Significant Increase in the Tax Allowance for Wealth Tax on Mallorca
Significant Increase in the Tax Allowance for Wealth Tax on MallorcaThe Balearic government is raising the tax allowance for wealth tax on Mallorca and the neighboring islands from 700,000 euros to three million euros. This adjustment aligns the allowance for this regional tax with that of the Spanish “wealth tax,” resulting in assets up to […]
The Additional Purchase Costs When Buying Real Estate in Mallorca
When buying property on Mallorca, it’s especially important to consider and calculate the acquisition taxes, namely the property transfer tax or value-added tax, and the stamp duty. More on this below in the text.In addition to the acquisition taxes, there are other additional purchase costs such as for the notary, land registry, gestoría, and possibly […]
Patron Saint Festivals in Mallorca
In Mallorca, numerous patron saint festivals are celebrated, often closely linked to the religious traditions of the island and local Mallorcan customs. These festivals are highlights for tourists and visitors from other countries, and a visit to these celebrations is always worthwhile. Here are some of the most important patron saint festivals in Mallorca: This […]
How Reliable are Land Registry Entries? (Registration of Structures without Building Permit)
Eine absolut grundlegende Frage beim Kauf einer Immobilie in Spanien betrifft die Legalität der Aufbauten. Sind alle Gebäude ordnungsgemäß im Grundbuch eingetragen? Jeder potenzielle Käufer ist beruhigt zu wissen, dass die tatsächlichen Bauwerke vollständig und rechtmäßig im Grundbuch verzeichnet sind. Dies wird auch von den Beratern bestätigt. Sowohl in Spanien als auch in Deutschland gilt […]
The Spanish Wealth Tax 2023: What Changes and How It Affects the Wealth Tax
Als Ende September 2022 die spanische Regierungskoalition ihr Steuerpaket für 2023 vorstellte, überraschte das niemanden, da es den üblichen jährlichen Vorgehensweisen entsprach. Die geplanten Änderungen wurden wie gewohnt in den Entwurf des Staatshaushalts (Presupuestos Generales del Estado) für 2023 aufgenommen und Ende des Jahres 2022 veröffentlicht (Ley 31/2022, de 23 de diciembre, de Presupuestos Generales […]
Mallorca Vacation Rental News
In den letzten Jahren hat die Ferienvermietung auf Mallorca einen signifikanten Aufschwung erlebt. Die Gründe dafür lassen sich schnell benennen: Die Nachfrage ist gestiegen, insbesondere Familien mit Kindern ziehen Ferienwohnungen zunehmend Hotels vor. Gleichzeitig ist das Angebot gewachsen, da Immobilienkäufer diese zusätzlichen Einnahmen nutzen, um zumindest teilweise ihre laufenden Kosten zu decken. Früher wurden Genehmigungen […]
Plusvalia tax from 2022
Following the ruling of the Spanish Constitutional Court, which declared the method used by local councils to calculate the Plusvalía tax to be outdated, a new Royal Decree-Law has been issued in Spain, which opens up new steps for calculating of this tax and also opens up possibilities for appeals for unfair calculations under the […]
Real Estate Financing in Spain, News since June 2019
When buying a property in Spain, similar to Germany, one must find a bank that will finance a portion of the purchase price. Unfortunately, German banks often decline, as they find property financing with collateral in the Spanish land registry too complicated and time-consuming. In addition, new regulations since June 2019 further complicate the process. […]
Energy certificate for Mallorca (cerficado de eficencia energética)
Initial Situation Since 2002, there has been an EU directive that requires owners of new buildings to obtain an energy certificate for their property (2002/91/EU). The directive aimed to improve the energy balance of buildings through optimal thermal insulation. In 2010, the EU directive of 19 May 2010 on the overall energy efficiency of buildings […]
That’s how it is with the land register in Spain
As a legal layman, one is aware of the importance of the land registry when buying property. What is stated in this publicly maintained register is valid for and against everyone. The content is incontrovertible. In Germany, as in Spain, the “public faith” (fe pública) in the land register applies. However similar or comparable the […]
