Real Estate in Mallorca.

Real Estate in Mallorca.

05-09-2021Ultima Hora

More than 8,000 tax payers in the Balearic Islands have assets worth one million euros, according to Tax Agency figures for 2019.

8,127 declared a patrimony of more than 26,000 million and the average amount has increased to 3.24 million, compared to almost 3.1 million a year earlier. The Balearics now have the 5th highest average equity in Spain, behind Madrid with 19.2 million, Galicia with 5.9 million, Murcia with 3.5 million and the Canary Islands with 3.5 million.

Collection

7,814 citizens paid a total 74.5 million to the Tax Agency, which is 4.5% of the total amount of wealth tax paid in Spain.

The tax rate ranges from 0.28%-3.45% and the amount owed varies depending on income; the higher the equity, the higher the tax bill. The Balearic Islands are the second most expensive autonomy if the declared heritage is greater than 10.9 million.

Most of the items declared by the citizens of the Balearic Islands have increased over the years, although their weight remains more or less stable.

66.6% of the total equity corresponds to movable capital, such as shares, public debt or deposits in bank accounts and represents 17,484 million.

The real estate market is the second favourite option and accounts for just over a quarter of total assets at 6,905 million and art and antiques increased from 2.8 to more than 6 million in 2019.

300 more people filed compared to 2018, that's an increase of 3.8%, which is lower than the 8.7% growth in declared assets.

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