Where should I setup a bank account in Palma de Mallorca?
We asked expats in Palma de Mallorca what banks they use and there advice about banking. They advised...
"Before retiring in Palma de Mallorca, expats should know that the cost of living is relatively high compared to other parts of Spain, but still lower than in many parts of Europe. They should be aware that while English is widely spoken in tourist areas, a basic understanding of Spanish is beneficial for day-to-day life. Expats should also understand that healthcare in Spain is of a high standard, with both public and private options available. However, they will need to secure the appropriate health insurance coverage. It's important to know that Spain has a double taxation agreement with many countries, so they may not have to pay tax in two countries. However, they should consult with a financial advisor to understand their tax obligations. Expats should be prepared for a slower pace of life in Palma de Mallorca, with a strong emphasis on family and leisure time. The climate is Mediterranean, with hot summers and mild winters, which can be a significant change for those from colder climates. They should also be aware that they will need a visa to stay in Spain for more than 90 days. The process of obtaining a visa and dealing with Spanish bureaucracy can be complex and time-consuming. Finally, expats should know that Palma de Mallorca is a popular tourist destination, so it can get crowded during the peak tourist season. However, it also offers a rich history, beautiful architecture, and a vibrant food and wine scene," explained one expat living in Palma de Mallorca, Spain.
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With over 40 years of professional experience, Balcells Group provides legal advice on immigration, business, real estate, and tax. They help individuals, companies, investors, students, entrepreneurs, highly-qualified professionals, digital nomads, and more, to enjoy successful law processes in Spain by guiding their clients every step of the way. They speak Spanish, English, Catalan and Russian.
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Balcells Group LawyersWith over 40 years of professional experience, Balcells Group provides legal advice on immigration, business, real estate, and tax. They help individuals, companies, investors, students, entrepreneurs, highly-qualified professionals, digital nomads, and more, to enjoy successful law processes in Spain by guiding their clients every step of the way. They speak Spanish, English, Catalan and Russian.
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Click connect to have our partner contact you via e-mail and/or phone.
Other Questions:
- What should I pack when moving to Palma de Mallorca?
- Where should I setup a bank account in Palma de Mallorca?
- Will I be able to find a job in Palma de Mallorca?
- What is life like in Palma de Mallorca?
- What do expats in Palma de Mallorca appreciate most about the local culture?
- What do expats find most challenging?
- Is there a lot of crime in Palma de Mallorca?
- Is there a lot of diversity? Are people in Palma de Mallorca accepting of differences?
- What are the schools in Palma de Mallorca like?
- What are healthcare services like in Palma de Mallorca?
- What are medical services in Palma de Mallorca like?
- Are healthcare and health insurance expensive in Palma de Mallorca?
- What are emergency services like in Palma de Mallorca?
- Will I need to travel to see a specialist?
- Are common prescription medications available in Palma de Mallorca?
- How are local medical facilities in Palma de Mallorca?
- As a foreigner living in Palma de Mallorca, will I have access to public healthcare? What is it like?
- What have your experiences during the pandemic with the local healthcare system been like?
Where should I setup a bank account in Palma de Mallorca?
If you live in Palma de Mallorca, newcomers to Palma de Mallorca would love to hear your answer to this question.
