LAND TRANSFER TAX
(Impuesto sobre Transmisiones Patrimoniales)
When buying real estate, which is not composed of new buildings, you have to pay a Land Transfer tax (Impuesto de Transmisiones Patrimoniales).
This tax is payable within one month after the signing of the public sales-purchase deed (escritura de compraventa) and is always paid by the buyer.
In Ibiza it amounted to between 8-10 % of the notarized sales price and was graded as follows :
Since 1st of January 2016 it is amounted to between 8-11% of the notarized sales price and is graded as follows:
In case of late payment, a late payment surcharge has to be paid.