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Culture & Religion

Taking Advantage of New Law, Tech Entrepreneurs Are Flocking to Spain

A new Spanish law encouraging foreign investment allows entrepreneurs to obtain an extended-stay visa.

Nick Leiber writes in The New York Times about a new law in Spain that allows foreign investors and skilled individuals to apply for an extended visa. Stacia Carr, a Silicon Valley tech entrepreneur, took advantage of the new policy and moved to Madrid late last year. There, with help from a Spanish national, she incorporated a venture called Vidnex that offers teachers an online platform for creating classes and reaching students worldwide.

Here’s how Leiber explains the new law:

“The new law, known as the Ley de Emprendedores, is Spain’s latest effort to help domestic businesses and make the country more attractive to wealthy and talented people outside the European Union who want to start businesses, invest or work in the country. Billed by the government as reforms that would help create jobs at a time of high unemployment, the legislation created five visa categories, covering investors who buy at least 500,000 euros (about $625,000) of real estate; entrepreneurs who plan to establish businesses; highly skilled professionals; researchers, scientists and teachers; and employees and trainees. Once approved, recipients are allowed to move freely through most European Union countries.”

Big Think expert Vivek Wadhwa is quoted in the Times article, hoisting criticism at the U.S. government for not enacting a similar policy:

“We don’t have a start-up visa,” [Wadhwa] said. “We’re forcing people to leave this country and go to other countries.”

Read more at New York Times

Photo credit: xtock / Shutterstock


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