in connection with work and residence permits

• Act as the institutional contact for companies towards all Spanish entitiesengaged in the process, such as the Spanish Embassy and Consulates abroad,Spanish Ministry of Employment and Social Security, Foreign Affairs Ministry,Regional Immigration Office, etc.

� 6. ICEX-Invest in Spain

Thank you for your attention.

To request our free and confidential services, please visitwww.investinspain.org

Orense 58, 3rd floor28020 Madrid SPAINT (+34) 91 503 58 00E-mail: investinspain@icex.es

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