INTRODUCTION:

Mallorca is the largest of the Balearic Islands, being 3,640Km2, with over 5,500Km of coastline. It also lies off the East coast of mainland Spain, in the Mediterranean Sea, along with its close neighbouring islands of Ibiza and Menorca. The Island is divided by an extensive mountain range, cutting from the Northwest to the Southwest, and so isolating the central agricultural areas from the secluded beaches and rocky Alcúdia bay in the north.

This elegant island has to offer anything a visitor might dream of. Tourism at Mallorca started to develop already in the 1920s, and until the Spanish Civil War it was mainly intellectuals and artists who were attracted by this island.

Mallorca's wonderful climate, beautiful landscapes as well as its cosmopolitan ambience make it a privileged holiday resort, with a cultural offer comparable to the one of many European capitals.

WEATHER IN MALLORCA:

As on much of islands, the wind is a significant element which exploits a decisive role in the temperature and the climate. The chain of mountain(Tramuntana) which crosses the island of Majorca of south-west to the North-East on a hundred kilometers, makes it possible to protect the central plain(which covers a good part of the island) from the wind.

The temperatures start to climb as from April already and it makes very good until October. In summer, the climate is hot and dry with an average of 25 degrees, and in winter the temperatures, remain relatively pleasant(average from 12 to 13 degrees). The downpours are not that not very many on the Island(and that will not disturb anybody!), and in general it rains mainly in spring and in autumn. One can almost advance with saying that the annual average temperature of Majorca is 17 degrees approximately.

GASTRONOMY:

The result of a complex history of ancestral civilizations gaining sway and yielding to one another, Mallorcan cuisine offers one a taste of all the cultures that have shaped its personality. Thus variety is one of its hallmarks. Island cuisine abounds in rich vegetable courses, exquisite seafood creations, and splendid meat dishes.

There are some 1,200 restaurants in Mallorca with a choice of every cuisine in the world but many of them serve typical Mallorcan dishes such as tumbet, el trempó, les coques amb verdura, les panades and els cocarrois, el frit (de matances or de freixura), l'arròs brut, sopes mallorquines based on vegetables, l'escudella fresca, la fava parada, rabbit and onions (conill amb ceba), roast suckling pig (porcella rostida), and milk-fed lamb. Among the fish dishes, red mullet (molls), poached Red Sea scorpion, dentex in the Mallorcan style, sea bass in salt crust (llobarro a la sal) are particularly delicious.

And, we cannot forget our own charcuterie which includes the famous red spicy sobrassada sausage and the tasty botifarrones, the local version of black puddings, made from naturally-fed pigs.

Local wines are ideal for washing down such dishes. Mallorca enjoys a deep-rooted winemaking tradition. Binissalem, an inland town characterized by the harmonious beauty of its architecture, holds a Denominación de Origen for the wines created by its vineyards, of which the reds and rosés are particularly noteworthy. Other areas in the interior and in the northeast, such as Petra, Porreres, Felanitx, and Artà, also produce highly regarded wines. Local spirits include palo, an aperitif composed of the caramel obtained from the burning of the sugar and infusion or aromatic plants, and hierbas, a liqueur with two varieties, sweet and dry.

Common Spanish Terms used in buying & selling Properties in Mallorca (SPAIN)

• Vendedor : Person selling a property
• Comprador : Person buying a property
• Escritura de Compraventa : Title Deeds
• Registro de la Propiedad : Land Registry
• Precio declarado: Declared Price (previous sale)
• NIE : Personal Tax Number for Foreigners
• Plusvalia : Tax on the increased value of the land
• IVA : Value Added Tax
• CIF : Company VAT number
• AJD : Stamp Duty (new properties)
• ITP : Property transmission Tax (7% of the declared price on resale)
• IBI : Council property tax and refuse collection
• Impuestos sobre bienes inmuebles : Property Tax Receipt which provides proof of payment of the local taxes.
• Impuesto de retención : Retention of 3 % of the price if the vendor is a non-resident.
• Abogado : Lawyer
• Asesor Fiscal : Advisor
• Notario : The Notary is the independent government official who certifies legal documents
• Poder : Provides a representative with the authority to act and sign legal documents on your behalf.
• Opción de Contrato : Initial contract signed when a deposit is paid, normally 10% of the purchase price.

TAXES BUYING PROPERTY:

Buying property in MALLORCA attracts IJD or DTP, which are purchase transfer taxes of 7%. They make up the majority of the 10% of costs that you should allow for any property purchase in MAJORCA. VAT for commercial properties, parking places or purchases of building plots in Mallorca from a corporation or property developer will be assessed at the standard vat rate of 16%. Municipal tax on the increase in value of urban land (plusvalia): By law, payment of this tax is the responsibility of the vendor but both parties, in Mallorca, may agree for it to be paid by the purchaser. Property tax receipt (Impuesto sobre bienes inmuebles): a copy of the last receipt is enough to check if the vendor has paid this local tax. Latest receipts for electricity, water, gas, telephone, community coast : it is advisable to get them from the vendor.

TAXES SELLING PROPERTY:

Spanish property sales tax for non residents is to be reduced. Legislation to reduce Capital Gains Tax for non-residents from 35% to 18% plus increase it for residents from 15% to 18% was approved by the Spanish Senate in October 2006. The new regulations also reduce from 5% to 3% the withholding provision that non-residents pay when selling property in Spain. The new regulations come into force at the beginning of January 2007.

It is always better for the purchaser to be advised by a solicitor who will carry out the necessary formalities and comprobations and will advice the most convenient in defence of the legitimate interests of his client.