De Micco & Friends Lawyers
In the meantime, our law firm belongs to the leading law firms in Europe with more than 500 associated lawyers, tax consultants, auditors, and economists. The experts from our group provide individuals s well
as medium-sized companies with practice-oriented legal, accounting and management services. Clients and business partners describe De Micco & Friends as a charismatic and multicultural company with high
integrity and quality awareness.
The focus of our consulting services is placed on the areas of economic law, finance law, and Real Estate law. The entrepreneurial and practice-oriented experts from our group already accompany companies in
all kinds of sectors in phases of decision making up to the practical implementation of strategies and transactions.
Location Mallorca, Spain
Spain is currently a good location for property investment. Well-developed zones, such as the Balearic Islands, Marbella or cities such as Barcelona or Madrid still offer opportunities to purchase interesting
properties with excellent growth and profitability expectations.
Representation During Your Absence
Obviously, our clients also search for suitable properties themselves or receive tips from agents, friends and associates. In case of your absence we can represent you, coordinate the offers, carry out pre-
inspections for you or investigate with regard to technical or legal risks of the property.
Tax Optimization and Structuring
Particularly for foreign buyers, property purchase may lead to tax or legal consequences with regard to the place of residence. For this reason, before every purchase, we look at the individual situation and
the personal objectives of our clients and we check legal, tax and inheritance law consequences. In some cases, it may be wise to buy a property via a company or holding. Every case is different, and this is why
we advise our clients individually with respect to their personal, familial or situation under company law.
Financing Through Local Banks
We can recommend a number of banks if you would like to finance the purchase of your property through local financial institutions. Depending on the property, assessment, collateral and creditworthiness of the buyer, Spanish banks finance properties for non-residents with 50% up to 70% of the purchase price. Residents are granted loans up to 90%. De Micco & Friends supports you innegotiations, takes care of the communication with banks and creates the necessary financing dossier,
which contains, besides the valuation report, all necessary documents for the finance application. The processing time of banks for loan applications is between 3 and 6 weeks.
Purchase Assessment and Processing
After the optimum property is found and you decide to buy, we take care of the entire processing. This includes the following services:
Legal assessment of all documentation and licences (due diligence)
Negotiation and development of option contracts
Opening of bank accounts
Depositing and safeguarding of deposits
Incorporation of companies, if applicable
Application for a Spanish tax number (NIE)
Financing application and processing
Checking of licences and approvals
Preparation of notarial contracts
Deletion of existing mortgages
Safeguarding unencumbered property transfer
Property transfer at the registries
Declaration and payment of taxes and fees
Tax, legal and administrative support after the purchase
In case of your absence, we can represent you during the entire purchase process with power of attorney. Purchase processing takes between 3 and 8 weeks.
New Buildings, Plan Purchase
We will also represent you during all phases if you decide to buy a property during its panning or building phase (plan purchase), from the first reservation to all construction phases to handover and move-in
Project Management, Purchase of Commercial Properties, Hotels, New Development of Facilities By purchasing a hotel or guesthouse you not only purchase a property, but an entire business. This
requires a much more comprehensive examination, assessment and evaluation of the transaction. A number of possible risks, such as company bad debts or missing licences must be considered. In addition,
a qualified audit and evaluation of balance sheets and business plans should be carried out. In many cases renovations or structural alterations are necessary, which have an impact on the budget. De Micco
& Friends offers investors comprehensive e project management when purchasing hotels or other commercial property. Besides the search for a suitable property, this also includes structuring and
implementation of legal, fiscal and technical principles.
We already support you during the search for a suitable location, purchasing property, project planning and calculation, financing to project implementation if you would like to develop a project, such as the
construction of a residential or commercial project. Our group advises private and institutional investors, expanding chain stores as well as experienced developers in the implementation of building projects.
Support After the Purchase
Even after the property purchase our team is available for further support. Our tax advisors take care of the timely report and payment of annual dues. If you let your property continually or as holiday
property, then we take care of approvals and lease agreements. For larger estates or apartment facilities we offer complete property management.
Costs and Fees
Depending to region and purchase price, purchase-related expenses in Spain are between 9 and 13%.These percentages include the costs for legal and tax advice (1-2%, depending on the purchase price),
notary fees and processing. VAT for privately used new buildings is currently 10%, for commercial properties 21%.
De Micco & Friends
Av. Joan Miro 188 (Porto Pi)
07015 Palma de Mallorca
Phone: 871 955 077