Selling Property in Mallorca: Tax

Selling property in Mallorca as a foreigner comes with specific tax implications, primarily related to capital gains tax. Learn how to minimize taxes and maximize profit.

1. Capital Gains Tax

Capital gains tax in Spain for non-residents ranges from 19% to 26%, applied to the profit made on the sale.

• Improvements: You can deduct the cost of renovations.
• Depreciation: Over time, you can apply depreciation to reduce the taxable gain.

2. Non-Resident Withholding Tax

A 3% withholding tax is applied to the sale price, paid to the tax authorities by the buyer on your behalf.

Call to Action:

Ready to sell your property in Mallorca? Contact Geo Estate to assist you with the sale process. We’ll guide you through the paperwork, tax optimization, and set up meetings with real estate agents to ensure a smooth transaction.