Since Britain’s exit from the European Union, many Britons who own property in Mallorca are confused. For a long time, Brits made up a large proportion of second home buyers, staying in Mallorca for several months at a time. Brexit threatens this and is making British property owners doubt buying a home in Spain. Is there a time limit on how long I can stay? How much paperwork is required? Is it harder to buy a property in Mallorca now?
The answers to these questions could be clarified with a Golden Visa, which gives Britons freedom to travel for up to 183 days a year. This is good news for British citizens who want to stay on the island for longer than the current 90 days (on a non-European tourist visa). This also settles the question of whether it is worth becoming a Spanish resident, which has the advantage of allowing you to stay in Mallorca for as long as you want, but affects your UK tax status.
Here we explain the benefits of a Golden Visa and how to apply for it. If you’re looking for property in Mallorca and want to find out more about life on the island, sign up to the hc/ newsletter and get the latest recommendations from Helen Cummins, who has lived on Mallorca for 20 years.
Helen Cummins joins Cathal Rochford, Partner of Blevins Franks to discuss the future of British residents living in Spain after Brexit.
What is a Golden Visa?
The Golden Visa was introduced by the Spanish government in September 2013 to attract more international property investors from outside Europe. It is a permit that allows non-Europeans (and now Brits) to stay longer in Mallorca without affecting their UK tax status.
To take the stress out of buying a home on Mallorca we recommend you seek the best legal advice available. Get a quick overview of you need to consider!
What are the advantages of a Golden Visa?
A Golden Visa offers a British buyer in Spain freedom of travel with the ability to stay in Mallorca for up to 183 days a year. This is because a Golden Visa does not carry tax residency and allows multiple entries with any length of stay. It’s better than the normal non-European tourist visa, which only gives you 90 days within a 180-day period.
Note that if you stay in Mallorca for more than 183 days (longer than 6 months), you will be considered a tax resident in Spain by the Spanish tax office. This has not changed and was the case for UK nationals before Brexit.
Local financial advisor Cathal Rochford from Blevins Franks Mallorca explains in simple terms what financial essentials to consider in Mallorca.
What do I need to apply for a Golden Visa?
To qualify for a Golden Visa, you must first meet a very important requirement. The investment value of your property must be at least €500,000 and free of encumbrances. If the property was purchased with a mortgage, the free equity must be €500,000.
The main applicant for the Golden Visa is free to include a spouse, civil partner and their children in the permit. For spouses or civil partners, it is important that they live in a marital property regime and jointly own a property worth at least €500,000. If they do not own a property together, they must jointly own a property worth €1,000,000.
If you are thinking of moving to Mallorca, get a complete overview of how tax regulations work for foreigners from trusted experts Blevins Franks.
How can I apply?
The best way to apply for a golden visa is to hire a reliable real estate lawyer who can help you with the legal process. The lawyer can advise you on the application and give you the best chance of getting the visa quickly and efficiently.
You can find a trustworthy real estate lawyer in Mallorca in our selection of the best law firms below. They will be happy to help you apply for the Golden Visa for a property in Mallorca and give you the expert local advice you need. All law firms offer their services in English.
Trust in these real estate lawyers to get you through buying a property in Mallorca and happily living on the right side of the Spanish law.
As a Brit living in Mallorca, the Brexit announcement raised some questions about freedom of movement. Following the UK’s exit from the European Union, British property owners in Spain faced the prospect of a non-European visa, allowing them to enter the country for just 90 days within a 180-day period. However, this is not the only option available. The Golden Visa gives British investors the opportunity to stay in Mallorca for longer and has a duration of 2 years (which increases to 5 years if extended).
For more information on applying for a Golden Visa for Mallorca, we recommend that you contact a specialist property lawyer. He or she can advise you on how best to apply for a Golden Visa so you can enjoy life in Mallorca whenever you want!
If you are thinking of moving to Mallorca, get a complete overview of how tax regulations work for foreigners from trusted experts Blevins Franks.Read More →
Local financial advisor Cathal Rochford from Blevins Franks Mallorca explains in simple terms what financial essentials to consider in Mallorca.Read More →
Trust in these real estate lawyers to get you through buying a property in Mallorca and happily living on the right side of the Spanish law.Read More →
To take the stress out of buying a home on Mallorca we recommend you seek the best legal advice available. Get a quick overview of you need to consider!Read More →