Fees that are to be paid by the purchaser
Additional expenses to the sales price are:
The revision of the land transfer tax on Majorca from 01.01.2016:
Property up to a purchase price of € 400,000 are charged at 8% real estate transfer tax.
Property with a purchase price of € 400,001 to € 600,000 are charged at 9% real estate transfer tax.
Property with a value of € 600,001 to 1.000.000 € are charged at 10% real estate transfer tax.
Property with a purchase price of 1.000.000 € and more will be charged at 11% real estate transfer tax.
Stamp Duty 1.5% on the price of the purchase, costs of registration and notary.
If you are buying property on the Spanish mainland then you will need to check on what the local taxes are.
For instance if purchasing a property in the Valencia community then the transfer tax for used properties start at 10%
Spanish Inheritance Taxes.
Limited Company Information: If you wish to learn more about the benefits of owning Spanish property within a UK Limited Company structure to avoid Spanish Inheritance Tax please visit Wincham