How do I get the Golden Visa for Mallorca?

IMPORTANT NOTICE: At a cabinet meeting on 9 April 2024, Spain’s Council of Ministers agreed to eliminate the golden visa.

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.

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.

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.

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.

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.