Financial & Legal Services in Mallorca
Whether it is banking, financial advice, wealth management, or starting a business in Mallorca, there are many resources available in Mallorca that can assist both expats and locals alike. It is, however, essential to find the most reputable and reliable companies that have been recommended by others on the island. These reliable companies will work on your behalf to cut through red tape, whether it is solely for the purpose of obtaining a residence permit and gaining knowledge on the laws and regulations in Mallorca that relate to it, or seeking advice to start up in business, for example. This will ensure that you can avoid making the same mistakes that others have made and help to avoid any potential issues on your part.
Key Consultants
DYLSI AXA – MAKING INSURANCE EASIER
Global Consulting
Banca March Verified
Santander Bank
Banc Sabadell – Oficina de Palma de Mallorca
Financial & Legal Services in Mallorca
Banking in Mallorca is known for being somewhat complicated compared to many other countries in Europe. Banks in Spain generally have a list of charges that are applied to everyone just for opening and maintaining a current account. Banks are generally open from 8am - 2pm Monday to Friday although some branches do open on Saturdays. It is worth making a note of the hours that your bank carries out certain services such as receiving cash or processing cheques as these vary from bank to bank. ATMs also charge for withdrawals in Mallorca if the card you are using does not match the bank you are drawing money from.
If you will be transferring a private pension to Mallorca, it is advisable to engage a reputable company who are experts in the field of pensions and tax advice. If you have a financial adviser in your home country who is au fait with the receiving of a pension in Mallorca, particularly in relation to tax, and is conversant with Spanish financial matters then they should also be able to advise. There are also independent financial advisers in Mallorca who can provide assistance with a wide spectrum of financial planning and wealth management.
If you intend to start a business in Mallorca it is even more important to start networking and obtaining as much advice as possible. If you are looking to borrow money from a bank they will expect a thorough and well-thought out business plan detailing all projected revenue, sources of business, competition and some thought given to potential problems that could occur.
Whether it is a home you require or a building associated with a new business, the laws are different in Spain in that any loan given is on a house or building itself rather than being granted to the owner. Therefore, it is especially important to ensure that there are no outstanding debts on a house or other premises before signing any paperwork related to the purchase.
When purchasing a house or a property associated with a business, it is advisable to engage the services of a reputable lawyer before you part with any money. You will then be able to receive advice on the actual purchase of the property as well as on all associated taxes. A lawyer will be able to guide you on any or all of the paperwork you will need, some of which apply to new builds and some of which are for re-sold properties.
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