Mallorca is an unusual place because of its paradoxical reputation as both a centre for party life and as a haven for nature, relaxation and retirement.
Also known as Majorca, the island is the second most populous Balearic Islands and is at the heart of the Mediterranean, meaning it has an enviable climate and much more to tempt the sun-seeking expat.
In fact, Mallorca was one of the very first "go-to" destinations for British expats and has been a popular choice for more than half a century. As such, there are around 60,000 full-time British expatriates on the island, while tens of thousands more own holiday properties on the island.
Although many of the residents are retirees, there is a growing movement of younger British people upping sticks from the UK and moving to the island, with many families taking advantage of the climate, the outdoor lifestyle, and large number of international schools.
Although recent austerity measures have meant higher taxes in Spain, income tax rates are beginning to ease a little but obligatory overseas asset reporting now means that expats may need expert advice to ensure they remain both compliant and tax efficient.
Making the most of your money in Mallorca
Here at Blacktower we specialise in ensuring our clients have access to the most suitable financial products and services wherever they may be in the world – we pride ourselves on making you feel confident and engaged with your expat wealth management decisions.
Based in Palma, on the western side of Mallorca, our Spanish representatives can help you with QROPS and QNUPS pensions advice, taxation issues, inheritance tax planning, asset management, investments in global equity markets and more.
Talk to one of our team for advice and information today by calling + 34 971 425 986 or you can fill out the contact form above so that we may call you back.