BUYING PROPERTY IN MAJORCA

We're sure that it's easy for you to imagine what a wonderful life awaits you at your new home in Majorca, enjoying the tranquillity of the Mediterranean way of life.

And we're at hand to make things as carefree and easy as possible – offering all information in your own language.

Buying property in Majorca is not a difficult task; some things are done slightly differently than in your own country – but most things are the same.

We will be there for you to make sure that the bureaucracy involved is taken care of as swiftly as possible. You can count on our professionalism and experience.

We can help should you wish to find an English speaking lawyer to advise you.

The cost involved in buying a property:
In general terms whether you buy a flat, house or property in the country you should budget on having to spend an extra 10% on top of the registered value of the property to cover additional costs.

Summary of Fees/Charges:
You can count on paying 1% - 2 % of the total registered price of the property in notary & registry fees (notary fees are fixed & depend on the size of the property) as well as 7% VAT (8% from July 2010).

• Capital Gains
  This is a tax imposed on the the obtaining of an increase in value in urban land and is incurred when the property or any claim pertaining to it, is transferred by any means (sale, inheritance, donation.. etc.). This tax is paid by the seller.

• VAT
  On new properties it is set at 7% + a 1% processing fee paid directly to the Spanish Inland Revenue.

Should you require a mortgage, bear in mind that Spanish banks charge 1% opening commission + 1 % arrangement fee.