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  The total purchase process will roughly cost an additional 10 % of the agreed purchase price for the property including the following fees:
The legal fees.
Notary and Land Registry fees are fixed by the law on a sliding scale.
For a new build/ off plan property 8% VAT (IVA) is due with each instalment plus 1% AJD (stamp duty). From 20-8-2011 until 31-12-2011 the VAT is reduced from 8% to 4%.
For plots, commercial premises where the vendor is a company, this figure is 18 % VAT plus 1% AJD.
For a resale property the property transmission tax is payable on completion at a rate of 7 %.
From the day of completion the property must be adequately insured. It is important to have a clear understanding of the risks to be insured and to have an insurance company who is able to communicate in your native language.

Partner Mallorca will be able to advise you on different options.

Concerning water and electricity it is important to ensure that the new owner of the property is registered with the utility companies. Spanish utilities can be in case of unpaid bills very strict.
Mallorca has a wide range of property management companies offering full services.
Besides telephone, water, heating and electricity costs you will also have to pay the following charges:
IBI (Impuesto Bienes Inmuebles) an annual property tax levied by the local town hall. The charge can vary and is fixed by the local community.
Refuse collection (Basura) is also a locally fixed charge.
Community fees are charged to properties in a development with shared facilities like lighting, maintenance, security, cleaners etc.
Property Owners Income Tax (Impuesto Sobre la Renta) is a tax which is based on an imaginary rental income. The tax base is 2% of the cadastral value or 1.1 % if the cadastral value has been revised since 1.1.1994. The tax rate on that theoretical income is 24%. If this property is your only home (you also would have to be registered as a tax resident in Spain) you will be exempt.
Regarding all tax and inheritance implications of owning a property in Spain we strongly recommend you to take the advice from a professional advisor, who will study your individual case and will advise you according to your particular situation.

Partner Mallorca can introduce you to the right professionals.

Costs for the Seller
Office in Maioris

C/Imperial,2 local-5
Centro Commercial Maioris
Illes Balears , 07609 , Spain

Work: +34.971237812,
Mob: +34.649397602

Office in San Agustin

Av. Juan Miro, 336 Izq
Palma de Mallorca - Mallorca
Illes Balears , 07012 , Spain

Work: +34.971079840
Mob: +34.649397602

Office in Palma

C/Mestres D´Aixa,3 ,
local-2, Palma 
Illes Balears , 07015 , Spain

Офис: +34.971071986,
Моб.: +34.649397602

Copyright © Partner Mallorca -Buy house in Mallorca!
Copyright © Partner Mallorca -Buy house in Mallorca!