The crown jewel of Spain’s Balearic Islands, Mallorca, is well-known for its beautiful coastlines, unique architecture and comfortable lifestyle. Every year, millions of tourists visit the crystal clear waters and amazing cuisine in the islands of Mallorca, and many decide to turn the short visit into an eternal holiday. Foreign investors that know of the great potential of the islands buy real estate in Mallorca as a wise investment, for the prices on properties on the popular holiday island have been increasing in the past years.
Benefits of the Spain Residency
Foreign investors can obtain a visa for permanent residency by buying real estate in Mallorca. This can give them and their families the opportunity to live, work and study in Spain and benefit from the many advantages that come from it, such as the healthcare system and the great educational system of the country. Moreover, the applicant for that visa and his family can live in an eternal holiday: the stunning beaches, the Mediterranean weather and the beautiful architecture of Mallorca will become your new home.
What you should consider before buy real estate in Mallorca
The first step for investors to choose the location of their new property is to decide what to have in consideration. The Mediterranean vibes and the terraces with breathtaking views are available in many places of Mallorca, but there are some things to take into consideration before buying a house that will serve as your new home and not just your holiday home. For instance, places for leisure and shops for everyday needs should be near your new home, and assurance of the safety of your new neighborhood is a must.
There are different types of properties if you are planning to buy real estate in Mallorca. Like any other place in Spain, you can choose to obtain a private housing state (also known as urbanizacion in Spanish) that provides plenty of space and ensures a high degree of privacy, or you can go for an apartment, which is a more economic option. This alternative tends to be located in populated residential areas that are close to the beach, for many expats and international investors want to start the day glancing into the turquoise water of Mallorca.
On the other hand, the most popular choice for wealthy local and foreign investors are the fincas, which are country houses that give the owners the chance to have a rustic lifestyle closer to nature. These can become luxurious residences, or can also be turned into a functioning farm, so the finca can be your new home that comes with a business. For this type of property, buyers should pay attention to the terms and conditions of the acquisition to ensure that it is a good investment.
How you can obtain the Golden Visa Spain
International investors can obtain the Golden Visa Spain through a real estate investment in Mallorca, which will enable the applicant and his family to reside in the country for a longer period of time. The visa will also give the family the opportunity to travel to other countries in the Schengen area without the need of an additional visa. The program does not require any length of stay during the process, and the visa-holders will be eligible to live legally in their new home in Mallorca. Moreover, the Golden Visa can lead to the spanish citizenship.
These are the options in the program for foreign investors that are interested in buying real estate in Mallorca and want to obtain a residency permit:
- A real estate investment of a minimum of €500,000
- A €1,000,000 investment in shares or business of Spanish companies
- A €2,000,000 investment into Spanish government bonds
- A fund transfer of €1,000,000 into a Spanish bank account
Nevertheless, if you are planning to buy real estate in Mallorca, regardless of the type of property, it is necessary that a real estate expert accompanies you to examine the legal paperworks, and the property itself, to receive professional advice before making the investment. Our team in Orience International will guide you through the legal process of buying real estate in Mallorca and will provide you with the best options of investment programs.