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Tuesday, August 5th, 2014

Rimontgó plays a key role as the first visa is issued following investment in a business project of general interest

On 9 July, following approval from the Office of Economic and Commercial Affairs at the Spanish Embassy in Beijing, the Spanish Consulate in the Chinese capital granted the first visa issued from this office as a result of the development of a business project in Spain considered and accredited as being of general interest. The visa was issued in line with Law 14/2013 (‘Support of the Entrepreneurs and their Internationalization’). This new law aims to encourage investment in Spain, and offers various opportunities to this end. As a result, investors will be given the possibility of, firstly, obtaining a visa and, a year later, receiving authorisation for residency in our country.

In article 63, chapter II of the ‘Law in Support of the Entrepreneurs’ and their Internationalization’, it is stated that residency visas will be granted to non-resident foreigners who intend to come to Spain with the intention of making a significant capital investment. Such an investment can be made in different ways, such as the acquisition of a real estate property with a value of €500,000 or more, an investment of €1 million or more in Spanish business shares, or the setting up of a business project which is accredited as being of general interest. The latter case relates to the visa issued on 9 July. This was the first of its kind to be granted since the passing of Law 14/2013, and one of the first ten to be issued on a global level until now.

It must be remembered that one of the key aspects relating to the issue of a visa and residency permit (which can be extended to the investor’s spouse, and children under the age of 18) is that it permits the holder to travel between countries pertaining to the Schengen Agreement.

In the case of this first visa, the holder is a Chinese investor who made his fourth visit to our country last July. He took advantage of his stay, making two additional capital increases and studying new business projects which were presented by Rimontgó to those accompanying him on his visit.

Rimontgó is a company founded in Jávea in 1959. It has offices in Jávea on the Costa Blanca, as well as in Valencia and London, and correspondents in the major European cities. The firm specialises in the sale of luxury properties, as well as commercial and business investments in the rest of Spain and other locations abroad. It is mainly characterised by dealing with clients and specific investments in an exclusive and private manner.

After four years of intense travelling and establishing commercial relations with big Chinese investors (some of the largest fortunes from China and Hong Kong can be found amongst Rimontgó’s clients), a visit from a second investor is expected in August. Here, this investor will analyse the different investment proposals presented by this Valencian consultancy firm. The proposals will be based on various sectors relating to industry (infrastructure, renewable energy, new technology, applied computer sciences, etc.), business (wineries, marinas and business schools) and real estate (collective dwellings and general real estate developments).

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