Buyers guide – Menorca, Spain

Menorca offers a unique mix of serene villages, lively harbor towns, and unspoiled rural landscapes. Finding the perfect location starts with exploring the island to discover what feels like home. Financing is a key step in the process. Spanish banks provide mortgages for non-residents with Loan-to-Value ratios of up to 70%, while residents may access up to 80%. Arranging your financing early ensures you’re ready to act when the right opportunity arises. We’ll introduce you to trusted local experts to make this process seamless.

THE BUYING PROCESS

Purchasing property in Menorca is straightforward with expert guidance. Once terms are agreed upon, the process begins with an option contract that secures the property with a 10% deposit. This agreement defines the price, included items, and a completion date, typically set four to six weeks ahead, providing time for legal and administrative preparations. A lawyer will handle due diligence, verifying ownership, planning permissions, and any existing mortgages. They’ll also assist with obtaining your NIE tax identification number, setting up a Spanish bank account, and managing payments to ensure everything runs smoothly. On completion day, a final inspection confirms that everything is in order. The purchasedeed is signed at the notary’s office, payments are completed, and you receive the keys to your new home. Ownership is then registered at the Land Registry, which may take up to three months to finalize.

COSTS TO CONSIDER

When budgeting, it’s essential to account for additional costs, which typically amount to 10–15% of the purchase price. Transfer tax applies, starting at 8% for properties under €400,000 and increasing to 13% for higher values. Legal and notary fees together are approximately 2% of the property price. For larger holdings, wealth tax may apply, though strategic planning—such as financing at the time of purchase – can help minimize liabilities. Our team will guide you through these financial aspects with clarity and care.

SPECIAL NOTES FOR NON-EU BUYERS

If you’re a non-EU citizen, including UK residents post-Brexit, and dream of owning rustic land in Menorca, military authorization is required. This involves submitting documentation, including a criminal record certificate, and typically takes up to three months. Our legal partners will manage this process for you, ensuring compliance and peace of mind.

READY TO START?

From your first viewing to the moment you hold the keys, we’re here to make your property journey seamless and enjoyable. With exclusive access to Menorca’s finest properties and expert support every step of the way, your dream home is within reach.

For a complete consultation and property search experience with Fantastic Frank Menorca: +34 638 02 30 05 or menorca@fantasticfrank.com.

Are you selling your property? On Menorca we can offer the most competitive sales and marketing package in the business. We have local offices in Ibiza, Palma, Barcelona, Marbella, Sweden, Denmark, Germany, Dubai and also in the US - Denver, that we work tightly to find your buyer through smart marketing and with many agents with client registers. Our team of photographers and stylist puts in a great effort to make your home reach its full potential. We bet that our marketing and sales tactics are so much better you don’t need another agent.

Get in touch with us by calling +34 638 023005 or emailing us at menorca@fantasticfrank.com. We’ll be delighted to assist you and help you find your next home.