It is the undisputed home of love on the island thanks to its association with the ITV top dating show, Love Island. But property owners are not feeling the love. Infact they are feeling rather spurned by the San Lorenzo council and some have been left rather broken hearted!
Little love lost for non-resident home owners in Mallorca home of Love Island
Taxes have doubled
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Jeremy Ponsenby-Smythe'Yet they don't want me here' I wonder why!
@James T. Does T stand for tosser?
Adiós Jeremy!
I own a few properties in Mallorca. I pay IBI, wealth tax, numerous other taxes and as I sold a property this year, I paid a substantial capital gains tax bill. In all this year i paid €400k in taxes. This is pretty much more than 99% of Mallorcans by some margin. Yet they don't want me here. Time to leave and let them go back to the 1950's.
What exactly is this “non resident” tax you are referring to? If it’s an annual tax on property collected by the ayuntamiento then surely you are referring to the IBI (Impuesto de Bienes Inmuebles) which I think you call Rates in the UK. The IBI, based on the cadastral value, is the same for both residents and non-residents, isn’t it? Councils do increase this and/or the cadastral value from time to time and sometimes it’s quite a hike. Or is this some other tax?