09/10/2013 00:00
TW
0

TOURISTS who sell up and relocate to Majorca are being warned to do their homework before splashing out on an island business.
Each year, hundreds of families who've visited Majorca on holiday, dream of moving to the island. But just as many depart with their dreams in tatters, say experts. “For everyone who comes out expecting to live the dream, there are many more returning home after losing everything because they have not done any research,” said businessman David Bradshaw. The credit crunch is also causing extra problems and figures show that business inquiries are down by around 50 per cent.

Despite the downturn, Majorca is still one of the favourites of people wanting to invest in a business in the sun. However, banks are said to be reining in the offers of cash to would-be entrepreneurs as the financial crackdown bites.