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Go Back   Pollensa Forum > LIVING & WORKING IN POLLENSA > Living & Working in the Pollensa Area

Living & Working in the Pollensa Area This forum is for any comments, questions and advice about living (permanently or temporarily) and working in the Pollensa area. Aimed at ex-pats, property owners etc.

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Old 21-10-2014, 15:23
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Join Date: May 2014
Location: Pollença, Mallorca
Posts: 27
Default “GOLDEN VISA”. Practical application for foreign non EU-citizens acquiring a property

The Law 14/2013 requires that the value of the property (houses, business premises, industrial warehouses, garages, store rooms, plots, flats…) is equal or superior to 500.000 Euros. The amount in question must be understood as follows:

The object has to be free of charges (except for the part exceeding 500.000 Euros)

The amount of 500.000 Euros has to be understood as a principal amount, regardless of taxes. Therefore, it is not sufficient that the Purchase Price is below 500.000 Euros and pretend to reach this figure applying the respective VAT (10% house, 21% plot).

If three persons purchase a flat of 1.500.000 Euros, all the 3 persons have the right to apply for visas or residence permits. In the case of an acquisition by two persons, if the value is of 500.000 Euros, only one of the co-owners is enabled to choose the privileged way of obtaining the visa or residence permit.

When acquiring a plot of 300.000 Euros and subsequently a house is being built, declaring a capital cost of 200.000 Euros, the visa will not be granted. The successive accumulation up to the amount of 500.000 Euros is not permitted for the purpose of granting the visa. This minimum amount has to be reached at the time of the application in order to achieve the visa or residence permit.

PLEASE DO NOT DOUBT TO CONTACT US FOR FURTHER INFORMATION. 971.728.008 ; INFO@ILLESLEX.COM

Best regards,
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Last edited by illeslex; 21-10-2014 at 15:29.
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