Taxes foncières pour les propriétaires à Majorque, Espagne
As a property owner in Mallorca, it's important to be aware of the various taxes that you'll be responsible for paying. These taxes can vary depending on the type of property you own and your personal circumstances. Here's a guide to help you understand the different taxes that you'll need to pay as a property owner in Mallorca.
1. Property Tax (Impuesto sobre Bienes Inmuebles)
The Property Tax, also known as Impuesto sobre Bienes Inmuebles (IBI), is an annual tax that is applied to all properties in Spain. The tax is calculated based on the cadastral value of the property, which is determined by the local government. The tax rate can vary depending on the location of the property, with rates being higher in urban areas and lower in rural areas. As a property owner, you'll be responsible for paying the IBI on an annual basis.
2. Wealth Tax (Impuesto sobre la Riqueza)
The Wealth Tax, also known as Impuesto sobre la Riqueza, is a tax that is applied to individuals with assets worth more than €2,000,000. The tax is calculated based on the value of all assets owned by an individual, including property. As a property owner, you'll be required to pay the Wealth Tax if your assets exceed the €2,000,000 threshold.
3. Capital Gains Tax (Impuesto sobre el Patrimonio)
The Capital Gains Tax, also known as Impuesto sobre el Patrimonio, is a tax that is applied to the sale of a property. The tax rate can vary depending on your personal circumstances, with rates being higher for non-residents and lower for residents. The tax is calculated based on the difference between the purchase price and the sale price of the property. As a property owner, you'll be responsible for paying the Capital Gains Tax if you decide to sell your property.
4. Inheritance Tax (Impuesto sobre Sucesiones)
The Inheritance Tax, also known as Impuesto sobre Sucesiones, is a tax that is applied to the inheritance of a property. The tax rate can vary depending on the relationship between the deceased and the beneficiary, with rates being lower for direct descendants and higher for distant relatives. The tax is calculated based on the value of the property at the time of inheritance. As a property owner, you'll be responsible for paying the Inheritance Tax if you inherit a property in Mallorca.
5. Non-Resident Income Tax (Impuesto sobre la Renta de no Residentes)
L'impôt sur le revenu des non-résidents, également appelé Impuesto sobre la Renta de no Residentes, est un impôt qui s'applique aux revenus locatifs perçus par les non-résidents. Le taux d'imposition peut varier en fonction de votre situation personnelle, les taux étant plus élevés pour les non-résidents et moins élevés pour les résidents. En tant que propriétaire, vous devrez payer l'impôt sur le revenu des non-résidents si vous décidez de louer votre propriété à Majorque et que vous n'êtes pas résident.
6. Value Added Tax (IVA)
Value Added Tax (IVA) is a tax that is applied to the purchase of a new property. The standard rate of VAT is 10%, however, it can vary depending on the area where the property is located. As a property owner, you'll be responsible for paying VAT if you purchase a new property.
It is important to note that tax laws and regulations are subject to change and it's always best to consult with a tax professional to ensure that you're aware of your responsibilities and obligations as a property owner in Mallorca.
7. Consult with a Real Estate Agent
Navigating the complex tax laws and regulations as a property owner in Mallorca can be challenging. That's why it's important to have expert guidance to ensure that you're meeting all of your tax obligations and taking advantage of any available tax benefits. Mallorca Select's team of experienced professionals can assist you in understanding and complying with all the applicable tax laws and regulations, ensuring that you pay only what you owe.
If you're a property owner in Mallorca and have questions about your tax obligations or want to take advantage of available tax benefits, we encourage you to contact us today to see how we can help. Our team of experts can provide you with the guidance and support you need to navigate the complex tax laws and regulations in Mallorca.