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Go Back   Pollensa Forum > LIVING & WORKING IN POLLENSA > Living & Working in the Pollensa Area

Living & Working in the Pollensa Area This forum is for any comments, questions and advice about living (permanently or temporarily) and working in the Pollensa area. Aimed at ex-pats, property owners etc.

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  #1  
Old 14-08-2008, 22:41
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Thumbs up Abolition of Wealth Tax

For those of you who own property in Mallorca (& Spain) & may not be aware, Wealth Tax has apparently been abolished from tax year 2008 - see Impuesto de Patrimonio, Wealth Tax abolition. Ahora Si!!!! : International Tax Forum

But of course do check with your own tax advisor.
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  #2  
Old 23-08-2008, 18:42
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Does that mean that if you sell your property you do not have to leave the tax from your profit?
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Old 23-08-2008, 23:08
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Quote:
Originally Posted by urbutis View Post
Does that mean that if you sell your property you do not have to leave the tax from your profit?
Wealth tax is/was an annual tax based on the value of yoour asets. When you sell you pay Capital Gains tax which still exists.
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Old 01-09-2008, 10:01
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Pollensa,

Does this only apply to residents or does the abolition also apply to non residents with property? If so, it almost seems too good to be true as it was a large sum for us each year, but I am not complaining if it does!
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Old 01-09-2008, 13:38
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As far as I know it affects everyone but you'll need to check wih your own advisor. Even if it does there is still the 'nominal' or actual income tax depending on whether you rent out or not.

Perhaps someone can report back if they hear. It won't afect the tax due this year for 2007.
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  #6  
Old 04-12-2008, 14:09
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Further news on the abolition of wealth tax - this has now been approved:

see Spanish Wealth Tax Update : International Tax Forum
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  #7  
Old 04-12-2008, 16:44
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Originally Posted by pollensa View Post
As far as I know it affects everyone but you'll need to check wih your own advisor. Even if it does there is still the 'nominal' or actual income tax depending on whether you rent out or not.

Perhaps someone can report back if they hear. It won't afect the tax due this year for 2007.
Even though renting out private property is illegal!!

GG
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Old 05-12-2008, 19:35
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Originally Posted by Gommar Goffer View Post
Even though renting out private property is illegal!!

GG
I've moved the rest of the responses to http://www.forum.puertopollensa.com/...licensing.html

Please try & keep this post on Wealth Tax - thanks.
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  #9  
Old 06-12-2008, 18:44
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Default Wealth Tax

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Originally Posted by Gommar Goffer View Post
Even though renting out private property is illegal!!

GG
This is why it needs to be abolished, double standards, how can they tax you for renting out if it's illegal?? Many people don't rent out anyway, it's unfair to them.
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  #10  
Old 07-12-2008, 13:56
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Hi All
let's hope this ends up as a saving on annual overheads-much needed at the moment.On the subject of taxes, a payment for 'Operacion a su cargo' has recently been taken out of our account ,the bank confirms that this went to the Balear Govenment but can't give any further details!!!while I'm waiting for my tax advisor to get back to me has anybody else paid this and/or know what it is?
cheers bodge
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  #11  
Old 16-09-2009, 09:17
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Can anyone tell me what the latest is on Wealth Tax abolition.There was talk of this last year,will any be due this December?

I would appreciate any advice.Ive paid this since we bought a few years ago through the solicitor/abgabardo who dealt with the purchase,but can you assess and pay locally oneself?

thanks.
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  #12  
Old 16-09-2009, 15:13
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The property element of the non resident tax has been removed which for us meant that the total is only 25% of what we paid last year.

That's the good news; the bad news is that the filing date was brought forward from December to June so if you haven't already done it then I am afraid you are late. It must be simple to do because our abrogado didn't charge us for doing it.
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  #13  
Old 16-09-2009, 17:43
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Hi, I'm now a bit worried because we've not been aware of this tax in any form. We obvoiusly pay the local tax but since we bought directly without using a local solicitor???? What tax needs to be paid. How is it collected and how much would it typically be on a 1 bedroom apartment. We don't rent out. Thanks for any advice.
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  #14  
Old 16-09-2009, 19:41
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Quote:
Originally Posted by ryansclan View Post
Hi, I'm now a bit worried because we've not been aware of this tax in any form. We obvoiusly pay the local tax but since we bought directly without using a local solicitor???? What tax needs to be paid. How is it collected and how much would it typically be on a 1 bedroom apartment. We don't rent out. Thanks for any advice.
Up until last year you had to pay both wealth tax & income tax. Now it is only income tax. You have to pay this even if you do not rent out. I would suggest that you consult a solicitor - they don't charge very much for doing your annual return - see Puerto Pollensa, Mallorca (Majorca) - Property Services There are also some good books available - see PuertoPollensa.com - Books, Maps, Guides, Holiday Reading - You and the Law in Spain is very comprehensive.
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  #15  
Old 17-09-2009, 22:39
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Not knowing what we were doing we paid for a solicitor to do the tax for us and were charged 80€ each. Our bill was 162€ plus 160€. So if you can do it yourself there is quite a saving to be made. I will be reading up on it for next year. Good luck
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