Spanish Urban Rental Law 2019. Titel I. Scope of the law

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Article 1 Scope of application

This Act establishes the legal regime applicable to the leases of urban properties intended for housing or uses other than housing.

Article 2 Leasing of housing

  1. A housing lease is a lease on a habitable building whose primary purpose is to satisfy the permanent housing need of the tenant.
  2. The rules governing the rental of housing shall also apply to furniture, storerooms, parking spaces and any other premises, rented spaces or services provided as accessories to the property by the landlord himself.

Article 3 Leasing for uses other than housing

  1. A lease for a use other than that of a dwelling is considered to be a lease which, falling on a building, has as its primary purpose a purpose other than that established in the previous article.
  2. In particular, this consideration shall apply to the leases of urban estates celebrated during the summer season or any other season, and to those celebrated for the exercise of an industrial, commercial, craft, professional, recreational, welfare, cultural or educational activity on the estate, regardless of the persons who celebrate them.

Article 4 Applicable regime

  1. The leases regulated in this Law shall be subject to the provisions of Titles I and IV of this Law and to the provisions of the following sections of this article.
  2. Respecting what is established in the previous section, housing leases shall be governed by the agreements, clauses and conditions determined by the will of the parties, within the framework of what is established in Title II of this law and, supplementarily, by the provisions of the Civil Code.

Exceptions to this provision shall be made for the rental of dwellings whose surface area exceeds 300 square metres or in which the initial annual computed rent exceeds 5.5 times the minimum annual computed interprofessional wage and the rental corresponds to the entire dwelling. These leases shall be governed by the will of the parties, failing that, by the provisions of Title II of this law and, supplementarily, by the provisions of the Civil Code.

Number 2 of article 4 drafted by paragraph one of article one of the first article of R.D.-law 7/2019, of 1 March, on urgent measures in the field of housing and rent (“B.O.E.” 5 March). Effective: March 6, 2019

  1. Without prejudice to the provisions of paragraph 1, leases for use other than housing are governed by the will of the parties, failing that, by the provisions of Title III of this Act and, supplementarily, by the provisions of the Civil Code.
  2. The exclusion of the application of the precepts of this law, when this is possible, must be done expressly with respect to each of them.
  3. The parties may agree to submit to mediation or arbitration those disputes which by their nature can be resolved through these forms of dispute resolution, in accordance with the provisions of the legislation regulating mediation in civil and commercial matters and arbitration.
  4. The parties may indicate an electronic address for the purposes of making the notifications provided for in this law, provided that the authenticity of the communication and its contents is guaranteed and there is a reliable record of the complete transmission and reception and of the time at which they were made. Article 4 drafted by paragraph one of the first article of Law 4/2013, of 4 June, on measures to relax and promote the rental housing market (“B.O.E.” 5 June). Validity: 6 June 2013
    Article 5 Excluded leases

They are excluded from the scope of application of this law:

a) The use of the dwellings that porters, guards, salaried employees and civil servants are assigned by reason of the position they hold or the service they render.
b) The use of military housing, whatever its qualification and regime, which shall be governed by the provisions of its specific legislation.
(c) Contracts in which, when a farm with a house-room is leased, the primary purpose of the lease is the agricultural, livestock or forestry use of the land. These contracts shall be governed by the provisions of the applicable legislation on rustic leases.

d) The use of university housing, when it has been expressly qualified as such by the University itself which owns or is responsible for it, which is assigned to the students enrolled in the corresponding University and to the teaching and administrative staff and services dependent on it, by reason of the link established between each of them and the respective University, which will be responsible in each case for establishing the rules to which its use will be subject.
e) The temporary cession of use of the totality of a furnished and equipped dwelling in conditions of immediate use, commercialized or promoted in tourist offer channels or by any other means of commercialization or promotion, and carried out with lucrative purpose, when it is subject to a specific regime, derived from its tourist sector regulations.

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Spanish Urban Rental Law 2019. Preamble

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The legal regime for urban leases is currently regulated by the Revised Text of the 1964 Urban Leases Act, approved by Decree 4104/1964 of 24 December.

The principles that inspired the reform of the leasing legislation carried out in 1964, according to the Exposition of Reasons of Law 40/1964, were to temper the liberalizing movement of urban property to the economic circumstances of the country and the demands of justice. However, the recast text failed to achieve its objectives of unblocking the situation of frozen incomes. The text also enshrined a system of subrogations, both “inter vivos” and “mortis causa”, favourable to the interests of the tenant.

These two circumstances created a regulatory framework which, in practice, showed little encouragement for the use of the leasing institute.

Under these circumstances, Royal Decree-Law 2/1985, of 30 April, on Economic Policy Measures, introduced two modifications to the regulation of the regime of urban leases that have had an enormous impact on the subsequent development of this sector. These modifications were the freedom to transform housing into business premises and the freedom to agree on the duration of the contract, eliminating the mandatory nature of the forced extension in urban lease contracts.

Royal Decree-Law 2/1985 has had mixed results. On the one hand, it has allowed the downward trend in the percentage of rented housing that was occurring in the early 1980s to come to a halt, although it has not been able to substantially reverse the sign of the trend. On the other hand, however, it has generated enormous instability in the rental housing market by giving rise to a phenomenon of short-term contracts. This in turn has produced a very significant increase in rents, which has been aggravated by its simultaneity in time with a period of rising prices in the real estate market.

At present, the market for urban housing leases is characterised by the coexistence of two clearly differentiated situations. On the one hand, the contracts entered into under Royal Decree-Law 2/1985, which represent approximately 20 per cent of the total and are characterised by high incomes and a significant degree of occupational rotation as a result of their generalized annual duration. On the other hand, contracts entered into prior to the effective date of Royal Decree-Law 2/1985. In general, these are contracts with low incomes and, in the case of contracts entered into prior to the 1964 Law, approximately 50% of the total, with incomes that may be classified as uneconomic.

The dysfunctions that this situation generates in the market are such that they have made leasing an unattractive alternative to the acquisition of property in relation to the solution to the housing problem. In this sense, only approximately 18 per cent of the total housing stock is rented.

For this reason, the ultimate aim of the reform is to contribute to strengthening the urban rental market as a basic part of a housing policy oriented by the constitutional mandate enshrined in article 47, recognising the right of all Spaniards to enjoy decent and adequate housing.

The achievement of this objective requires a regulatory modification that allows an adequate balance to be established in the services provided by the parties, and although it is evident that the regulatory change in itself is not a sufficient condition to strengthen the offer in this sector, it is a necessary condition for this to take place.

The substantive regulation of the leasing contract must be based on a clear differentiation of treatment between housing leases and those intended for any use other than housing, since it is understood that the underlying economic realities are substantially different and deserve, therefore, dissimilar regulatory systems that reflect that difference.

In this sense, at the same time as the tuitive nature of the regulation of housing leases is maintained, a regulation based absolutely on the free agreement of the parties is chosen in relation to those destined for other uses.

In addition, the law contains a partial reform of the regulation of leasing processes and the modification of the system of contracts currently in force.

The regulation of housing leases presents significant novelties, fundamentally in relation to their duration. In this sense, it has been decided to establish a minimum term of the contract of five years, because it is understood that a term of these characteristics allows a certain stability for the family units that allows them to contemplate the lease as a valid alternative to the property. At the same time, it is not an excessive period that could constitute a brake for both private owners and business developers to place housing in this market.

This minimum period of duration is articulated from the free agreement between the parties on the initial duration of the contract plus a system of obligatory annual extensions until reaching the minimum of five years of duration, if the initial agreement had been for a shorter period.

The law also introduces a mechanism for tacit renewal, after at least the five-year guarantee period has elapsed, which gives rise to a new period also articulated over annual periods of three years.

The recognition of the existence of situations that require shorter terms of duration has led the law to provide for this possibility, although linked exclusively to the need, known at the time of the conclusion of the contract, to recover the use of the rented dwelling for the landlord’s own home.

The establishment of a limited term allows to mitigate the impact that the institute of subrogations could have on the balance of benefits. To the extent that the right of subrogated persons to continue to use the rented dwelling is only maintained until the end of the contractual term, there is no inconvenience in maintaining this right in the area of “mortis causa” in favour of those persons directly linked to the tenant. A novelty is the recognition of this right to the “more uxorio” cohabitant.

In relation to “inter vivos” subrogations, their existence is only recognised with the prior written consent of the lessor. At the same time, a novelty is introduced in cases of judicial decisions which, in nullity, separation or divorce proceedings, assign the dwelling to the non-owner spouse. In these cases, this spouse is recognized “ex lege” the right to continue in the use of the rented housing for the time remaining from the contract.

The regime of rents is built around the principle of freedom of agreement between the parties for the determination of the initial rent both for new contracts and for those that are maintained with already established tenants. This will ensure, where necessary, that contract rents reflect market reality, if this reality could not have been transferred to the rent by means of the planned updates. This may be the case, given that the regulation establishes a mechanism for updating incomes linked to the percentage variations that the Consumer Price Index may experience in an annual period.

With regard to the rights and obligations of the parties, the law broadly maintains the current regulation, without introducing major new features. The exception is the establishment of a special provision for tenants affected by disabilities or with disabled persons under their care, who intend to make modifications to the leased property that will allow them to improve its use.

The tenant also retains the right of preferential acquisition in the event of the sale of the rented dwelling during the term of the lease, even though it refers to market conditions, since it is understood to be an instrument which, without entailing a serious charge for the lessor, increases the tenant’s chances of remaining in the dwelling.

Finally, with regard to the formalization of contracts, the law maintains the freedom of the parties to choose the oral or written form. At the same time, the possibility is expressly enshrined of all lease contracts, whatever their duration, to access the Land Registry, attempting, on the other hand, to enhance this possibility of access by linking certain incentive or benefit measures to the fact of registration. This fact not only contributes to reinforcing the guarantees of the parties, but also increases the information available to the State, allowing it to design and implement those measures that may contribute to improving the regulation and practice of leases.

The law abandons the traditional distinction between housing leases and leases of business premises and similar premises in order to differentiate between housing leases, which are those dedicated to satisfying the permanent housing needs of the tenant, his or her spouse or dependent children, and leases for uses other than housing, a category that encompasses second home leases, seasonal leases, traditional business premises leases and leases similar to these.

This new categorism is based on the idea of granting protection measures to the tenant only where the purpose of the lease is to satisfy the housing needs of the individual and his family, but not in other cases in which economic, recreational or administrative needs are satisfied.

To this end, in the regulation of leases for uses other than housing, the law opts to leave all elements of the contract to the free agreement of the parties, configuring a supplementary regulation of the free agreement that also allows ample recourse to the regime of the Civil Code.

The regime of obligations of conservation and works, the right of preferential acquisition, the right of transfer and the subrogations “mortis causa”, although limited to the spouse and children of the lessee who continue the activity, are regulated in this way as a supplement to the express will of the lessor and lessee.

This regulation introduces a novelty consisting of the tenant’s right to compensation when, wishing to continue with the lease, the tenant has to leave the premises for the expiry of the scheduled term, provided that in some way the lessor or a new tenant could benefit from the clientele obtained by the former tenant, or alternatively, from the transfer costs and damages arising therefrom, when the tenant is obliged to relocate his activity.

The rent deposit maintains its obligatory character, both in housing and in different use, fixing its amount in one or two monthly rent, depending on whether it is renting housing or different use. At the same time, Autonomous Communities with competence in housing matters are allowed to regulate their compulsory deposit in favour of the Community itself, since the income generated by these funds has been revealed as an important source of financing for autonomous housing policies, which should be maintained.

In the regulation of leasing processes, it is established that the competence to hear controversies corresponds, in any case, to the First Instance Judge of the place where the urban property is located, excluding the possibility of modifying the functional competence by means of express or tacit submission to a different Judge.

This does not preclude the possibility that the parties in the legal relationship may agree, for the solution of their conflicts, the use of the arbitration procedure.

The processing of lease proceedings is deferred to the judgment of cognition, expressly waiving the application of the judgment of eviction and verbal judgment when actions are taken, in the latter case, to determine rents or amounts to be paid to the tenant.

It also regulates the conditions under which the tenant may serve the action in evictions promoted by the failure to pay amounts due by virtue of the rental relationship. This regulation significantly qualifies the possibilities of enervation and rehabilitation contained in the rewritten text of 1964.

In cases of accumulation of shares, together with the traditional regulation, the possibility of accumulation has been established, which assists the lessees when the exercised actions are based on common facts and are directed against the same lessor. The latter is also allowed in the event of termination of the contract due to non-payment, the cumulative and simultaneous exercise of the action for termination of the contract and the claim for the amounts owed.

Finally, and as the most significant novelty of the law in procedural matters, the regulation of the cassation appeal in leasing matters is established because it is understood that the matter, given its importance and the transcendence of the normative changes that this law introduces, should be able to be the object of a jurisprudential doctrine elaborated in the headquarters of the Supreme Court. As further characteristics of the cassation appeal, the following may be noted: only judgments rendered in the proceedings followed by the cognition trial shall be subject to such appeal, provided that the first and second instance judgments are not in conformity, and the income of the contracts is below the limits established by law

With regard to the contracts existing at the entry into force of this law, those entered into under Royal Decree-Law 2/1985 do not present a special problem since it was the free will of the parties that determined the relationship regime in terms of duration and income. Therefore, these contracts will continue until their extinction, subject to the same regime as until now. At that time, the new lease relationship that may be constituted on the property will be subject to the new regulations. This regulation does not exempt contracts that, although dated after May 9, 1985, have been entered into subject to the system of forced extension, as this derives from the free agreement between the parties.

With regard to contracts entered into previously, the law opts for a solution that attempts to combine the greatest possible simplicity with a balanced treatment of the different situations in which the conflicting parties find themselves. For this reason, an approach is introduced that maintains the criterion of differentiated treatment between contracts for the rental of housing and business premises, granting softer conditions for the modification of the tenant of the dwelling than that of the business premises.

Taking into account the detrimental effects of the prolonged validity of the mandatory extension imposed by the 1964 Law, the need to limit the duration of this mandatory extension is addressed by re-establishing the temporality of the tenant relationship in accordance with its own nature, but this modification is made taking into account the social and economic effects of the measure taking into consideration the personal and family situation and the economic capacity of the tenants.

In this sense, in the renting of dwellings, the total suppression of “inter vivos” subrogation is opted for, except for that derived from a judicial decision in matrimonial proceedings, and for the gradual suppression of the rights of subrogation “mortis causa” that the recast text of 1964 recognized.

As this measure affects situations where the potential contents of rights are different, initial tenants, first subrogation tenants and second subrogation tenants, the rule must provide adequate answers for each of them. Hence, the suppression of subrogation is all the more gradual the greater the potential content of rights that the law contemplates for each case, starting from the general principle of keeping the current tenant and his spouse the right to continue in the use of the rented housing until his death, where this right was recognized by the legislation of 1964.

As for the system of rents, the law chooses to try to unblock the situation of frozen rents. To this end, a revision system was established, applicable to all contracts prior to 9 May 1985, with the aim of recovering variations that had not been affected by inflation since the date of conclusion of the contract or since the last legal revision, as the case may be. This revision does not take place immediately but gradually, increasing the number of years in which the total revision takes place in inverse function of the rent of the lessee, making it possible for lessees of lower economic level to adapt their economies to the new reality.

In the case of tenants with a low level of income, below two and a half times, three or three and a half times the minimum interprofessional salary depending on the number of people living in the rented dwelling, the review of the rents is excluded and the Government is instructed to set up, within one year from the entry into force of the law, a compensation mechanism of a fiscal nature for those lessors who have not been able, due to the aforementioned circumstances, to update the rents.

Likewise, lessors are granted the right to enjoy benefits in the Wealth Tax, in the Real Estate Tax, in the expenses of conservation of the leased property and the cost of the services and supplies enjoyed by the leased dwelling, in the latter three cases by charging their amounts to the lessees.

In the case of leases of business premises, the decision was made to establish a timetable for the temporary termination of these contracts, although a distinction was made between leases in which the lessee is a natural person and those in which the lessee is a legal person, presuming greater economic solvency where the organisational framework is more complex.

For this reason, “mortis causa” subrogation rights are maintained, albeit on a limited basis, in the first case, guaranteeing the family group linked to the development of the activity a minimum term of twenty years, which may be exceeded as long as the lessee and his or her spouse live and continue the exercise of the activity that has been developed in the premises.

In the case of leases of legal entities, resolution periods of between five and twenty years are set, depending on the nature and volume of the activity carried out in the leased premises. A short term is set for leases in which activities with such economic potential are carried out that the holders of these contracts are placed in a position of equilibrium vis-à-vis the lessors when negotiating new lease conditions.

With regard to the rent paid in these contracts, the revision scheme established for housing leases is reproduced, temporarily graduating the rhythm of the revision according to the categories described above.

In order to favour the continuity of the tenants, the law regulates a newly created figure which is the preferential rental right, which grants the tenant a preferential right to continue in the use of the rented premises at the time of the termination of the contract, as opposed to any third party under market conditions.

A right to compensation is also provided in the event of not continuing to use the leased premises when another person, whether the owner or a new tenant, can benefit from the clientele generated by the activity of the former tenant.

As regards similar leases, both the tenancy and the business premises, they are treated in a similar way to business premises leases, in terms of duration and rental regime.

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NIE Number in Mallorca

To buy a property in Mallorca (or elsewhere in Spain) you need to get a NIE number.

In order to get it I need to hold your passport for 1 hour or get a Notarial Copy with the La Haye apostille of it.

Who can order the NIE in Mallorca?

Foreigners who, because of their economic, professional or social interests, are related to Spain, will be given, for identification purposes, a personal, unique and exclusive sequential number.

What is the NIE number?

The personal number shall be the foreigner’s identifier, which must appear on all documents issued or processed, as well as the formalities stamped on his identity card or passport.

How to apply for the NIE number?

A) In person at the police offices

B) Through a representative
Lawyers with an authorization and a certified copy of the passport can apply to NIE on behalf of their clients.

Documents required to apply for NIE

1.- This application duly completed and signed

2.- Original and copy of the complete passport, or identity document.
Written explanation of the economic, professional or social reasons justifying the NIE application.

3.- Power of attorney of the representative to request it.

The process of buying a property in Mallorca.

Find here the necessary steps to buy your new property in Mallorca.
Before reading on, let me tell you that I will be happy to help you in the process of buying your new property in Mallorca.

I am part of a team specialising in foreign investment, transfer of properties, NIE number application, tax advice, verification of charges and liens on property and legal estatus of the properties on the market.

Steps to take to get your new property in Mallorca

1.- Choose the property you are going to buy.

Rustic or urban. Big town or small village. With only 3.640 sq Km Mallorca has so many possibilities and despite the fact in one hour driving o will be able to cross the island from not to the other side, the location of your new property, will determinate your way of live there.

TIP NUMBER 1. Don’t be in a hurry. Surely the seller or Real Estate Agent will assure you that there is another person interested in acquiring the same property. They will want you to believe that either you buy it immediately, or you lose the house of your dream.
Don’t play that game and don’t sign any papers until you’re 100% sure it’s the property of your dreams.

2. Be sure the property it’s legal

Although it may be hard to believe, in Mallorca you can buy a property by signing the deed before the Public Notary, you can register it in the Land Registry and Cadastre and still be an illegal property.
Don’t let the seller or the Real Estate Agent (which works for the seller) guarantee you the legality. In the event that everything is not all right, the seller will not tell you and if the seller wants to hide something from you he will also hide it from the real estate agency.

3.- Be sure property it’s free of charges and encumbrances.

Legality isn’t the only thing you need to worry about. The property you are going to buy must be free of debts such as mortgages, pending payments to the community of owners, urbanization payments or other debts that may encumber the property.
On the other hand it is necessary to verify that it is up to date in the payment of rates and taxes.

TIP NUMBER 2. Hire a Lawyer. A Real Estate specialist. Being sure you buy what you are looking for (and not what vendor what to sell) will save you a lot of trouble on the future.

3.-Make an offer.

Once you’re sure you want it, make sure the seller knows you’ve decided on his/her property.
Your offer will be the starting point of the negotiation and it is very important that you define: the price, when you want to sign the deed and those things that are indispensable for your offer to continue standing. For example, make it clear that the offer is subject to the property being legal, being free of charges and being given the documentation that proves that it really is so.

4.- Draft the Option Contract.

The option contract is not mandatory, so this step can be skipped and go directly to the signing of the public deed.
Even so, in most cases an option contract is signed and a period, normally two months, is left between this and the signing of the purchase deed.
During this time the buyer can prepare the funds if he does not have them or manage a mortgage.
On the other hand, the seller will be able to prepare the required documentation, lift the charges and if necessary empty the property in order to deliver it to the new owner.

The clauses of this contract are binding on both parties and therefore it is important that all conditions of the future purchase are negotiated and included here.
The seller, when signing, pays the option premium which is normally 10% of the purchase price. As this contract is binding, it is a penalty for those who fail to comply with it. If the one who does not comply is the seller must return the duplicate option premium. That is double of 10%.
If the defaulting party is the buyer, the option premium will remain in the hands of the seller.
Both parties therefore risk the same.

TIP NUMBER 3. Leave a clause that allows you to terminate the Option Contract in the event that between the signing of the Option and the signing of the Purchase Deed you discover any illegality in the property.

5.-Sign the Purchase Deed

Purchase deed has to be signed in front of a Public Notary. Notary will make the deed in Spanish and will translate it to you.

6.- Pay taxes.

From the moment you sign the deed you have 30 days to pay taxes.

7.-Inscribe the property in the Land (Property) Registry.

It is not obligatory but highly recommended. The Land Registry is the one that protects you from third parties. It is public. No one can buy the property registered in your name without your consent.

8.- Inscribe yourself as a owner in Cadaster, Community of owners, and changes supplies.

9.- Pay anual taxes.

As a new owner you will pay Land Tax, Garbage Tax, Non Residents Tax (model 210) and in case your assets in Spain will be over 700.000 you will also pay Wealth Tax.

A Certificate of Habitability does not mean that the dwelling is legal.

Tricks to sell an illegal property are very common in Mallorca.
Lately I have noticed that it is being implied that if the property has a Certificate of Habitability (Cédula de Habitabilidad) it means that it is legal.
This is not always the case.

Having a certificate of habitability is not synonymous with urban legality.

-In the case of a new construction, this building must have the certificad of end of works granted by the municipality and therefore have proven its legality to obtain the certificate of habitability.
-However, a house built illegally 15 or 20 years ago that does not have an open urban infraction file may obtain the cédula and still not be legal.
-In the same way a house can have the cédula for 20 years and have become illegal after having obtained it.

The Certificate of Habitability is a certificate issued by the Consell de Mallorca that certifies that the property is habitable. A dwelling can meet the conditions to live in it and still be illegal.


If the property has a cédula de habitatilidad, have water and electricity and therefore I can live in it, it doesn’t matter if it is not legal. Isn’t it?

Imagine a house that was built illegally 20 years ago and yet the urban infraction has expired.
In this case the administration cannot force you to demolish the illegal parts.
You will not be able to apply for a licence to repair leaks, nor will you be able to change the floor, the kitchen or the bathroom.
You will have to choose between:
a) Allow the house to deteriorate
b) Do illegal works. In that case the prescription is interrupted and the administration can force you to demolish the illegally built as well as fine you.

Tax Implications Of Buying Property In Mallorca (Majorca)

Before you make an offer to buy a property in Mallorca it’s advisable to make a tax plan, not only to know what you will pay when you buy a property but also to foresee the taxes you will pay in the future.

Taxes arising from the purchase of a property in Mallorca.

The taxes will depend on whether it is a new property or if it is used one.
If you buy a new property, or one that has been completely renovated, i.e. when the seller is a promoter you will pay 10% IVA, Value Added Tax on the day of purchase.
Subsequently, within 30 days of signing the deed of purchase, you must pay 1.2% of “Actos Jurídicos Documentados” Spanish Stamp Duty Tax.

On the other hand, if the seller is a private who sells a used property, you will pay the Transfer Tax “Impuesto de Transmisiones Patrimoniales, ITP“. This tax, which must be paid within 30 days of purchase, is progressive:

For the first step of 1 euro up to 400,000 euros 8% is paid.

For the second step of 400,001 euros up to 600,000 euros, you pay 9%.

For the third step from 600,001 euros to 1,000,000 euros you pay 10%.

And for the fourth step, which is all that exceeds one million euros, 11% is paid.

Annual taxes for the possession of a property in Majorca

.-IBI. “Impuesto de Bienes Inmuebles” This tax is paid annually to the Town Hall where the property is located.
.-Garbage Collection Rate. It is also collected by the Town Hall.
.-Incinerator Rate: Many municipalities collect it in conjunction with the garbage tax

Income Tax for non Residents

This tax (model 210) must be presented yearly, accruing on December 31st. You will liquidate the incomes of the property. i.e. rentals. But either if your are not renting it, you must present its annually and pay small amount depending of the value of the property.

.-Wealth tax

As non resident you are going to be liable for your Spanish assets only. Rate variates depending the region and in case of Balears Islands where Majorca is Wealth tax rates range from 0.28% up to 3.45% depending of the value of the assets.

Base payable from €Full payment (€)Remaining liquidable base up to €Tax rate (%)
10.909.951,99258.832,84From now on3,45

But not any non resident pays it. Wealth tax will be paid only when you assets are more than 700.000 euros. So, if your assets in Spain value 800.000 euros, you will pay wealth tax for 100.000 (800.000- 700.000).

If you become resident in Spain then you will be liable for all worldwide assets. Despite of this residents has a allowance of 700.000 euros + another one of 300.000 for the value of their permanent residence.