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.
