Property in Mallorca
New post-Brexit regulation for British buyers
What is happening now to UK buyers?
Due to the UK having left the EU, a British citizen, who wishes to purchase a property in Spain (especially a finca) will need to comply with various regulations that were not necessary before as a member of the community. There is nothing complicated about the procedure, the buyer just needs to be aware of the different status he/she now has, and which new regulations must be observed. We always advise our buyers to employ the services of a local lawyer and there are many English-speaking lawyers, who have specialised in property transactions. Please ask us here for advice and we can put you in touch with one of these professionals.
Documents needed for a purchase:
NIE numbers: with regards to the guidelines published yesterday, non-EU citizens need to be in the country when the application is made, or else it needs to be done remotely by the applicant in a Spanish embassy or consulate general in the country of residence. As NIEs are generally not required at the time of completion, to be efficient we often do them at the time of purchase; however if the client is buying with a mortgage, banks require the NIEs to be in place at the time of purchase. MAKE SURE YOU HAVE IT IN TIME.
Military permits: Military permits are required by non-EU buyers who purchase rural land / houses. Whilst a transaction can go ahead at the notary with a suspensive condition this means the title deeds are signed by the parties and money is exchanged, although the transfer of title is pending until the permit is obtained. A bank will likely not allow such conditional transfer of title to take place if they are putting a charge on the property this means the permit must have been obtained for a bank to lend. Military permits can take up to 4 months for green light. DO IT EARLY IF YOU ARE SERIOUS.
One Advantage of Brexit!
Golden Visas: If you buy a house with a value over 500.000€ you can apply for a Golden visa THIS IS BACKDATED TO 2014. A husband and wife only have to invest 500.000€ this applies to all types of relationships as long as they are legal civil partnerships. If you are not a legal couple you have to invest 1.000.000€. This visa is renewable every year as long as you have a house registered here. With a Golden Visa you can come and go like in the good old days before BREXIT and stay as long as you like! Keep it for 10 years and you can apply to become Spanish! For more info please talk to us