If like many people you have fallen in love with Mallorca over years of visiting here and have decided to retire here then it’s all in the planning. Most of us aren’t that old when we start our retirement planning, let’s face it – 60 is the new 50, we’re still in the prime of our lives and living a more active life in Spain will definitely keep you younger.
With everything going on in the world right now it is best to take out private medical cover if possible. If you’re going to be beyond retirement age when you end up living in Spain you will be covered by a reciprocal agreement between the UK and Spain for your basic healthcare needs, although no one knows the exact impact Brexit will have yet.
You may love the idea of being in an isolated villa, but in real terms access to amenities becomes more important as you get older and potentially don’t or can’t drive. Popping to the shops, going out to dinner or to hospital can become tiresome if you always have to drive, get a lift or a taxi.
Your social circle
Being near people is important as increasing your social circle will help you ground yourself in an area. Learning a little Spanish goes a long way too. Join clubs and groups to integrate and you’ll soon find you are as busy as you want to be. Get outside and enjoy the climate as with over 300 days of sunshine each year golf days and long lazy lunches by the beach will soon be your norm. Of course, you will be inundated with visiting family and grandchildren but making new friends is just as important.
Sorting out your will is one of the most important things you need to do when retiring to Mallorca. Make sure you have a local will in Spain that covers all of your assets in the country. You will also need one in the UK if you still have British assets and you will need legal advice to make sure your affairs are properly dealt with. The laws of succession in Spain differ to those in the UK. If you don’t have a will stating your intentions, your estate may not be dealt with as you would have wished.
It may be prudent to get a good accountant too as the tax system in Spain can be very complicated especially when you bring property taxes and foreign earned income into the mix. A good accountant will help you make head and tail of the taxation system and protect you from paying too much.
Looking for your perfect property in Mallorca can be fun. Make a wish list of things you want and things you could compromise on and understand that requirements for finding a property to live in are different to choosing a holiday home. When you are living here year-round it is not ideal to have your property right by the communal pool as it will be busy and potentially noisy during the summer months. Walking distance to the beach is lovely, but imagine the views you can enjoy from a property that is on a hillside overlooking the sea. Our team of property experts know the Mallorca very well and can help you consider areas that would suit your lifestyle. Contact us today if you would like help finding your dream retirement property as there are some great deals to be had