Miles of white beaches, diverse flora and fauna, imposing mountain landscapes, traditional villages, lively cities and, of course, the Mediterranean lifestyle with numerous hours of sunshine and the mild climate - all this makes Mallorca one of the most popular destinations in the world. Once in love with the island, you actually do not want to leave. Good thing that with a second home Mallorca you do not have to, at least for a certain period of the year. A second home on the Balearic island brings you some notable advantages and the selection of high-quality properties that bring you pure luxury and almost limitless amenities is particularly versatile.
If you decide to buy a second home in Mallorca, you are exactly right with us at NEPTUNUS INTERNATIONAL. In addition to the search for a suitable property, we also support you with regard to all bureaucratic steps such as the second home in Mallorca and taxes. In the following article you will get a first overview of everything that is important for a second home in Mallorca.
What are the advantages of a second home Mallorca?
In addition to the year-round mild climate, the largest Balearic island is characterized by its diverse and extensive landscape. With a second home in Mallorca, you decide for yourself at what time of year you want to enjoy nature on the island. Many residents choose to escape the cold winter in Germany and spend the time in their vacation home. Due to the short flight duration and the good flight connections, you will already have arrived in just two hours. A second home in Mallorca also brings you maximum privacy.
Thanks to the excellent infrastructure, which is also evident in schools and kindergartens, you can enjoy all imaginable amenities in your second home in Mallorca. Luxury properties and sophisticated estates such as villas can be found in Puerto de Andratx or Bendinat, among others.
Also in Santa Ponsa, Camp de Mar and Son Vida you are guaranteed to find and can enjoy your life in Mallorca to the fullest.
Also fincas, which are a bit off the beaten track, but have spacious plots of land, are ideal as a second home in Mallorca. If, on the other hand, you don't want to worry about anything else, apartments in managed complexes, which are also comprehensively secured, are a great alternative. You do not have to worry about the garden or pool, which you share. It is not uncommon to have access to a gym that is part of the complex.
In addition, if you have a second home in Mallorca, you have the choice of using it exclusively for yourself or renting it out while you are away.
Where are the costs for a second home in Mallorca?
Investing in a property in Mallorca is worthwhile if the interest rate is low. A second home Mallorca can bring you tax advantages and is usually an attractive retirement plan.
As far as the costs are concerned, you should bear in mind that, in addition to the purchase price, you will have to pay the Spanish land transfer tax of approx. 7%. For the entry in the Spanish land register you will have to pay another 1% of the purchase price. In addition, notary fees (between 0.05 % and 1 %), lawyer fees (approx. 1 %) and income tax have to be considered. With good planning and a financial strategy, you can keep an eye on all costs. With us you also get full transparency and we show you in advance all second home Mallorca costs that are incurred.
What about taxes for a second home in Mallorca?
If you deregister in Germany and register in Spain, you transfer your habitual residence to the island. Even if you spend the majority of the year on Mallorca and are not registered here, it is also assumed that you have your habitual residence here. This can be relevant especially with regard to taxes. It applies: Your stay may not exceed 183 days per year, according to the rules of Spanish tax law.
The national tax law does not distinguish between residents and persons who have moved in. Whether a person is subject to unlimited or limited tax liability results from the residency, which basically exists with a real estate property. So that the second home in Mallorca does not suddenly become the main residence for tax purposes, you should note the following:
- Spend no more than 183 days a year on the island.
- If a permanent residence is presumed, you must prove that it is a secondary residence in Mallorca.
- If you have on the island the so-called "center of your life interests" (for example, your children live on the island), it can also be assumed that your second home Mallorca is used as a primary residence.
Do I have to register a secondary residence Mallorca?
If you spend more than three months in Spain and in your secondary residence in Mallorca, you must register in the EU Foreigners Register. However, this says nothing about whether you have your usual residence on the island. With the registration comes additional benefits that you only get if you register a second home on Mallorca, such as co-payment exemption for medicines or the right to vote in municipal elections.
You want to move into a second home in Mallorca and are looking for the right property? We have a high-quality and luxurious portfolio ready for you and will be happy to find a property that meets your expectations. Have a look at our offers online or contact us directly. We are sure that we already hold the key for your second home in Mallorca in our hands.
