With foresight when buying a property in Mallorca, investors can save many thousands of euros. This is because many bills can be written off when the property is sold at a later date.
Buying a property in Spain is associated with many additional costs. However, if you plan properly and keep the receipts, you can save a lot of money in the event of a sale and thus recover expenses. Specifically, it is about invoices subject to VAT and the transfer taxes that are incurred when buying a property. All of these receipts should be kept. This is because they are worth cash when selling the property, as they reduce the capital gains tax.
It makes sense to instruct a real estate lawyer with the corresponding depreciation. Various acquisition and sales costs reduce the value of the property considerably against the background of tax calculations. As the owner, you therefore make less profit, which means that less tax is payable on the sale. As a foreign owner selling a property, you can expect a tax rebate of three percent, plus statutory claims.
For this reason, it is worth keeping plenty of receipts for expenses incurred when buying a property. These include legal and notary fees, land registry fees and taxes.
When selling, so-called property-related improvements, such as conversions in rooms, a new roof, new bathrooms and the installation of an air conditioning or alarm system, count. However, legal fees and the estate agent's commission can also be claimed for tax purposes.
