On November 11, 2024, the report of the draft Law 121/000016 Organic Law Project on measures regarding the efficiency of the Public Justice Service and collective actions for the protection and defense of the rights and interests of consumers and users was published in the OFFICIAL BULLETIN OF THE GENERAL COURTS CONGRESS OF DEPUTIES, in whose Final Provision sixteenth bis (new), Law 14/2013, of September 27, on support for entrepreneurs and their internationalization, is modified.
Below, we will make a brief analysis of what this legal text provides regarding the modification of the investors section regulated in Law 14/2013.
Firstly, the articles in the section on investors are no longer valid, in all their forms, which means that all regulated investment formulas (public debt, shares/equity interests, bank deposits, investment funds, real estate, etc.) are no longer valid.
Secondly, a new first transitional provision is introduced, whereby all applications processed before the transitional provision came into force may receive a visa or authorisation. Thus, we must understand that those who have already obtained a one-year visa at the corresponding Consulate may apply for a residence permit provided that it is requested within the validity of the visa, including if it is requested after the entry into force of the regulation. This will probably be the subject of development and the Directorate General of Immigration will probably publish criteria to follow.
Thirdly, a new second transitional provision is introduced, referring solely and exclusively to investors for the acquisition of real estate, whereby the right of renewal is guaranteed to investors through the real estate route, but not to those through the financial route.
In this way, the legislator guarantees the preservation of the visa and authorization already issued before the entry into force of the regulation in accordance with the regulations in force at the date of granting the initial authorization.
Finally, a new twenty-third provision comes into force, on the entry into force of the regulation, according to which, it is not affected by the second paragraph that incorporates 20 days from the date of publication in the BOE. Exceptionally, the Golden Visa will maintain its current regime until 90 days from the publication of the regulation in the BOE, to be definitively revoked.
In conclusion, all investment avenues that have been in our legal system since 2013 will disappear, and only those that have been granted previously will be maintained, and within these, authorizations for real estate investors may continue to be renewed, but not those obtained by those linked to a project of general interest.
In our opinion, there are questions regarding visa renewal and the guarantee of processing applications for authorization within the validity of the visa, as well as regarding the regulation regarding family members of investors who wish to request their right within the validity of the visa or authorization of the investor holder and those related to possible changes that may occur during the validity of the visa and permit of the real estate investor.