Living in Mallorca (relocation): cost of living in Mallorca

The capital of the largest island of the Balearic archipelago was recognized as the ideal place to live by the authoritative British publication "The Times" in 2015, which published ranking of the 50 best cities on the planet. Thus, even German Berlin, which became the best city with an approved budget; Canadian Toronto, which won the award in the category of best megacity; Vietnamese Hoyan, which distinguished among the rest of the list with its gastronomy; and New Zealand's Auckland, which was named "Best Sea City", could not get ahead of the Spanish Palma de Mallorca.

According to the publication, the rating was compiled by a team of professional travel journalists of "The Times" based on statistics from different cities around the world about the level and quality of life, climate, environment and the ease of assimilation.

The capital of the Balearic Islands boasts a picturesque historic centre, beaches within walking distance and exceptional weather conditions, concluded The Times, which also noted the island's excellent transport, artistic and gastronomic richness and the close connection of Palma de Mallorca to English culture. All this, makes Palma de Mallorca an ideal place to spend your holiday or move to the city. And what about the emigration to Mallorca? Let’s find out.

Emigration to Mallorca

You came to Mallorca on holiday and you loved it? Now you're thinking about moving to Mallorca? There are several options for emigration. Before we consider emigration options, it is important to know that all documentary questions about emigration in Mallorca are handled by Extranjeria (Department of Foreigners and Migration of the Ministry of the Interior and Public Security). You can read the whole process of obtaining documents on their website.

The first option for emigration is a student visa. However, you must apply for this visa at the Spanish Embassy or Consulate to which you belong. You will need a medical certificate, insurance, documents from the university, proof of residence on the island, financial guarantees, certificate of criminal record. You can request the full list of documents from the Spanish embassy. For this purpose you should choose the University of the Balearic Islands "Spanish language course" (UIB). With this residence you can go home, travel around the Schengen countries, open a bank account. It is also possible to work officially 4 hours a day, but you will have to get a permission. You will only be able to receive treatment with your health insurance. After 3 years as a student, you will be able to apply for a work residence for 1 year when you are granted a work contract and official residence permit for 3 years.

The second option is marriage. At the same time, you need to have your birth certificate, a document proving that there are no other marriages, a certificate of eligibility. You will need to have an interview about how well you know your partner. With this residence, you will be able to work, start a business, and receive free medical services.

The best options to move to Mallorca

The third option - on financial solvency without the right to work. In this case, you will need to provide documents from the bank that you have money in your account, as well as proof of regular income in your country. At this residence, you will not be able to work but you still can live on the island. A residence permit in Spain without the right to work does not prohibit its owner from starting his own business in Spain, hiring workers and developing business activities. By entrusting the management of the company to a hired manager, the owner himself will have the right to receive and use the profits from the activities of his company. This option is also often used by retired people who want to move to Mallorca.

The fourth option - a gold card. You can get it through investment in business or real estate in Spain. The investment in real estate should be at least 500,000 euros. Gold card allows its owner and his family to a residence in Spain with the right to work. At the same time, its holder receives the status of a taxpayer in Spain, but it is not required to stay in the country for at least 183 days, unlike with the previous option. In addition to documents confirming the investment in Spain, you will also need documents confirming the availability of sufficient funds for residence in the country, health insurance, certificate of criminal record. This is the best option to move to Mallorca, as there are many excellent property options.

Emigration via investments

Getting a residence permit in Spain is possible in several ways, just use the official state program for investors. However, the most popular is the way to a residence permit through the purchase of real estate. We will tell you what are the benefits of this option and whether the investor carries any risks when buying.

In recent years, the Spanish migration program for investors has undergone several important changes associated with the simplification of conditions for participation and the expansion of opportunities for investors. For example, from 2016 it is possible to include in the application of the applicant's parents, the investor gets the full right to work in Spain and conduct business here, and extend the residence permit card is required only after 5 years (previously there were 2 years). Many people are attracted by the opportunity to include in the application for a residence permit all family members. 

Of course, these innovations demonstrate the interest of the Spanish Government in attracting foreign investment, which attracts wealthy people from around the world. The program is working effectively - during its existence, it has managed to attract many investments. And most of the transactions were for the purchase of real estate.

Conditions for obtaining a residence permit in Spain for real estate

  • It is necessary to buy residential, commercial real estate (one / several objects) or land worth from 500 thousand euros;

  • A standard set of documents should be attached to the application;

  • The application may include an official or civil spouse, children under 18 years of age, adult children and parents, if they are financially dependent on the applicant.

You must submit your documents to the Spanish Migration Service in person. This can be done in a single visit to the country for which a visa D is required. If you already have bought a home, it is sufficient to register at the local town hall. Registration takes 4-5 months, but after signing a preliminary contract for the purchase of real estate you can get a temporary residence permit for six months.

What kind of property to invest in?

The choice of real estate in Mallorca is extremely wide, and many objects are built specifically for investors. Huge demand is for resort real estate, which usually belongs to the elite class. You can buy a villa in Mallorca and it will be a great solution. Given the positive dynamics of prices, in 5 years you will return the investment with profit. Therefore, buying a property is beneficial in terms of saving money.

Why Mallorca is a great option?

Mallorca is the largest island in the Balearic archipelago. There are about nine hundred thousand people permanently living in Mallorca, mainly involved in the tourism business - after all, the resort is annually visited by tens of thousands of tourists. It combines protected natural areas, resort industry and wild business life. The cost of living in Mallorca compared to UK is much more affordable.

The climate on the archipelago is always warm but mild. The scorching sun does not bother tourists and locals. The tropical flora neighbors with the usual oak and pine trees, and the mountain slopes in the south of the island are buried in the greenery of olive and almond groves. The unique climate has contributed to the appearance of forty reserves that have received the status of national parks. The coast of the island is a resort area with sandy beaches, hotels and entertainment complexes. Mallorca's beaches are considered the cleanest in Europe. Therefore, very often luxury villas are built here.

The advantages of living in Palma de Mallorca are the ability to combine the resort's attractions on the coast with cultural entertainment.  On the plains you can admire the windmills. Northwest Mallorca is attractive with its ancient villages and picturesque bays. There is a medieval monastery near the village of Valldemossa. The historic centre of the island's capital, Palma de Mallorca, will appeal to those people who appreciate ancient mansions and cathedrals; those people who like to wander through a labyrinth of narrow, typical Mediterranean streets.

In general, the capital of the island is a modern city with developed infrastructure, where business life is bustling. Living in Mallorca, Spain, is more than just entertainment and excursions. Here you can successfully conduct your business, especially related to the resort and tourist industry. For example, you can run a mini-hotel or a restaurant. Of course, to live and work here, you must buy real estate in Mallorca. Real estate is represented in both the residential and commercial options.

In the residential segment, you can, depending on your abilities and preferences, buy a villa, house, townhouse, apartment or flat. The commercial segment is represented mainly by office space, as well as restaurants, bars and cafes. The cost of living in Mallorca is appropriate for many people.

If you want to buy a cheap apartment in Palma de Mallorca and contact us, you will get professional help from experts who know the real estate market in Spain. We provide a wide range of apartments, differing in location, size, renovation, price. All details of the transaction will be agreed upon, including financial matters. The contract will be concluded in the shortest possible time, and you can enjoy life and rest in a paradise resort town. So moving to Mallorca from the UK or from some other country is always a good choice.

10 August 2020

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