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Spain-Balearic Islands

Blacktower's expertise and financial planning experience has proven invaluable to expats arriving in Mallorca.

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Average yearly wage

23,000 EUR

Average retirement age

65 years and 10 months

Average weekly working hours

38.5 hours

Currency

Euro (EUR)

We are one of the most comprehensive and experienced wealth management companies around and our range of holistic financial planning services covers all your needs whether you are in the world.

Living in Mallorca

Mallorca is one of the most desirable places to live in all of Europe, if not the world. This Spanish island boasts spectacular views, idyllic beaches, and cosmopolitan cities teeming with culture and history.

The sun shines on Mallorca for more than 300 days of the year, lighting the way for its inhabitants to explore its scenic mountain roads or take a dip in the temperate oceans that lap the island’s shores. At just 120km at its widest point, Mallorca is wonderfully accessible, making towns like Soller and Manacor as easy to reach as the capital Palma.

There are around 100 nationalities among the island’s population, with Spaniards making up 60 per cent of its inhabitants. Expats in Mallorca can expect a warm welcome, and with professional financial planning from Blacktower the transition to life in the Balearics can be a smooth one.

Cost of living in Mallorca

  • Pint of beer: 2.50 EUR (£2.30)
  • Cappuccino: 2.07 EUR (£1.84)
  • Meal in a restaurant: 15 EUR (£13.35)
  • Monthly public transport pass: 30 EUR (£26.70)

Benefits of living in Mallorca

Mallorca is renowned for its natural beauty, its sublime climate, and the friendliness of its people. It offers that rare blend of a cosmopolitan lifestyle in a truly spectacular sunny setting, and is loved by locals, expats and tourists alike.

Tapas, paella, sangria

Mallorca can rival any region of Spain for culinary excellence, with around 2,500 restaurants serving everything from Michelin-starred menus to rustic traditional fare. The freshness of Mallorca’s seafood ensures that you are in for a treat wherever you choose to eat paella on the island, and you can pick up exquisite tapas and sangria for just a few coins as you make you way around town.

Shopping until you drop

Any new Mallorca expats concerned that they might have to sacrifice their retail habits for a place in the sun can rest easy: Palma has everything you need, from designer boutiques, to staple high-street chains, to wonderfully quaint traditional independent stores. Away from Palma, Manacor, Calvia, and even Pollensa make for fascinating days spent bargain hunting and perusing the produce that has been made in Mallorca for centuries, as well as the wealth of goods the island imports.

Mountains and beaches

Mallorca is home to its very own UNESCO World Heritage Site in the Tramuntana Mountain range, and keen explorers will find more than a lifetime’s worth of adventures among its multitude of routes and peaks. But if you’re happier exploring the depths than the heights, you can go swimming and diving at the picturesque Cala Llamp and Cala Lliteres, or run wild on the expansive beach at Cap de Formentor, or even swim in the Cave of Sa Madonna. Find yourself lying on the white sands at Cala Agulla, against a backdrop of pine trees and mountains, and you’ll never want to leave Mallorca.

Best areas to move to in Mallorca

The cost of living in Mallorca varies between the cities and larger towns and the more quaint rural villages.

Palma

  • Pint of beer: 2.50 EUR (£2.30)
  • Cappuccino: 2.07 EUR (£1.84)
  • Meal in a restaurant: 15 EUR (£13.35)
  • Monthly public transport pass: 25 EUR (£22.23)
  • Population: 409,661

Palma is Mallorca’s capital, and its bustling nightlife and cosmopolitan shopping districts make it an obvious destination for expats and tourists looking for a lifestyle combining convenience and luxury. But the city has worked hard to preserve its history, and significant investment in renovation of the old town has ensured it can still be described as ‘the pearl of the Mediterranean’. The city is packed with culture, including galleries boasting works by Picasso, Miro and Gauguin, and long-held culinary traditions are upheld in the fisherman’s barrio of Portixol. Unsurprisingly, Palma has the best transport infrastructure on the island, as well as healthcare and education institutions designed to cater for foreign residents.

Pollensa

  • Pint of beer: 1.80 EUR (£1.60)
  • Cappuccino: 1.80 EUR (£1.60)
  • Meal in a restaurant: 13 EUR (£11.58)
  • Population: 16,189

In the north of Mallorca, the ancient town of Pollensa (also written Pollença) sits between two hills of the Serra de Tramuntana. There, you can find a blend of historic streets where creatives have thrived on the towns beautiful scenery over the centuries, overlooked by the pristine monastery at Puig de Pollensa. Family-run delicatessens and atmospheric markets make Pollensa a great place for foodies, and for a town of just over 16,000 people it has well-established transport links and three excellent schools.

Manacor

  • Population: 42,631

Manacor is Mallorca’s second city, and with trains running to Palma every hour it has grown in popularity as both a commuter residence for those travelling to the capital and a working city in its own right. In easy reach of stunning beaches and sprawling countryside, Manacor is famous for its artificial pearl industry and for being the birthplace of tennis star Rafael Nadal. The city’s large international community tends to reside on the outskirts of this predominantly industrial hub, but the affordability of apartments and townhouses in the city add to its appeal.

Managing your finances in Mallorca

Mallorca makes life easy for expats, with its mature property market and multilingual service providers ensuring a hassle-free experience of moving to the island.

To make life even easier, Blacktower has a team of financial advisers based in southern Spain with decades of experience in tax planningpension planning, and pension transfer schemes. If you would like to discuss how best to manage your savings and investments as you plan your move to Mallorca, we can tailor a plan to suit your specific needs.

Our wealth management experts can assist you with SIPPs and QROPS as well as any other considerations you should be making before you begin your new life in the Balearics.

Talk to one of our team for advice and information today by calling + 34 965 058 212 or you can fill out the contact form above so that we may call you back.

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Blacktower was created to bring independent wealth management advice and financial planning solutions to a global client base. Since its inception over 30 years ago, the business has grown from strength to strength into one of the most recognised industry leaders.

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