Residence permit “at own expense” is a program developed for owners and founders of their own business in Spain, who are ready to provide a business plan and prove to having the funds sufficient for its implementation. The advantage of the method is the possibility to legally reside in the country for more than six months and apply for permanent residence after 5 years of residence.

Status
requirements

  • A business project that includes a financing structure and expected profitability.
  • Confirmation of job creation for Spaniards.
  • Confirmation of contribution to the development of science, technology, regional economy, etc.
  • Confirmation of having funds for starting and operating a business.

Residence
permit applicant eligibility

  • Not a citizen or immediate relative of an EU country citizen.
  • No criminal record for the last 5 years.
  • No violations of the EU visa policy.
  • Proofs of having funds to live and start a business.

Advantages
of the status

  • The right to legally reside in the country for more than 6 months a year (continuous residence is not required).
  • Visa-free travels to the Schengen area countries.
  • Legalization of immediate relatives with the right to work.
  • Status extension without leaving for the home country.
  • No tax residency in Spain.
  • The right to obtain permanent residence after 5 years and citizenship after 10 years of residence. .

Residence
permit processing time

The application review process takes 3 months, the residence permit is granted for one-year period and is subject to extend for two years. If you plan to become an individual entrepreneur in Spain, our lawyers who know all the intricacies of a residence permit will help you get all the necessary documents in a short time.