If you are planning to invest in real estate in Mallorca, be it in the residential or commercial sector, you will need the services of a good law firm, one that can deal with national and international clients in Spanish as well as other languages. Lawyers in Mallorca are used to dealing with international clients on matters of taxation, real estate (conveyancing), probate and inheritance tax and a whole range of other topics, including divorce. Immigration visas are one of the hot topics in Europe at present, and both Portugal and Spain offer Golden Visas for non residents.
With the Golden Visa for non residents the Spanish government aims to attract overseas investors, essentially anyone who is NOT a citizen of a member state of the EU. The Golden Visa is a temporary, one year visa given to individuals such as highly skilled professionals, investors buying commercial or residential real estate, people who invest in shares in a Spanish company or entrepreneurs planning to start a new business in Spain.
It takes around 10 days for the temporary visa to be processed. This can be done via Spanish consulates or embassies in your own country.
To gain a temporary Golden Visa for one year you will need to either:
- buy real estate in the amount of 500,000 euros (after mortgage or other charges have been deducted);
- invest more than 2,000,000 euros in Spanish government bonds, or more than 1,000,000 euros in shares in Spanish companies;
- an entrepreneur opening a new business in Spain.
Non-EU citizens who wish to remain in Spain for more than one year need to apply for a residence authorisation. This will be valid for two years and depends on having applied first for the visa for investors. You will also need to maintain the same level of investment for the visa.
In addition, the applicant must comply with Spanish law, and must not have a criminal record in Spain or in their home country, where they have lived in the previous 5 years.
The applicant must also have private medical insurance and must maintain a certain amount in a Spanish bank account. You will have to prove that you have travelled to Spain at least once in the previous 12 months to obtain the resident authorisation for the continuation of your visa.
The great advantage of the Golden Visa for non residents is that holders of the visa can travel throughout the EU without the need to apply for further visas. It also gives residency to the entire family. The visa is renewable every two years. After 5 years, investors can apply for permanent residency. After 10 years, you can apply for citizenship.
It should be noted that holders of the Golden Visa do not become permanent residents, but for tax purposes they must stay in Spain for no less than 185 days a year.
Mallorca Law FirmsBufete Marrero Henning
Lawyers and Tax Consultants
Tel: 0034 971 722 504
Dr Reichmann Abogados
Tax Advisors, Real Estate and Incorporation of Companies
Tel: 0034 971 915 040
Immigration, Real Estate, Taxation
Tel: 0034 971 666 054