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- Actor Michael Douglas has vacationed in Mallorca, Spain, for the past 35 years.
- While he has not retired fully, he plans to stay there for half the year.
- Spain is a popular retirement destination among senior Americans for its low cost of living, a report found.
Now that he's semi-retired, Michael Douglas said he plans to spend more time in Spain.
The actor, who turns 80 in September, was speaking to the Spanish press at the Atlantida Mallorca Film Festival, where Queen Letizia had honored him with the Master of Cinema 2024.
"Mallorca is my second home. I've been here for 35 years, and to receive this honor from the Queen is muy especial," he told IB3, a Spanish news station.
During the press conference, the Academy Award-winning actor added that only a "very special role" would move him to return to acting.
"I speak terrible Spanish, but I love this place more and more. Now, I plan to stay here for six or seven months a year, although that doesn't mean I have retired," he said.
In 1990, the "The Kominsky Method" star purchased a 250-acre estate in Mallorca with his then-wife, Diandra Luker. Since then, he has used it as a holiday home with his wife, actor Catherine Zeta-Jones.
According to Architectural Digest, Douglas and Zeta-Jones tried to sell the estate, S'Estaca, for $60 million in 2014 and $32.38 million in 2019. However, they took the property off the market in 2020, local Spanish media reported.
"When I first saw S'Estaca in 1990, I also fell under its spell and bought the property," Douglas said in a video to promote the home in 2019. "Many of my friends have stayed at S'Estaca, and we've enjoyed wonderful times together."
Mallorca is part of the Balearic Islands, a hot spot for foreigners to buy second homes. In 2023, property firm Savills named Mallorca one of its top five second-home locations based on factors such as cost, quality of life, and airport connectivity.
Spain is also one of the top retirement destinations among senior US citizens, according to a report by Global Citizen Solutions.
Michelle Cutler previously wrote in Business Insider that she uprooted her career in Los Angeles and moved to Spain to join her mother, who had retired there. She appreciated the affordable healthcare and liked that aging citizens are valued in Spanish culture.
"In Spain, my mother lives well on her monthly Social Security payments thanks to the universal healthcare system," she wrote. "I'm able to make sure she has fruitful golden years as my mother and friend."
However, it seems that it might be more difficult for foreigners to buy their way into obtaining residency in Spain now.
In April, Spain announced that it would end its Golden Visa Program, which allows wealthy foreigners to gain residency by investing in real estate worth at least €500,000, or $541,527.
Spanish Prime Minister Pedro Sanchez said ending the program would make access to affordable housing "a right instead of a speculative business."
from All Content from Business Insider https://www.businessinsider.com/michael-douglas-semi-retiring-spain-mallorca-2024-8
via gqrds
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