Investors from abroad who offer jobs in Spain will get automatic residence rights

Companies or individuals who bring a 'notable socio-economic impact' or 'important scientific or technological innovation' into Spain will find the paper-trail required to obtain residence will be considerably simplified.

Where these people, or the owners and existing key staff of the firms in question are self-employed and involved in more than one area of activity, they will be given a discount on their monthly social security contributions.

They will need to provide evidence that they intend to make 'significant financial investments' in Spain and 'create jobs' in order to benefit from an easier residence process.

The new law allowing for this is hoped to make Spain a more attractive place for highly-qualified professionals and scientific investigators by cutting down on the red tape required for settling in the country.

Employment minister Fátima Báñez says the legislation will benefit at least a million young people currently out of work, and companies which make a concerted effort to invest in Spain will be given incentives and official recognition.

Iberdrola has been named as one of the companies which is already doing so.

As well as trying to attract top-flight professionals and the best scientists to the country, Báñez says firms which give 'training contracts' – apprenticeships or positions with on-the-job training – will be given discounts on taxes and other duties as an incentive.

But in the meantime, recent research has shown that only 20 per cent of young Spaniards who are currently working abroad in the field of science and investigation intend to return home one day – the remaining 80 per cent have already ruled this out.

And the 20 per cent who wish to come back to Spain say they have no idea when they may be able to do so, given the lack of opportunities in their profession in the country.