Golden Visa boom

MALLORCA could become a haven for Golden Visa property buyers.

A record number of properties were bought by foreign investors in the Balearic Islands last year, totalling more than 6,100. Many of these buyers benefited from the so­called Golden Visa, a fast­track residence permit for nonEU citizens who spend more than half a million euros on property.

The Spanish government reports that 314 of these permits were granted on the islands in 2022just over 8 per cent of the national total.

This places Mallorca among the list of provinces with the highest number of successful applications along with Madrid, Barcelona, Malaga and Alicante.

While most of these applications came from the UK, officials have revealed that the US, China and

Australia are also high up on the list.

Despite being good news for luxury property developers and estate agents, the Golden Visa is a controversial issue that has come under heavy fire from many quarters.

It was introduced by the national PP government in 2013 to stimulate foreign investment in Spain following the financial crisis, and was applauded as a step towards getting the country back on its feet.

However, the EU has warned of potential dangers such as the scheme being used for money laundering, criticising the government for lack of transparency on the issue.

Opposition parties have also insisted that it could feed housing speculation, forcing up property prices and leading to gentrification, ie edging out local residents in favour of large investment companies.