Local Expertise, Seamless Handling
Owning a share of a co-owned home in Mallorca through a locally registered Spanish company (S.L.) gives you a worry-free ownership experience. Everything is structured and managed to protect your investment, simplify tax reporting, and keep operations transparent.
One Local Company, One Beautiful Home
Each co-owned property is held in a brand-new, clean Mallorca-based S.L. company that exists for a single purpose: to manage and preserve the value and usage of one specific home. The company lives where the home lives – ensuring local access, regional compliance, and simplicity.
Administrator Manages All Company Affairs
The owners appoint a neutral, experienced Administrator who acts as the representative for the S.L. company.
This person:
- Is based in Mallorca
- Oversees official correspondence and legal filings
- Acts on behalf of the co-owners within their mandate
- Coordinates online communication with owners
- Is accessible through the Owner Group online
Accounting Handled by Trusted Professionals
We collaborate with Global Consulting S.L., a Mallorca-based firm with over 30 years of experience in company administration for foreign property owners.
They handle:
- Bookkeeping
- Annual reports
- VAT filings
- Payments and general compliance
Everything is documented and stored securely, with summaries available to owners.
Simple Reporting to Your Home Country
As a co-owner, you will need to report your ownership in a foreign company to your home country’s tax authority.
- You simply state that you own XX shares in a named Spanish S.L., listed in the official company register
- You report what you paid for the shares
- No further reporting is needed until you sell your shares
- If a profit is made, capital gains tax is paid in your home country (unless otherwise agreed)
It’s a streamlined, low-maintenance setup.
Shareholder Rights and Protections
You hold registered shares in the company.
That means:
- Clear ownership structure under EU/EEA law
- Legal rights to use the home per agreement
- Access to resale platform for your share(s) if needed
Upgrades and Major Repairs
If the co-owners vote to upgrade the home (e.g. pool renovation, kitchen refresh), the Administrator gathers written offers and coordinates with a Project Manager. This role is often filled by someone fluent in Spanish and well-versed in local permitting and supplier networks.
Transparent Budget and Oversight
All annual costs are split fairly between co-owners, and the Administrator proposes a budget each year.
It includes:
- Fixed operational costs
- Budget for maintenance
- Buffer for future upgrades or emergencies
All decisions involving shared finances follow a clear voting process: 1 vote per week/share. Selling the property requires a 2/3 majority. All other matters are decided by a simple majority (more than 50%).
Summary: The Palmallorca Co-Ownership model ensures that everything related to your company and tax administration is handled locally, legally, and professionally. With the Administrator, Global Consulting, and clear agreements in place, you enjoy real ownership without paperwork headaches.
