In Mallorca the duration of a rental contract is usually of one year and possibly renewable for a minimum of 3 years and maximum of 5 more years, but even after the extension has been agreed, both the landlord and the tenant may put an end to it before its specified duration, as long as […]Continue reading
It is very important, especially for foreigners who have assets in the Balearic Islands or their future beneficiaries, to be informed on the Spanish process of succession and inheritance. In Spain, unlike in other countries, the Inheritance Tax is payable by each of the heirs and not by the estate. The rules and tax rates […]Continue reading
The Spanish Government has recently approved some legal changes to housing rental contracts: both for long term or short term/touristic rentals. One of the changes in long term rental contracts is that upon renewal, the extension of contracts’ duration is for 5 years (instead of the previous 3 years) or 7 years if the landlord […]Continue reading
Just before the end of 2018, the Spanish government approved new regulations, making changes to five different types of legislation, all in order to improve access to housing and enhance the long-term rental market at affordable prices. Although the actual duration of housing rental contracts is not regulated, the period of mandatory extension has been […]Continue reading
The Spanish Economy minister has recently revised the expected economic growth in the country for 2019. The previously announced figure of 2.3% has been lowered to 2.2% due to a necessary stronger fiscal adjustment to the government’s budget – which means less growth. Nevertheless, the updated forecast still implies a solid growth, slightly below 2018’s […]Continue reading
According to the most recent reports from the CEPREDE – the Spanish Economic Prediction Center, 2018 will close with an economic growth of 2.7% in the Balearic Islands. This is one tenth above the 2.6% national average. The same circumstances are predicted for 2019 – but with slightly lower numbers. Still above European levels, Spain’s […]Continue reading
