Del Canto Chambers expands with new office en Mallorca. Del Canto Chambers is opening a new office in Palma, Mallorca, as the London-based barrister chambers expands its work across the UK and Spain in response to increasing demand for advice on the opportunities available in the Balearic Islands.
Covid-19-related restrictions encouraged many to re-think their lifestyle choices and as such, UK entrepreneurs are increasingly looking to move their business operations and residency to sunnier climates. Recognising that many businesses can operate from anywhere in the world, Spain has become one of the most popular choices, with the Balearic Islands coming up trumps.
Not only is Spain considered a gateway to other European markets, but it also has many legislative and tax-related incentives where foreign investments are concerned, and UK business owners are picking up on these.
Since the Brexit vote, interest from British investors into Spain has grown significantly, with the UK becoming the main foreign investor in Spain in 2019. Investment by British companies increased by almost 80% in the first half of 2019 compared to the same time in 2018, to €3.125bn.
While many entrepreneurs are considering relocating their UK-based business to Spain, there are also many investors looking to buy a small or medium sized enterprise in Mallorca or one of the other Balearic Islands. The types of business vary greatly, from service-based businesses to boat chartering and horse riding, with Spaniards selling these to UK citizens. at favourable prices due to Spain’s economical struggles.
The type of activity you wish to embark upon goes together with the need to gain residency. There are three available visa options to consider based on your situation. Golden Visas incur mostly a €500,000 expenditure out of tax and expenses and will reward you with citizenship for investing into the country, other Golden Visa options related to significant deposit and Spanish company investments’ are options to be considered too; The Non-Lucrative visa relies on the person’s own financial resources to maintain ‘sufficiently’ himself and his family members, this is an option if you are not planning to undertake professional activities in Spain, this is ideal for retired people that want to spend most of their time in Spain. Finally, the Entrepreneur visa requires a specific cost to start up a business in Spain considering innovation and benefits that the business will bring to Spain as other requirements.
Article originally published in The Olive Press. Read the full article here
Del Canto Chambers expands with new office en Mallorca. By Julio Prieto, Board Member Barrister and Spanish Abogado (London, Madrid, Palma de Mallorca)
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