When buying a luxury villa in Mallorca, never use your traditional high-street US bank to transfer the final funds to Euros. Traditional banks offer poor exchange rates and high hidden fees. Instead, use a specialized, regulated Foreign Exchange (FX) broker to save tens of thousands of dollars on your property purchase. The Hidden Cost of [...]

The annual property tax in Spain is called IBI (Impuesto sobre Bienes Inmuebles). The good news for US buyers is that Spanish property taxes are generally much lower than in the United States. In Mallorca, the IBI typically ranges from 0.4% to 1.1% of the property’s "Cadastral Value" (which is usually much lower than the [...]

Yes, you can open a non-resident bank account in Spain from the US, but it is highly recommended to do it in person or grant Power of Attorney to a Spanish lawyer. Due to strict international anti-money laundering laws and US FATCA regulations, the compliance process for Americans requires specific documentation. Why do you need [...]