Those who buy a luxury home this year will pay more money to the Government. The transfer tax rises half a point and buyers of properties worth more than one million euros will pay 11.5% tax. | EFE
The Tax Agency of the Balearic Islands last year received 688.39 million in taxes from the purchasing of second-hand home. Most of the income corresponds to luxury real estate transactions, those over one million euros, which in 2021 paid 11% in taxes, mostly carried out by foreign citizens. That means that, for the purchase of a one million euro home, the buyer paid the ment 110,000 euros in tax.