Further tax benefits when purchasing property in Mallorca
Anyone who purchases a property in Mallorca, Menorca or Ibiza between 12 May and 31 December 2012, pays on a later sale 50% less in capital gains tax. However, this regulation applies only to properties that are classified as "Urbano". The distinction between "Urbano" (properties in urban and community areas) and "rustic", i.e. rural properties such as Fincas, is determined by the respective municipalities and usually depend on the particular plot size. Your Porta Mallorquina broker would be pleased to inform you if your dream property is covered by the new tax regulations.
Buying is worthwhile for residents and non-residents
The tax reduction applies to residential property, which is purchased by residents, non-residents or businesses. The date of purchase is important, the resale...