Where should I setup a bank account in Palma de Mallorca?

"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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Allianz Care

Allianz Care's plans ensure that you have access to quality healthcare whenever you need it. Our flexible solutions allow you to tailor your cover to meet your needs and budget. You can submit your claims digitally and our helpline is available 24/7 to help you anytime.
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