The “Golden Visa” – key to the residence permit in Spain
Exclusive luxury properties, spacious plots of land and the crystal-clear Mediterranean always in view: the popular Balearic island of Mallorca is attractive with its Mediterranean lifestyle and is considered a true Mecca for sun-seeking emigrants from all over the world. It’s not surprising that good weather, blue water and breathtaking palm-fringed beaches lure you all year round with a fantastic holiday setting.
Germans, who are only too fond of calling the island the “17th federal state” have it easy: as citizens of the European Union you have the right to live and work in every EU country without exception. Nothing stands in the way of her decision to choose the sunny island of Mallorca as her adopted home. On the other hand, nerve-wracking bureaucracy makes it difficult for nationals of other origins – including Americans, Chinese and Russians in recent years – to emigrate. The “Golden Visa” is intended to remedy this: We explain how your luxury real estate in Mallorca will give you a permanent right of residence in Spain.
But first: What is the “Golden Visa” anyway?
The “Golden Visa” law saw the light of day in 2014 and represents a temporary residence permit for the Spanish kingdom. This is granted to non-EU citizens and their families on the basis of a six-figure real estate investment. A total investment of at least 500,000 euros, which can be divided among several properties on Mallorca, for example, allows you and your family free intra-European passenger traffic through all Schengen countries.
While the fees incurred for the purchase of your luxury property in Mallorca are not counted towards the investment sum, taking out a mortgage to cover the purchase price of your investment in Mallorca is permitted. Your big advantage: You can rent out your property in Mallorca and are therefore not bound by a minimum length of stay on the Balearic island. Instead, a single visit to Spain per year is sufficient to keep your residence permit through the “Golden Visa”. If you are looking to relocate to the Balearic Island from a country outside the European Union, investing in luxury real estate in Mallorca is therefore your most convenient option.
The requirements for applying for the “Golden Visa”
In order to be able to enjoy the “Golden Visa” as the owner of a property in Mallorca, you must be able to present the relevant documents as proof of your investment in Mallorca. On the other hand, there are other requirements that must be met in order for a residence permit to be legally granted:
o You are at least 18 years old and are therefore considered an adult in Spain
o You are not a citizen of a member state of the European Union
o You have no criminal record
o You have health insurance that covers the Kingdom of Spain
o You can prove that you and your family have financial means to support yourself in Spain
Luxury real estate in Mallorca: Your advantages with the “Golden Visa”
If you are allowed to call high-quality real estate on Mallorca your own, you can request a residence permit for your family at the same time as you apply for the “Golden Visa”. In the case of the “Golden Visa”, this includes not only your spouse and your minor children, but also your parents over 65 years of age and offspring who are already of legal age. Furthermore, an investment in Mallorca is not only attractive with the residence and work permit for you and your family: Although you are only legally obliged to travel once a year, you also have complete freedom of movement throughout the Schengen area.
While the validity of the “Golden Visa” is initially limited to two years, it can easily be extended by a further five years. The Spanish authorities are satisfied with proof that your investment in Mallorca is still in your hands and that you have ongoing health insurance and are liquid. Would you like to sell your real estate investment in Mallorca? Provided you pay the minimum