Would you like to carry out an investment in Mallorca without having to go through all the bureaucratic processes that come with being a foreigner and working or living on the island? There is an affordable option for those who are thinking of buying a luxury villa for sale in Mallorca: the Golden Visa. This certificate allows all non EU foreigners –beyond the borders of the European Union- to obtain a permit to invest in Mallorca and live on the island in a successful and official manor. Are you interested? At Nova Real Estate in Mallorca we will be explaining all the finer details in this blog article.
Before applying for a Golden Visa to carry out an investment in Mallorca, you should know what requirements must be met. Firstly, you must be a non-EU investor who is of legal age and find yourself regularly on Spanish soil. Amongst these requirements you must ensure that you do not have a criminal record from the last five years and must have health insurance registered by an official insurer in Spain. Only then will you be able to proceed with your visa application. Then, and this step is equally important, you must possess an adequate quantity of money to make the minimum payment of the investment and support not just yourself but your family, as well as being able to pay the transaction fees of the visa process.
Once you have met the first basic requirements for the visa application, you are a step closer to investing in Mallorca with a Golden Visa. So, what’s next? You must then purchase one or more properties with a minimum value of 500,000 euros or more. Once this minimum quantity has been paid, you must pay the notary, registration fees and taxes and provide this exact amount in cash. If you do not have the exact liquidity during the time of investment, you can apply for a mortgage and therefore reach the required amount that way. Following this transaction, the luxury villa for sale in Mallorca or the property can be lived in by the property owner or rented to a third party. However, the sale of the property or properties within the first five years of ownership will result in the revoking of the visa until another 500,000 euros are invested.
If the original investment is maintained, the Golden Visa will be temporarily renewed, following five years of residing in Mallorca or any other location in Spain, you can then apply for long term residence. At Nova Mallorca Real Estate in Mallorca we recommend carrying out this process with the guidance of professional advice from our real estate agents, as it is a bureaucratic process which we are very familiar with. At our real estate agency in Mallorca we firmly believe that a Golden Visa is a unique opportunity to invest in a luxury villa for sale in Mallorca by meeting the ongoing demands in this sector.
Do you have a query? Contact us and we will help you with anything you may need.