Buying a property in the Balearic Islands just got a lot more difficult and a lot more complicated, because now that the UK has left the EU, British investors will need permission from the Ministry of Defense to buy a home in Mallorca or any of the other Balearic Islands.
Besides all the usual administrative formalities of buying property, they will also have to provide a Criminal Record Certificate and a Housing Plan and all requests will have to be processed through the General Command of the Balearics or the Captaincy General of Barcelona.
The President of the Association of Real Estate Developers of the Balearics, or Proinba, Lluís Martí says there’s deep concern in the Balearic Real Estate Sector.
“This law will limit the number of Britons looking to buy a second home in Mallorca, Menorca, Ibiza or Formentera,” he said. “These obstacles will definitely limit real estate investment in the Islands, which doesn’t help in the current climate. “
The College of Registrars of the Balearics is well aware of the procedures which require any British investor to have Defense Department authorization to buy real estate in any coastal Municipality of the Balearics.
The only exceptions for non-EU investors are the Swedish and Norwegians, whose countries have an agreement with the EU, according to the College of Registrars, who’ve been involved in citizenship proceedings for British nationals for the last six years.
“British citizens can achieve nationality if they’ve been living in the Balearic Islands for ten years, which usually takes 3-6 months to process, but with the pandemic everything has changed, ”they said.
Around 200 homes in the Balearic Islands are bought by British investors every year, according to Proinba.
‘Brexit’ also affects prescriptions issued by doctors in the UK, which are no longer valid for dispensation in Spain.
The Spanish Medicines Agency says channels of consultation are being made available to pharmacists in order to minimize the impact of ‘Brexit’.