A Look into the Future

PERFECT BALANCE BETWEEN SUSTAINABILITY AND ELEGANCE

Together with Porsche Baleares, we bring electric mobility to our customers and to all our properties. A look into the future that allows us to participate in the conservation of Mallorca’s natural resources.

The passion for sports cars with Porsche E-Performance, combined with an emotional concept of electric mobility, is another step towards the mobility of the future.

If you want to have a well-designed charging infrastructure at home, Porsche Baleares offers you a successful balance between sustainability and elegance. porsche-baleares.com

WITHHOLDING TAX - 3% CAPITAL GAINS RETENTION

This withholding tax arises from the obligation for non-residents to pay the non-resident Income Tax (IRNRL). Due to the circumstances that foreigners change their address after the sale and may ignore their tax obligations in Spain, it is the responsibility of the buyer, whether a resident or not, to withhold 3% on the purchase price of the property, as a prepayment on account of taxes on potential gains from the transaction.

This retention must be presented by the buyer to the Tax Office through Form 211, and a copy must be provided to the seller to justify the deposit of the retention has been paid. Your lawyer can handle the payment and the rest of the tax obligations on your behalf.

Deadline: 3% withholding tax should be paid within one month from the date of sale.

Notary And Property Registry Fees

Once the public deed is granted, a few other fees and rates should be paid. Before providing an original deed to the Land Registry, the buyer must pay the Notary and the Property Registry fees, as well as the Property Transfer Tax or VAT.

Property Registry fees vary according to the type, the value of the property, and the area, and normally is less than 0.5% of the purchase price.

The notary charges both a fixed and a variable fee, based on the property’s valuation. The amount of fixed fees depends on the extent of the legal provisions. Normally these add up to around 0.5%-1% of the purchase price.

Notary variable expenses vary based on the purchase price, the number of notary pages, and the documents. Your lawyer will be requesting the budget from the Notary before the completion date.

Deadline: Notary and property registry fees are paid when signing the public deed of sale/purchase.