Buying guide: everything you need to know about buying property in Mallorca – home of the ‘Golden Visa’

Mallorca is a place we all love. The gold-plated island is just 2 hours and 20 mins from London and offers a wide range of attractions, including the beautiful countryside of Deia and the vibrant year-round life in Palma, with its vineyards, orange groves, and blossom. Mallorca is the largest Balearic Island and is a favorite among international property buyers due to its modern infrastructure. It measures 60 miles by forty, and is located within an hour of Palma’s grand airport. However, it packs a lot of action with more than 30 marinas, 22 clubs, and 17 international schools. Mallorca has a wide range of amenities, including five-star hotels, beachfront cabanas, garlic-soaked tapas and Michelin-starred cuisine. Take a look at the celebrities who have homes or vacationed there: Michael Douglas and Catherine Zeta Jones; Richard Branson; supermodel Claudia Schiffer; and James Blunt. Michelle Obama took her daughters there, and the Spanish Royal Family has two well-loved holiday homes. There are many properties available on the island, including new-build apartments, substantial fincas, and modern villas. There are many options for property on the island, including new-build apartments, substantial fincas, and contemporary villas. Nearby Soller offers a wider range of homes, excellent shops, and a thriving weekly marketplace. The coastal stretch around Valldemossa, which is 35 minutes from Palma Airport, is also highly sought-after. Santa Ponsa is a popular choice for wealthy buyers due to its proximity to many golf courses. The charming, medieval town of Arta in northeastern Mallorca is a favorite with German buyers. It has whitewashed townhouses, a weekly market, and is only thirty minutes from Palma Airport. Twenty minutes from the nearest coast. The town is located in the heart of Mallorca’s vineyard region and at its foot the Tramuntana. Its annual fiesta is a must-see. Property options include stunning palacios in Palma’s Old Town, which was once home to Spanish aristocrats. These homes are now hidden behind quiet courtyards. You should also consider Santa Catalina or waterfront Portixol. These are both trendy locations that are located east of Palma’s Roman city walls. They are linked by a long bike path and are full of great restaurants and bars. How to buySpain’s purchasing process is different from the UK. Buyers who don’t speak Spanish well should hire a bilingual lawyer. The main steps are: Obtain an NIE, Numero de Identification de Extranjero. You will need a NIE, Numero de Identification de Extranjero, to open a bank account or purchase property. Contrato de Arras is the legally binding contract between buyer and seller. A deposit of 10-20% is usually due. This deposit should be paid into an Escrow Account. The final contract, Escritura de Comparventa is signed before the notary. The buyer is responsible for the entire amount, including all costs and taxes. The final contract, Escritura de Comparventa, is signed in front of the notary. The buyer is responsible for the full amount, including all taxes. The entry rules for weekend breaks, ski holidays, and short-term stays of up to a month will not have changed significantly from pre-Brexit. The current rules state that British citizens cannot stay in the Schengen Area beyond 90 days within a 180-day period. A specific visa is required to stay longer. The Non-Lucrative Visa is the most popular. The Golden Visa allows for stays of more than three months for those who are not employed in Spain. This visa is ideal for retirees. The applicant must have a bank balance of EUR34,000 or the equivalent in sterling. They also need valid private healthcare coverage. After five years, holders can apply for permanent residency. The application process takes two to three months and is generally simple. Investors who have invested at least EUR500,000 in property are eligible for the Golden Visa. The Golden Visa is available to holders and their family (spouses, children under 18 years old, and dependent parents) who spend a minimum of EUR500,000 on property. After two years of renovations, including the year spent getting planning permissions and approval for the design, they now have a beautifully personalised home with a swimming pool. “After that, we returned at least once a year to Mallorca, usually in February, but sometimes in the spring too. We stayed at Son Brull, a lovely hotel in a former monastery from 12th century architecture, which inspired our own building. Their property blends traditional Mallorquin elements with modern industrial design to create a stylish and comfortable home. Polished concrete floors, a stone facade, and wooden shutters complement the interior. HandoutHuge windows flood the interiors in light, while a window in front of the pool gives you an aquarium-like view of water and additional light for the ground floor. The artwork is from a variety of artists around the world. Steffi, 47, says, “We had always wanted to renovate the house, both because it would be cheaper and give it a personal touch.” “And we chose Pollensa as we enjoy being part of village life, chatting with our neighbors. “We spent eight weeks in lockdown on the island, which only strengthened our love for the house and island. We love the beautiful neighbourhood, the peace and quiet of our town, and the beauty of the house. “Glittering glimpses from the first floor terrace pool can also be seen throughout the property.” HandoutThe couple became close friends in Pollensa during renovation. John and Amanda, an English couple, allowed them to live in their house free of charge for six months. Janine and David, another English couple, were also allowed to be close to the building site. A chance meeting with old friends in the village led them to the building company that they used. Bernd says that Gori, their foreman, was invaluable in introducing them to all the technical crew and craftsmen we needed. The result is a house full of personal details and practical design. Slider doors maximize space and the pool on the terrace on the first floor reaches down to ground floor. This creates a stunning blue centre point throughout the property. Internal stone walls add texture while sleek, modern cubic bathrooms add a contemporary gloss. Bernd says, “This was our first overseas purchase, something we had been contemplating for many years.” “We knew it would be an adventure, but we didn’t realize how many dimensions it would require. We are in love with the end result. We feel relaxed and calm every time we enter our home.”