The transfer tax is a tax that the buyer of a property must pay during the first month after signing the public sales-purchase deed (escritura de compraventa) and is calculated by applying a percentage depending on the purchase price.
The tax rate in Ibiza was, until 2022, between 8 and 11% of the purchase price and was classified as follows:
The new approved law, which has been in force since January 2023, increases the applicable percentage, creating in addition a new tranche, classified as follows:
The calculation is made by dividing the price by tranches and to each tranche the percentage corresponding to that amount is applied.
For example, if the purchase price is 1.000.000,-€, a 8% is applied to the first 400.000,-€, to the following 200.000,-€ is applied a 9%, and to the remaining amount of 400.000,-€ with which we reach the total price of 1.000.000, a 10% is applied.
