From January 1st 2023 purchase of property in the Balearic Islands increased for properties worth more than 1 million euros.
However, the increase affects the tranche that exceeds 1 million euros and not the taxes paid from 0 to 999,999 euros.
Today, the brackets are as follows: from 0 to 400,000 euros 8% is paid, from 400,000 euros to 600,000 euros 9% is paid, from 600,000 euros to 1,000,000 euros 10% is paid.
The change comes in the next bracket. From 1,000,000 onwards, now we will pay 12%.

But there is also is also a new rate of 13% for the tranche that exceeds 2 million euros.

Property purchase taxes in the Balearic Islands also increase in 2023 for brand new properties.

On the other hand, the purchase of new homes is taxed today with VAT at 10% . From the 1st of January 2023 the stamp duty for properties over 1 million euros is 2%, (increasing by 0.5%)

Free calculator of Taxes.

This free calculator of the Taxes you pay when Buying a property in Mallorca service does not involve any commitment on the part of the user.

If you fill the form or send me a mail (toni@palmalawyers.com) or contact by Whatsapp (+(34)678216706) In a few minutes I’ll send you the calculation of the taxes and costs of the purchase of your new home in Mallorca.

Only I need to know:

a) Where the property it’s located. Municipality

b) Purchase price

c) If it is a new or used property