Why Russian Investors are choosing Mallorca for their Property Visa Spain Investment Properties.
Property Visa Spain
Why Russian Investors are choosing Mallorca for their property visa Spain Investment Properties.
Mallorca, Spain is more international than ever. This beautiful little jewel in the Mediterranean has won over a multinational residential community and its capital city of Palma is vibrant, busy and welcoming all year round. This most charming Mediterranean island is growing and is now well placed to compete with the emerging markets.
One such nationality flooding into Mallorca are the Russians. Direct flights from their two largest cities St. Petersburg and Moscow, and only one stop from many others, have made the island very accessible. Mallorca has embraced its new fans and residents and even produced a bi-weekly Russian newspaper called ‘Vesti Mallorca’, helping to integrate them within island life and find their way around. The island is also well known as a luxury shopping destination, full of large designer shops and chic little world class boutiques which attract many wealthy Russian buyers.
One of Russia’s richest and successful businessmen Alexei Mordashov (along with his superyacht ‘Lady M’) is a major fan of the island. As a main shareholder in ‘Severstal’, Russia’s largest steel company and a major shareholder in TUI, one of the most important players in tourism in Majorca and over Europe, Mr. Mordashov knows all the treasures this special island offers; the rich quality of healthy outdoor life, the perfect climate, the amazing waters through which to discover the island by boat, the high end designer brands for sale and the luxury lifestyle to indulge in, to the gorgeous and inspiring historical architecture and the range of scenery from the quiet and charming little crystal clear coves, to the awesome Serra de Tramuntana mountain range, a UNESCO declared world heritage site.
Keen to own a piece of the Spanish luxury real estate market, the number of Russian investors has been growing steadily. By finding luxury property for sale in Majorca and investing into it, Russian investors and their families become eligible for the Property Visa Spain and all of the advantages it offers. This Spanish property visa gives the right to live, work, trade and freely travel within Mallorca and through all of the other 26 Schengen countries in Europe, in return for a minimum investment of 500,000 EUR (+ taxes). Spanish Residency is automatically granted and the investor is only required to go through the Property Visa Spain renewal process every two years – an automatic renewal providing that their eligibility has remained established ie that they haven’t sold their investment property. After 10 years of renewing their residency, the investor (and their family) are eligible for Citizenship in Spain, which obviously includes the Spanish passport.
Popular area where Russians have been buying luxury villas and real estate in Majorca, Spain Golden Visa investment property are the prestigious Port Andratx in the south west, Pollença, Alcúdia, Capdepera, Cala Millor in the north and east, Playa de Palma in the south with its close access to the exuberant city of Palma and its international airport and in the beautiful old renovated properties and palaces in Palma’s fascinating and alluring historic Old Town.
This Spanish property visa is a very popular way of Russians immigrating to Spain, living a superb quality of life and gaining a fantastic investment opportunity and healthy ROI in Mallorca.