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Faq

General issues

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In 2019, the population of the island of Mallorca reached almost 1 million people with an area of 3640 km2. Moreover, the local population is not more than a quarter of this amount. Mallorca is absolutely suitable and most favorable for year-round living than any other region of Spain. As for the tourist flow, by November 2019 in Mallorca it settled to about 17 million people since the beginning of the year.
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There are no restrictions on the quantity of different properties to be owned by non-residents of Spain. Any person can purchase and sell any number of real estate properties.
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The contract for the sale and purchase of real estate in Mallorca is provided in Spanish. At the request of the parties, the contract can be made in  2 different languages, one of which must be Spanish, and the second - any language, by agreement of both parties involved in the transaction.
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Payment for real estate in Spain is allowed to be made ONLY in the currency recognized as official in the territory of the Spanish kingdom - in Euros. But, with the mutual consent of the parties, it is possible to fix rates on the currency exchange at the time of signing the option contract. Moreover, the second currency can be absolutely any by the choice of the buyer.
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Property rental tax is  24% of the rent price. In case the owner of the property in Mallorca is an EU citizen the  tax on the rental of real estate is 19%.
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Yes, this practice is very popular. It is not uncommon for our clients to purchase real estate in order to obtain passive rental income. You can also publish in our real estate agency  your property even purchased at any other agency on the island. The cost of this kind of service depends on the rental contract: if it is a long-term rental, our commission fee is 1-2 months of the rental price. If this is a seasonal rental, the cost of the agency’s services is calculated individually with each property owner and is written in the cooperation agreement. Agency commission fees are usually payed by the tenant.
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When purchasing property in Mallorca, in addition to the final cost of the chosen property, the buyer pays a property  tax (property purchase tax) in Spain in the amount of 10%. Notary services from 0.03% to 0.5% of the value of the property (the more expensive the property costs the lower this indicator is). And registration costs in the amount of 0.02% to 0.175% (paid to the government). In the case of the purchase of real estate in the primary market, from the developer, the buyer is also required to pay stamp duty in the amount of 1.5% of the value of the property.
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Real Estate Agency Yes! Mallorca Property works with many companies that are our long-standing partners and can provide their services on better terms and conditions that you can even imagine. And it doesn't matter what you choose: house cleaning, garden  and pool maintenance, little repair works, total renovation, interior design, lawyer services, private trainers, catering, and much more. In case you need to find such specialists, please contact us through the form on the website so that we can provide you with the necessary information.
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A residence obtained in the standard  way does not provide the permission to work in Spain. Documents for this permission can be submitted no earlier than after 1 year of being in the status of a resident of Spain.
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While the person already has the residency of Spain, he has the right to drive a vehicle on the basis of a driver's license issued in his country for no more than 6 months. After that, he must obtain Spanish driving licence or the licence of any other country which is part of the European Union. A driver's license issued in countries belonging to the European Union does not require a change for Spanish one.
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Obtaining Spanish citizenship is possible after 10 years in the status of resident of Spain. Also, in order to become a citizen of Spain, you must know the Spanish language and pass a small exam of the history of Spain.
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Real Estate Agency Yes! Mallorca Property cooperates with several famous and respected law offices that provide us with full consultation and verification of absolutely all documents involved in the transaction for their legitimacy. Therefore, for the buyer and seller, it is the agency that is the guarantor of the legal transaction. But, in case you need additional consultation, we will help to arrange a meeting with a lawyer on the island.
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No, the real estate agency commission fee is unchanged and is prescribed in the option contract.
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Real estate agency commission fee is at least 5% and is agreed with the seller before the start of selling his property. That means the agency commission fee is deducted from the amount paid by the buyer to the seller for his property. This means that the commission is paid to the agency by the seller from the money received from the sale of his real estate.
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The terms and conditions of payment are prescribed in the option contract by mutual agreement of both parties. Usually, this is 5 natural days for the transfer of a deposit of 10% of the final price and the purchase itself should be completed no later than 3 months from the date of signing the option contract. There is enough time to get, for example, a mortgage or NIE of  Spain or open a bank account if necessary.
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The option contract to buy the property is signed at the moment, when both parties , the seller and the buyer, achieved the agreement to make a purchase deal at the notary office. The option contract contains all the main requirements of the parties regarding the upcoming purchase procedure; data of the parties; final price of the required property; real estate agency commission fee ; terms and conditions of final deal in the notary office. Based on the option contract, the buyer agrees to transfer 10% deposit  to the seller’s account or to the notary’s account within 5 natural days from the date of signing the option contract, which is a guarantee of security process for both parties.
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In order to choose a property in Mallorca and prepare all the necessary documents for the notary process of purchase , it will take at least 5 working days. Within this period, you can: make an application for getting the NIE number of Spain (ready in 30 days); arrange viewings of different properties; negotiate the price if possible ; sign an option contract.
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To depart from Mallorca or to arrive to Mallorca is easy. Mallorca has a huge airport that can handle the flow of up to 30 million people or more per year. Planes depart from the island daily with a frequency of 54 seconds. The price of a ticket to most European cities is from 7 euros in the middle-season . And this is not a unique offer. Planes from Mallorca look more like an air taxi. The flight time to Barcelona feels not more than a half of an hour.

Regarding the countries of the former CIS, regular flights fly from Mallorca to all major cities. Also, do not forget that Mallorca is a huge port, with ferries departing in hundreds of directions daily. Ferry ticket prices start from 8 euros per person.
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Children can go to any educational institution in Spain in Mallorca, whether it is a private school or a public one. What kind of school to use it is decided solely by the children and their parents.
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To obtain a residence permit in Spain, knowledge of the language is not necessary. But as you are planning  to stay permanently in Mallorca, knowledge of Spanish can greatly facilitate your life. If you have children of school or preschool age - they can easily learn Spanish while studying at school. For adults, we strongly recommend that you study Spanish from the first days of your stay on the island. The language is not complicated, it is easy to understand it even to those people who could not learn English language.
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The choice of the island area for permanent staying is a purely personal matter and very subjective. We would recommend contacting our professional service for the selection of real estate in Mallorca, whose job is not just to offer you an infinite number of options, but to work out your well-defined needs. To do this, experts will ask you for several interviews, at which they jointly come to some conclusions indicating which area of ​​the island, type of property, location, cost, purpose of acquisition and other parameters are suitable exclusively for a particular person. In any case, it is easiest to start exploring Mallorca from the southwestern part of the island. Cities and areas which are described in detail in our article "Real Estate Buyer Guide in Mallorca"
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The residence of Spain is issued for a period of one year and at the end it can be extended for a period of two years, then for another two years and finally for five years. To do this, you need to contact the foreigner department where you received the first residence, apply for the extension of the Spanish residence, the Spanish resident card received earlier, as well as the certificate of the account for the year from a Spanish bank opened in your name.
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Summer in Mallorca lasts from May to October included. During this period, everyone swims in the sea, including the local population. From November to April, the off-season period lasts. During this period, as a rule, local people swim extremely rarely in the sea, but tourists do not leave the beaches of Mallorca almost all year round. As for the air temperature: in the summer it is 30-34 degrees Celsius. In the offseason 18-24 degrees.
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In order to divide shares on the acquired property between 2 people or more, it is possible that some of the participants are not present on the final deal. But in this case, one of the people present at the transaction should have a notarized power of attorney on behalf of a third party, giving the right to perform the corresponding kind of operations on his behalf, translated into Spanish by the certified Spanish interpreter, as well as this document must be sealed with an apostle. If you still have questions about this item - please contact us through the form on the website, or through social networks. Our lawyers will be able to provide you with additional information.
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Any valid, legally obtained visa, including a tourist one, is suitable for acquiring real estate in Mallorca.
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Yes, the purchase of real estate in Spain at the expense of proceeds from the sale of real estate in any other country is possible. To do this, you must provide the Bank and the Spanish beneficiary bank with documents confirming the sale of their own property. Documents submitted to the Spanish bank must be translated into Spanish and certified by the Spanish traductor. At the same time, the value of the acquired real estate in Spain should not exceed the amount of own funds received from the sale of real estate that you confirm.
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To transfer funds from a bank in another country to your current account in Spain (in case it is already opened) you need to: register your current account opened with a Spanish bank with the appropriate tax authority of the country of which you are a resident; then provide the Bank with documents confirming the legal origin of the funds for the transfer; and it is also necessary to provide relevant documents confirming the legal origin of funds to the Spanish Bank. Documents submitted to the Spanish Bank must be translated into Spanish.
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Acquisition of real estate in Mallorca worth 500.000 Euros makes it possible to obtain the “Golden Visa of the Investor in Spain”. This is a more simplified option for obtaining resident status in Spain. But this does not mean that a person who does not purchase real estate worth less than 500.000 Euros does not have the opportunity to receive resident status. There is a standard procedure for obtaining a residence permit in Spain, which is described in detail in our article “Real Estate Buyer Guide in Mallorca”. And also it can be found on the website of the Embassy of Spain. If you still have questions regarding obtaining residency status in Spain - send us a request through the website or any social networks, our managers will be happy to provide you with any information.
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When acquiring real estate using a mortgage and a part of the payment is done by the buyer by his own funds. Moreover, the buyer covers the missing amount at the expense of the bank. Those. Not all money is the buyers own funds. Thus, if you purchase real estate in Mallorca with a mortgage worth more than 500.000 Euros, where the share of your own funds is less than 500.000 Euros, you will not be able to apply for a gold visa like a Spanish investor.
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If the cost of real estate in Spain will be more than 500.000 Euros, then you and your family, including adults, financially dependent on you and not having their own family, have the right to request a residence permit in Spain, as investors. A residence permission  for investors is issued for 2 years and gives the right to permanent residence in Spain without any restrictions of the time.
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In order to open up the possibility of obtaining a golden visa for an investor in Spain, you must purchase real estate worth more than 500.000 Euros.
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The residence of Spain is not a prerequisite for the acquisition of real estate in Mallorca or in any other region of Spain. The purchase and sale of real estate is not tied to the presence or absence of resident status in Spain. A person from any country can buy or sell real estate in Mallorca.
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Obtaining NIE of Spain is a prerequisite for the opportunity to purchase real estate in Mallorca. NIE - is a key document and is a tax identification number of NON-residents of Spain.
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Opening a current account with a Spanish Bank  in your own name is not a prerequisite for acquiring property in Mallorca. It’s possible to transfer money from your account in a foreign bank to the seller’s or notary’s account on the basis of a purchase contract or a safer way — payment for your new property by bank check from an account in another country to the seller’s account at the time of signing the notary’s transaction, the purpose of which will indicate the amount and purpose of the payment. Nevertheless, we recommend opening a bank account in the Spanish Bank until the acquisition of real estate, as this will greatly simplify the further maintenance and servicing of the acquired property.

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