{"id":4300,"date":"2025-02-10T13:25:49","date_gmt":"2025-02-10T13:25:49","guid":{"rendered":"https:\/\/swiftbalear.com\/faqs-2\/"},"modified":"2025-10-23T15:30:03","modified_gmt":"2025-10-23T15:30:03","slug":"faqs","status":"publish","type":"page","link":"https:\/\/swiftbalear.com\/en\/faqs\/","title":{"rendered":"FAQs"},"content":{"rendered":"\t\t
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FAQS<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Do you have questions about purchasing real estate, the process, or our services? Our frequently asked questions (FAQs) provide a concise and understandable summary of the most important information. Whether you need initial guidance or detailed information, you’ll find quick answers and valuable tips here. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Frequently asked
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What should you consider in advance? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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  1. What is my budget for buying a property?<\/strong>
    Clarify in advance what budget is available to you. If necessary, check your financing options beforehand.
    Having this knowledge makes you flexible in any negotiation and saves both you and all parties involved a great deal of time. <\/li>\n
  2. Apply for the Spanish foreigner<\/strong> identification number<\/strong> well in advance.
    The so-called N.I.E. is essential for all legally binding contracts, and the process from application to receipt can take considerable time. <\/li>\n
  3. In which region do I want to buy?<\/strong>Identify early on which region best suits your needs.
    Ideally, you are already familiar with your preferred areas and have knowledge of key aspects such as local infrastructure. <\/li>\n
  4. Contact a registered and recognised estate agent in the Balearic Islands \u2013 ideally someone who truly \u201cspeaks your language\u201d.
    <\/strong>An experienced agent knows the regional property market and will find exactly what you are looking for. You\u2019ll have a reliable expert at your side who will guide you through the entire purchasing process \u2013 and, ideally, continue to support you even after the purchase as a property owner in the Balearics. <\/li>\n<\/ol>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t
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    How is the buying process structured? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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    1. Property selection.
      <\/strong>Viewings and the selection of your dream property.
      At the latest by this stage, you should apply for your Spanish tax identification number (N.I.E.) at the nearest Spanish consulate. <\/li>\n
    2. Reservation contract and private preliminary agreement (Contrato de Arras or Contrato de opci\u00f3n de compra)
      <\/strong>This agreement provides security for both parties. Typically, 10% of the purchase price is paid as a deposit.
      If the buyer withdraws from the contract, the deposit is forfeited. If the seller withdraws, the buyer is entitled to a refund of double the amount paid.<\/li>\n
    3. Financing confirmation.
      <\/strong>The bank reviews all documents and approves the mortgage.<\/li>\n
    4. Notary appointment and completion of purchase.
      <\/strong>Escritura de compraventa: Official purchase deed signed before a notary.
      Final payment is made and the keys are handed over. <\/li>\n
    5. Land registry entry and additional costs.
      <\/strong>Registration of the property in the official Land Register (Registro de la Propiedad).<\/li>\n<\/ol>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t
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      How high are the additional purchase costs? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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      The additional purchase costs of a property in Mallorca can amount to between 10% and 15% of the purchase price.
      Here are the main costs associated with purchasing property in the Balearic Islands:<\/p>

      1. Notary fees:
        <\/strong>These fees for the notarisation of the purchase deed generally range between 0.5% and 1% of the purchase price.<\/li>
      2. Property Transfer Tax (Impuesto de Transmisiones Patrimoniales, ITP):<\/strong>
        Property transfer tax in Mallorca is levied on the actual purchase price of the property. It is generally calculated based on a graduated rate that varies between 7% and 11% depending on the purchase price.
        A lower rate may apply to the portion of the purchase price up to a certain amount (e.g., \u20ac400,000).
        A higher rate applies to the portion of the purchase price that exceeds this amount.
        The ITP must usually be paid within a certain period of time after the purchase, often within 30 days. <\/li>
      3. Property Tax (Impuesto sobre Bienes Inmuebles, IBI):
        <\/strong>This annual tax is levied on the value of the property and varies depending on the municipality.
        The tax rate is based on the property\u2019s cadastral value (valor catastral).<\/li>
      4. Legal fees:
        <\/strong>If you choose to appoint a lawyer, you should expect additional costs of approximately 1% to 2% of the purchase price.
        We would be happy to provide you with our personal recommendations.<\/li>
      5. Land registry fees:
        <\/strong>The cost of registering the property in the Land Register is usually around 0.1% to 0.5% of the purchase price.
        This task is typically handled by the gestor\u00eda associated with the notary\u2019s office.<\/li>
      6. Other fees:
        <\/strong>These may include costs for translations, powers of attorney, or other professional services.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t
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        How and where can I apply for a Spanish NIE number? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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        N.I.E. number stands for N\u00famero de Identidad de Extranjero.<\/p>\n

        This foreign tax identification number must be applied for at the nearest Spanish consulate to your place of residence and is required, among other things, for the payment of taxes.
        Without an N.I.E. number, you cannot purchase property, sign utility contracts, or complete other essential legal procedures. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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        Are there any restrictions for foreigners when buying property? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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        No, there are generally no specific restrictions for foreign nationals from the European Union when purchasing property in Spain, including Mallorca.
        Foreign buyers are simply required to obtain a so-called N.I.E. number (N\u00famero de Identificaci\u00f3n de Extranjero) from the Spanish consulate, which is necessary for all legal and tax-related matters. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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        Is it possible to get a mortgage in Spain? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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        Financing a property in Spain, including Mallorca, is also possible for foreign buyers.<\/p>\n

        Here are the key points:<\/p>\n