Moving a young family to Menorca

Questions relating to buying or owning a property. Moving to Menorca Sub-forum: moving to, or living and working on Menorca
Post Reply
#45’s wig
New member
Posts: 3
Joined: March 13th, 2020, 12:44 am

Moving a young family to Menorca

Post by #45’s wig » March 11th, 2021, 7:25 pm

Re-posting as I didn’t receive any replies last time!

Dear All
We’re in the very early stages of considering a permanent move to the Balearics. Menorca (particularly the S-E) is our favorite island, but I’d value your thoughts about the following:

Does anyone have experience of the 'Residence visa for buyers of real estate (RIV)'? I believe it’s for non-EU citizens..The Spanish govt website is a little light on detail but it seems to be contingent upon spending at least 500K Euros on a Spanish property.



Which island has the best English-speaking school? We have young-ish kids. Searching doesn't reveal any options on Menorca (just Mallorca/Ibiza) - is that so?



Are there many year-round ex-pat families with young-ish kids, & if so, is there an area of the island where they are clustered? I guess local access to school/other kids amenities determines where families tend to end up? Clearly we'd rather not be surrounded entirely by retirees!



Have property values been decreasing a little on Menorca? Seems like many listings are reduced..



My sense is, in terms of what you get for your $, Menorca is better value than Mallorca, which is better value than Ibiza. Am i correct?

That’ll do for starters. Thanks for your time/expertise in advance.

User avatar
Sunseaker
Site Admin
Site Admin
Posts: 13412
Joined: November 17th, 2003, 10:59 pm

Re: Moving a young family to Menorca

Post by Sunseaker » March 11th, 2021, 11:06 pm

Hope someone can help you this time and sorry you didn't get any reply's before.
I only let him think he's in charge.

User avatar
kieronf
6 Star Supporter
6 Star  Supporter
Posts: 1013
Joined: September 22nd, 2015, 4:31 pm

Re: Moving a young family to Menorca

Post by kieronf » March 12th, 2021, 6:16 pm

Things have change dramatically since brexit in terms of setting up home in Menorca. To stay here beyond the 90 day limit you now need a visa from the Spanish Embassy in London and there are two main visa types - the so called golden visa which requires that you purchase property valued in excess of €500k (or invest the same in Spanish investment funds). This visa gets you through the door and entitles you and your dependents to stay for three years (I think) during/after which you can apply for residency as usual.

The next type of visa is called the Non Lucrative visa. There are two variants of this visa type, the first requires that you have evidence of savings of €25,816 for the principal applicant and an extra €6,454 invested for every other applicant including children. In addition you must have comprehensive health insurance for all applicants. The second variant is for you to be able to prove monthly income of €2,259 for the principal applicant and a further €564 pcm for each additional applicant including children - again, healthcare insurance must be in place for all applicants. Once you are in Menorca you can begin the standard application for residencia.

There are no English or International schools on Menorca but everyone with children in schools here will tell you that children adapt quickly and learn the language in no time. Having said that, I believe there would be universal agreement that the overall standard of schooling in Menorca is not as high as elsewhere.

As regards where are young English families concentrated - the answer is, they aren't. Menorca is tiny, 50 minutes end to end and 20 minutes from north to south - nowhere is far from anywhere else. Unless you want to live in the town where your kids are in school, you will need a car to move them around so why not be more flexible in where you choose to live. Talking of which, you don't have to wait until you are here to purchase a property, the whole thing can be done from the UK using a local solicitor with your Power of Attorney (search the forum posts for PoA). Not that you would want to do that, who would - but you can get the ball rolling and have search agents start looking on your behalf - google Menorca Property Finders.

You must remember that most summer resorts are closed and desolate in winter, not even a shop or cafe bar, so think carefully about buying into a summer resort - you can life inland and be at a beach in less than ten minutes - and its cheaper to buy. House prices are a mixed bag, the more expensive properties are seeing values increase because of buyers from France and Spain - lower down the scale prices are stable. And yes, you get much more for your money here in Menorca, plus you get the unspoilt island, complete safety, negligible crime.................. no contest for me.

Anything else just ask or PM me.

harryzimm
1 Star Supporter
1 Star Supporter
Posts: 8
Joined: October 24th, 2005, 11:42 am

Re: Moving a young family to Menorca

Post by harryzimm » March 14th, 2021, 3:21 pm

[kieronf] Your post is the most comprehensive, helpful description of Spanish residency requirements that I have seen.

I am still trying to remember what the “good” part of Brexit was supposed to be (lol).

#45’s wig
New member
Posts: 3
Joined: March 13th, 2020, 12:44 am

Re: Moving a young family to Menorca

Post by #45’s wig » May 2nd, 2021, 1:09 am

Thx so much for taking the time to compose that very comprehensive message; lots to think about!

It currently looks like LOTS of inventory for sale, with resulting downward pressure on prices - yes?

Is there an ex-pat exodus in progress?!

Thx again

User avatar
kieronf
6 Star Supporter
6 Star  Supporter
Posts: 1013
Joined: September 22nd, 2015, 4:31 pm

Re: Moving a young family to Menorca

Post by kieronf » May 3rd, 2021, 6:44 pm

Some expats here decided it was a good idea to stay 'under the radar' in order to avoid paying taxes and their dues here in Menorca, a few even kept their UK personas 'alive' so they could nip back to the UK as and when for medical treatment on the NHS - perhaps even collect some benefit money from their UK bank - but that has changed, and quite a number are selling up to head back to the UK because they cannot afford to meet the new visa requirements or because 'cash in hand' jobs have dried up. In general terms, property prices here are rising - by how much depends on where - but there is no glut of property, but bargains in some resorts, if that's what you want, can be found.

beachstroller
5 Star Supporter
5 Star Supporter
Posts: 321
Joined: September 8th, 2010, 11:20 am

Re: Moving a young family to Menorca

Post by beachstroller » May 4th, 2021, 7:05 pm

"It currently looks like LOTS of inventory for sale, with resulting downward pressure on prices - yes?"

....there are always many side to things. Could argue that when UK house price Equity liquidity drove up the prices on Menorca to unrealsitic prices 10/15 years ago - adjustments long overdue?

The very long standing ex pat poulation is dying off / returning home ( brexit / ill health etc etc ) / kids not following on /interested in the properties

Menorca hit by Spanish Crisis, so lots of ex pats left as making a iving on the is;and was always about big savings ( that got eaten ) and having fingers in several income stream pies ....its NOT easy to make a living on Menorca


No doubt a lot of UK owned property is on the Market due to the idiotoc long running Tourist Licences Fiasco ( loooong delays to get them, rip off costs , et al ) and Brexit - however a lot more Italians,French and Germans have discovered Menorca so dont expect supply to last too long

Might sound gloomy ,but realistic - Have family with property on the island

Post Reply