Are you wishing to buy a Property in Mallorca?
No matter if you are looking for a romantic summer hideaway, a spacious country estate or a modern master Piece – a purchase in Mallorca is always a GOOD Investment.
Just let us know your wishes and demands and we will find you the right property in the for your purpose best area.
After you have made your choice of wich lovely Mallorca Home should be yours we will guide you through the full process. In case you would like to do a reform we can help you find the right partner to upgrade your new property!
Here some important facts:
Before the signature of the deed you will need to obtain the spanish NIE (Tax) Number.
And open up a Bank account with a spanish Bank.
Please keep in mind that there are additional costs to the purchase price.
The buying costs vary with the purchase price. The Average is a 10-13% Buying costs additional to the purchase price.
They usually consist of:
– Lawyer fees, average amount 1-1,5 % of the purchase price but the costs depend on wich lawyer you choose- we can recommend lawyers that speak your language
– Notary costs depending on the property, pages of the deed etc
Usually it is between 500 € to 2000 €
– Property Register Fees also depend on the property
Usually between 200 € to 400 €
– Taxes:
Property Transfer Tax (ITP) on 2nd Hand Homes
Purchase Price:
Up to 400.000 € 8 %
400.000,01 € to 600.000 € 9%
600.00,01 € to 1.000.000 € 10%
1.000.000,01 € to 2.000.000 € 12%
Over 2.000.000 € 13%
OR
For new homes a 10% VAT (Value Added Tax) occurs. This Tax only applies for first sells of new constructions
– Stamp Duty Tax of 1,2 % of the Purchase Price
Once the deed is signed in front of the Notary and you own your Mallorca home you will have to pay the following costs on a yearly basis:
All costs depend on Area/ size / Value of the Property
– IBI (Land Tax) 150 € to 4500 €
– Garbage Fee 115 € – 400 €
– Profit Tax ( Modelo 210)
Self Use 100 € – 400 €
Income Rental Property 19% – 24%
Please be assured that if you decide to buy with Scout Mallorca we will be there every step of the way! We can provide contacts to strong companies for legal advice and morgatges!
