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CHANGE IN LAND TRANSFER TAX SINCE JANUARY 2016

by lasanclas, February 4, 2016

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 :

up to € 400.000,-
= 8%
from € 400.000,01 to € 600.000,-
= 9%
from € 600.000,01
= 10%

 
Since 1st of January 2016 it is amounted to between 8-11% of the notarized sales price and is graded as follows:

up to € 400.000,-
= 8%
from € 400.000,01 to € 600.000,-
= 9%
from € 600.000,01 to € 1.000.000,-
= 10%
from € 1.000.000,01
= 11%

 

In case of late payment, a late payment surcharge has to be paid.

 

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