Investing in a Mallorca property remains an attractive investment that has been gaining interest worldwide for years. The positive development of the property market as well as the versatile usage options such as primary residence or second home, holiday rental or as a retirement home also contribute to this. However, non-EU citizens in particular have a few things to consider when buying a property or living (temporarily) on the sun-drenched Balearic Island, especially with regard to residence permits. The so-called Golden Visa offers a solution to this.
What is the Golden Visa, what are its advantages, and how do you get it? That's exactly what this article is about.
What is the Golden Visa?
According to a law passed on 29 September 2013, non-EU citizens can “buy” the right of residence by means of a Golden Visa. The basic requirement for obtaining this is an economic investment on the island. Other conditions such as age or a clean criminal record with the police are also required. In return for the purchase of a property for at least €500,000, the investor and applicant receives a right of residence in Spain for themselves and their family. The Golden Visa is particularly attractive when it comes to renting out a property. With the investor visa, there is no minimum length of stay in Mallorca, which means that just one visit per year is sufficient for a residence permit.
What advantages does the Golden Visa have?
The Golden Visa has a number of notable advantages, including the aforementioned fact that you can live outside the island for longer than 6 months without losing your residence and thus an exclusive lifestyle. Holders also receive the right to live and work in Spain. This also applies to family members, including spouses and children. At the same time, possession goes hand in hand with freedom of movement within the Schengen zone. This opens up access to many other European countries for non-EU citizens without an additional visa.
The two-year residence permit with the Golden Visa is the longest compared to other forms and therefore very uncomplicated. In addition, approval of the Golden Visa entitles you to citizenship, if desired. It is also important to remember that the application is accompanied by attractive investment opportunities in Mallorca.
What requirements must you fulfil for the Golden Visa?
In principle, applicants for a Golden Visa must be at least 18 years old and not an EU citizen, have no criminal record, take out Spanish health insurance and provide proof of financial means.
In addition, you must make one of the following investments to be eligible:
- Purchase a property with at least €500,000 plus tax
- Open a Spanish bank account with a deposit of at least €1 million
- Purchase of government bonds of at least €2 million
- Purchase of company shares with at least €1 million euros
How does the application for a Golden Visa work?
In the scenario of a property purchase in Mallorca, the Golden Visa process is as follows:
- Step: All documents relating to the property purchase, regardless of whether you are travelling to Palma, the north or the west coast, are submitted to the Spanish consulate in your country of origin, where they are checked for eligibility to apply. Processing can take several months in some circumstances.
- Step: Once the application has been approved, there is a deadline of one month to apply for the Golden Visa at the Spanish consulate in the country of origin.
- Step: The residence permit must then be finalised directly on the island. To do this, the foreigner's identity card must be issued.
Tip: After a property purchase, the Golden Visa can also be requested directly for other family members. This means spouses, underage children, parents over the age of 65 and older children aged 18 and over.
It is also good to know that you cannot lose the Golden Visa in principle, even if it is initially limited to 2 years. All you have to do is prove that you still own the property, that you have health insurance, and that you are still financially sound. If you want to sell your property, you will have to make a new investment of €500,000 for the Golden Visa.
FAQ: Golden Visa
What documents do you need to submit for a Golden Visa?
To apply for the Golden Visa, you will need the following documents:
The following documents must be submitted with the Golden Visa application form:
- Passport or identity card
- Proof of Spanish health insurance
- Police clearance certificate with no criminal record
- Certificate of the investment made from the land register
- Proof of economic resources and financial means
What does a Golden Visa cost?
Expect to pay approx. €90 plus lawyer's fees.
What is the easiest way to obtain the Golden Visa?
The easiest and quickest way to apply for a Golden Visa is to work with a lawyer, who will also ensure that everything is legally compliant. NEPTUNUS INTERNATIONAL is your competent partner when it comes to property investment. We have a large portfolio of luxury homes and sophisticated properties that impress with their quality and design. We are also happy to organise a professional lawyer from our extensive network.
