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A DAY ON THE ISLAND OF SA DRAGONERA

Sa Dragonera is an island west of the island Mallorca and is protected as a Natural Park. The island has a length of 3200 meters and a width of five hundred meters, with a very irregular topography and with its highest peak, “Na Pòpia” with a total height of 360 meters. The nearest towns are San Telmo and Puerto de Andratx, where they have professional scuba diving centres with destination Dragonera in summer.

In the early 70s, there was a project to develop the island. The project included luxury mansions, a hotel, a marina and a casino. Environmental protesters finally paralysed the project. Before the official beginning of the works and a long judicial process, the project was finally aborted. In 1987 the Consell de Mallorca bought the island Dragonera and protected its surface and shores as a natural park. Mallorca is separated by a small channel 800 meters long and shallow.

You can access the Island daily with ferries departing from Sant Elm or Port Andratx. The island has a small natural harbour in Cala Lladó. From the pier there are several excursions to explore the island.

The first tour leaves the pier to the lighthouse of Tramuntana and has a length of 1.7 kilometres, the slopes are gentle and the maximum height is 65 meters. This tour is easy route, about 60 minutes (round trip). The views from the historic lighthouse are truly outstanding.

The second tour leaves the pier at the old lighthouse (na Pòpia). This path, about 3.8 kilometers long and a maximum height of 352 meters can be walked in about 3 hours (round trip). The road is very smooth, and it was built to transport materials to the old lighthouse. On top of na Pòpia you can visit the remains of the ancient lighthouse of Sa Dragonera. Amazing views towards Puerto de Andratx with its amazing Villas and Apartments for sale.

The third tour connects the pier with the lighthouse of Llebeig. This tour of medium difficulty, is a journey of 4.5 kilometres and can be performed in less than three hours (round trip). Also you can visit the tower of Llebeig.

The fourth tour connects the pier with tip Na Miranda. This tour of 1.2 kilometres, low difficulty, it takes about 30 minutes. There are great views over Cala Lladó. Furthermore you can observe the old crop areas (olive and cereal), currently rehabilitated for production.

For more information regarding San Telmo and Puerto Andratx property for sale please contact Only Mallorca Real Estate.

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THE UNFORGETTABLE NIT DE L’ART IN S’ARRACO 2015

The tiny village of S’Arraco just outside Andratx each year hosts a Nit de l’Art. This magic night transforms the village into a wonderful open-air art gallery with wonderful exhibitions, tapas and drinks and life music through its streets. More than 3 thousand people attend the festival every year and there are buses from Puerto Andratx, Andratx village and San Telmo, ideal for Mallorca property owners to hop on and off.

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OUR SHOWROOM IN PORT ANDRATX

We are happy to inform you that our new office in Calle Isaac Peral 38, 07157 Puerto Andratx  is now open. When we newly designed our Puerto Andratx office we were looking to create a workspace people do not want to leave. Our office is established in an historic Mallorquin Townhouse on two levels with a traditional interior courtyard and outside spaces. The business is located in the main shopping street of Puerto Andratx, directly opposite to the church.

We wanted to built an office space where people can be as productive as possible -bright, open, transparent and solid. Attributes that are fully in line with our corporate principles and values. They were translated into a choice of materials that are strictly natural or organic -glass, natural stones and wood.

The result is a distinctive high quality corporate design and a very high awareness of the Only Mallorca brand. We are looking forward to meeting you.

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URBAN RENTALS MALLORCA – UPDATE 2014

The new spanisch Law regarding Spanish Urban Rentals has overwritten the exiting law in many fundamental ways. Please find a report of the most important points by Mallorca Tax Accountant DMS Consulting im Palma:

DURATION OF THE RENTALS

The minimum duration of the rentals changes from 5 to 3 years, although an inferior term is agreed. Once the 3 years have elapsed, the unspoken extension will be of 1 year and not 3 as up to date.

TERMINATION OF THE RENTAL CONTRACT DUE TO A NEED OF THE OWNER

After a year of contract length, if the owner accredits that he needs the rented property for his own use or for his first-degree relatives (direct family members) or for his spouse in cases of separation, divorce or marriage annulment, he has the possibility of not extending the rental contract.
NO DISTINCTION BETWEEN SUMPTUOUS PROPERTIES OR NOT
. The exclusion of the substantial application of the LAU in the sumptuous properties (areas superior to 300m2 or rentals 5,5 times superior to the national minimum wage) disappears. Now, all the rentals of properties have the same legal regime.

INCREASE OF THE RENT

This is important news, as up to date, it was only possible to increase the Consumer Price Index (CPI); with this reform the increase will be the one agreed by the parts after the first year.

TERMINATION OF CONTRACT DUE TO SALE OF THE PROPERTY

The rental contract is cancelled in case the property is sold, except in the case that the rent has been inscribed in the Property Register or the new purchaser knows that there had been a rental contract.

EMAIL ADDRESS

The parties can specify an email address for notifications, but it will be necessary to guarantee the authenticity of the communication and its content and authenticated referral and reception, and the moment they were carried out.

WITHDRAWAL FROM THE CONTRACT

The tenant can withdraw from the contract provided that 6 months have elapsed. In this case, a compensation of a monthly rent can be agreed in the contract, for a year of breach that the tenant has to pay to the owner.

SEPARATION, DIVORCE OR MARRIAGE ANNULMENT

In the cases of separation, divorce or marriage annulment, where the judge has attributed the use of the family home to the spouse, who is not a holder of the rental contract; the same can continue with the rental contract, communicating it to the owner within the term of 2 months.

PROHIBITION OF RENTAL OF TOURISTIC PROPERTIES

The last remaining link for offering private flats to tourists is being closed. The Law refers its authorization to the autonomic legislation, which in the Balearic case is very restrictive.

(http://blog.consultingdms.com/de/2012/12/die-touristische-nutzung-von-wohnraum-auf-den-balearen)

PAYMENT WITH WORK IN THE FLAT OR HOUSE

A substitution of the payment of the rent in cash can be agreed upon, with refurbishing work or renovation agreed.

REFURBISHING WORKS FOR THE DISABLED OR ELDERLY

The disabled tenant or older than 70 years, can carry out adapting renovation of the property to suit his needs, with a previous, written communication to the owner. Once the contract ends, the tenant must return the property in the previous situation, if this is what the owner requires.

MODIFICATION OF THE LAW OF CIVIL PROCEDURE

The process is modified intending to speed up the evictions. We will see if together with the reduction of work in the civil courts, derived by the crisis and taxes, this implies a greater speed in the process.

CREATION OF A REGISTER OF FINAL DECISIONS OF NON-PAYMENT OF RENTAL

A register of final decisions of non-payment of rental is created, which can be consulted by any owner who can accredit by a rental contract proposal to have interest in the query.

(Source: DMS Consulting, Palma de Mallorca)

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ONLY MALLORCA VIDEOCAST – JANUARY 2014

Who are the people behind Only Mallorca Real Estate? What do we do? How did the Mallorca property market evolve in 2013? What is our perspective on the future development of the Mallorca Real Estate Market in 2014? How to find Only Mallorca in Puerto Andratx?

Only Mallorca Real Estate Agency in Puerto Andratx publishes  its Video-Cast once a month. This  Video-Cast includes information about Only Mallorca, the local Puerto Andratx property market and Mallorca news in general. Only Mallorca © is a Mallorca based Real Estate Company offering a large portfolio of Mallorca Properties, Houses, Villas and Apartments for Sale and Rent. Our office is located in a prime location in Puerto Andratx.

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NEW EU INHERITANCE REGULATION

Given the special social peculiarity of the Balearic islands, our firm has been a pioneer in the introduction and study of Regulation 650/2012 of the European Union in our country, as according to us, it will have some big and important consequences. The European Union has been setting new social realities. It is calculated that more than 12 million European citizens reside in EU countries different to their origin. The free circulation of people, one of the pillars of the European Union, has provoked, during these decades, an important movement of people between the different countries (it is calculated that in the Balearic islands, live approximately 45.000 Germans and approximately 30.000 British). About 450.000 families of the EU face each year an international inheritance in different countries, with all the legal difficulties and application, which it involves (properties and heirs, residents in different countries, determination of the applicable regulation…).

REGULATION 650/2012 In order to solve the unmentionable practical problems that this involves, the European Union has adopted  Regulation 650/2012  , which becomes effective on the 17th of August 2015 (the European Union´s regulations are rules of direct and general effectiveness, without the need of any legal rule of transposition). Through this regulation is promoted the objective of maintaining and developing a space of freedom, safety and justice, within which is guaranteed the free circulation of people – one of the basic pillars and key in the creation and proper functioning of the internal market. It is a regulation, which will have a great impact on the daily lives of the European citizens, as it regulates the applicable law in cases of international inheritance, the jurisdiction, the recognition and enforceability of the resolutions, the public documents and legal transactions, as well as the important creation of the European Certificate of Inheritance. It is not applicable to taxation, administrative or customs matters. Let us highlight the main new points.

1.- APPLICABLE LAW

Without any doubt, the most significant point is the setting of the applicable law of inheritance:

1.-As a general rule, the applicable law will be from the country where the deceased had his “habitual residence” at the moment of his death.

2.- This general rule of habitual residence will not be applicable, if is designated, the law of the country, whose nationality one possesses at the time of making the choice or at the time of his death.

1.1.- PRACTICAL IMPORTANCE

We are facing a regulation of great importance, which can affect a lot the European citizens, who reside in countries different to their origin. For example, a British pensioner, who resides in the Balearic islands and has not designated the British Law to regulate his inheritance, will be applied the Balearic civil law. Having in mind that the Balearic civil regulation is very different than the British one, it must be noted that whereas the Anglo-Saxon regulation allows total freedom in the access to the properties, the Balearic regulation limits it to 2/3 parts, establishing that the other 1/3 must necessarily belong to the forced heirs. Moreover, the decision of the testator will affect all of his properties, being in  Spain, the United Kingdom…

1.2.- ENTRY INTO FORCE

The mentioned regulation will enter into force on the 17th Of August 2015. Nevertheless, and according to the transitional provisions it is possible to designate the applicable law to the inheritance before its entry into force, as long as it is done according to the determined rules in the mentioned regulation. Therefore, it might be advisable to designate the applicable law of inheritance before the 17th of August 2015, to avoid surprises that may be unpleasant. That is why, it is advisable to have legal advice with a trustworthy lawyer, specialising in this matter.

2.- POWER

The power of the Court of the Member State is stipulated, as a general rule, where the originator has his habitual residence at the moment of his death. Nevertheless, the parties can agree that the power corresponds to the court of a Member State, whose law has been designated  by the originator, which must be of his nationality.

3.- RECOGNITION, ENFORCEABILITY AND ENFORCEMENT OF DECISIONS

The decisions of a Member State will be recognized in the other Member States without any special procedure being required. The public documents issued in a Member State will have the same probative value as in the original Member State in another Member State. No legalisation or any other similar formality will be required for the documents issued in a Member State.

4.- EUROPEAN CERTIFICATE OF INHERITANCE

The great novelty, without any doubt. It means a real advance. Such Certificate will certify in all the European Union the quality and/or rights of each heir and the allocation of the specific properties that form a part of the inheritance. The Certificate will be a valid title for the inscription of the acquisition by inheritance in the competent registry of a Member State. With the mentioned Certificate will be avoided the huge problems of cross-border  inheritance proceedings. The heirs can try its quality easily or their rights or faculties. On the whole, this is a regulation of enormous practical importance and of a great legal complexity, but it represents an advance in the construction of the European Union.

(Text: DMS Consulting Palma de Mallorca)

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WE ARE LOOKING FOR NEW LISTINGS

We are currently searching for properties in the southwest of Mallorca and would be more than happy to list your Villa/Apartment with Only Mallorca. At present we can clearly identify a positive market trend for 2013. The number of inquiries that we receive is constantly increasing. There is a special demand for new built properties and high quality villas with particular interest in the area of Puerto Andratx and its surroundings.

Only Mallorca can report positive results for the first quarter of 2013 and we are looking forward to archiving a significant number of property transactions in the course of the year. We are very enthusiastic and strongly motivated about this year’s “property season”. It traditionally begins with the Easter Holidays which are about to start in most European Countries on the coming weekend. We can’t wait! It is our goal to find each of our clients their ideal dream home on Mallorca. You might be the owner of our client’s dream…

If you have a property for sale please contact us. If you are not sure about selling yet, please let us know as well and we will visit you and give you further market insights and a valuation of your property. Free of charge of course and without any obligations. We will sell your property for you, all you have to do is contact us.

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GOLDEN VISA FOR INVESTORS

he Spanish Parliament recently approved a new law, which allows non-EU property buyers and property investors to become Spanish residents when investing in properties and real estate. The minimum amount for foreign investor to acquireSpanish residency is €500,000. The idea is to increase foreign investments in Spain. The so called “Golden Visa” is going to be implemented in early 2014 and is thought to attract a large number of  non EU investors, especially from Asia, the Middle East and Russia.

EXTRACT TAKEN FROM SPANISH LAW 14/2013, OF 27TH SEPTEMBER:

Article 63. Investor Residency Visas. 1. Non-resident overseas nationals wishing to come to Spain in order to invest significant amounts can apply for an entry visa, or where applicable, an Investor Residency Visa.
2. Real estate investment is understood to mean a significant investment of capital in the acquisition of property in Spain with a minimum of 500,000 euros per applicant.
3. Overseas nationals applying for this visa will also be understood to have made a significant investment where the investor is a legal entity, domiciled in a territory not considered as a tax haven under Spanish legislation, and where the applicant directly or indirectly holds majority voting rights and is authorised to appoint or dismiss most of the members of the governing body of that entity.

Article 64. Accreditation of the investment.
In order for an Investor Residency Visa to be granted, the applicant must previously accredit the acquisition of the property by way of certification of ongoing ownership and encumbrances, issued by the Property Register for the property or properties in question. This certificate will include an electronic validation code for online consultation. If at the time the visa application is made, the acquisition is in the process of being listed on the Property Register, it will be sufficient to present a certificate confirming receipt of the acquisition document, together with documentation accrediting payment of the applicable fees.
The applicant must provide evidence of an investment in property of at 500,000 euros, free of liens and encumbrances. Any amount invested in excess of the minimum amount may be subject to liens or encumbrances.

Article 65. Effects of Investor Residency Visas.
Once granted, the investor residency visa will entitle the applicant to reside in Spain for at least one year.

Article 66. Investor Residency Permit.
1. Overseas investors wishing to reside in Spain for over a year must obtain an investor residency permit, which will be valid for the entire country.
2. Investor Residency Permit applicants must:
a) Not be illegally resident in the Spanish national territory.
b) Be aged 18 or over.
c) Have no criminal record in Spain or other countries of residence during the previous five years for acts set forth in Spanish Law.
d) Not be liable to refusal of entry into countries with which Spain holds an agreement to this effect.
e) Hold entitlement to public medical treatment, or hold private medical insurance cover with a company authorised for operation in Spain.
f) Hold sufficient funds to support both the applicant and his/her family members during residency in Spain.
g) Pay the relevant application fee.
h) Hold a current investor residency visa or submit the application within ninety calendar days of expiry thereof.
i) Have travelled to Spain at least once during the period of authorisation.
j) Provide proof that the investor is the owner of the property or properties for the minimum amount required in this article. This must be provided in the form of an ownership certificate or certificates from the Property Register for the property or properties in question, and must be dated no more than 90 days prior to submitting the application.
k) Comply with all tax and Social Security obligations.

Article 67. Duration of Investor Residency Permit.
1. The initial Investor Residency Permit will be valid for two years.
2. After this period, overseas investors interesting in continuing to reside in Spain must apply for renewal of their Residency Permit for a further two year period.

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NON EU PROPERTY PURCHASE INCENTIVES

After much dithering, the Spanish Central Government has let it be known that it plans to raise the residency-permit investment hurdle to €500,000, which will buy non-EU nationals the right to reside in Spain for the duration of their investment. The Spanish Government is reported to have prepared a new draft law granting qualified residency permits (with strings attached) to non-EU nationals who spend half a million Euros or more a home in Spain, according the Spanish press (elEconomista.es). The draft could become law as early as this summer.

This means the Government is finally doing something about the residency-permits-in-return-for-property-investments idea it floated last November, which met with stiff criticism. Back then the investment hurdle for a residency permit was just €160,000, which some said was too low and made Spain look cheap. Under the latest draft, non-EU nationals – predominantly Russians and Chinese – would get a residency permit (with strings attached) for them, their spouses and children, upon spending €500,000 or more on a property in Spain. That would bring Spain in line with countries that have introduced similar incentives, like Portugal and Ireland. Investments tied to residency permits will no longer be limited just to property. Permits will also be obtained with investments that create at least 2 jobs, or by investing in financial assets like Spanish government debt, say press reports.

The news will go down well with affluent buyers from outside the EU, particularly the Russians, who have already flocked to Spain as house prices dropped, and are now the third biggest group of foreign buyers by nationality.

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ONLY MALLORCA & DIARIO DE MALLORCA

Only Mallorca Real Estate announces a strategic partnership with the local Mallorca newspaper “Diario de Mallorca“. Only Mallorca features outstanding Mallorca Villas and Apartments for sale in the Diario de Mallorca Sunday Edition of the “Almudaina” section by Esteban Mercer.

The first feature property in the Diario de Mallorca Sunday Edition on the 9th of June 2013 was Only Mallorca Ref 7089. Please click here to read the full article. The following week we published Only Mallorca Ref 7043. Please click here to read the full article. Both properties received a very positive feedback from the readers of the newspaper and both created a lot of interest in Diario de Mallorca and Only Mallorca Real Estate.

More Mallorca properties are going to follow in the weeks to come in the Diario de Mallorca Sunday Editions.