When buying a property in Spain you must pay a Transmission Tax or VAT. That’s why it’s strongly advised to calculate the anticipated taxes before making an offer, or even making the decision to buy a property, whether that’s here in Mallorca or any other part of Spain. Purchasing a property also involves side costs
In theory, the answer is simple. Every property elicits different taxes. In order to calculate these taxes, you must first understand the details of the property. The direct taxes that you pay when purchasing a property are on a sliding scale. Whereas, the indirect taxes that are paid annually on a Mallorcan property, depend greatly
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Costs Mandatory costs. Public Notary. To be able to inscribe a property at you name on the Land (property) Registry you have to sign the purchase deed in front of a Public Notary. Notary it’s paid by the purchaser and cost will depend of the amount of the purchase but also of the pages of
Before even making an offer on a property in Mallorca, it’s wise to create a tax plan detailing the specific tax implications you may face once you make your purchase. This is important for understanding both the lump sum you will pay as well as the tax breakdown. Try our free Tax Calculator Service What
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