The Balearic Government calculates that 5,701 residents have saved close to 60 million euros tax on the purchase of first homes under a scheme that was introduced in 2023. Depending on criteria, buyers have not had to pay up to 100% of the ITP (property transfer tax). The 100% saving has applied to people under the age of 30 and those suffering from at least a 33% disability. In this category there have been 1,068 people who have saved a total of 22.6 million euros.
First-time buyers in the Balearics have saved 60 million euros of tax
The government is looking at extending the scheme this year
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You must be resident for three years in the Baleares and not own, or co-own, property, be younger than 37, etc. Hardly the profile of a 'rich foreigner'.
I agree with Tawny. Mallorcans only would have been a good idea especially since they are always moaning about house prices.
They should have made this for Citizens only! More rich foreigners getting tax breaks. Doesn't really solve the problem does it!?