An annual property tax ( Impuesto de Bienes inmuebles or IBI): this tax is paid once a year at the local town hall ( Ayuntamiento)
Income tax for non – residents: must be paid yearly by December 31st. You must pay an annual amount depending on the value of the home if you are not using it as a rental property.
Garbage collection tax
Wealth tax: if you are non – resident, you will only be liable for your Spanish assets. Wealth tax rates vary depending on the region. The Balearic Islands has a wealth tax rate ranging from 0.28% up to 3.45% depending on the worth of the assets.

If you’re planning on renting out your property in Spain, it is better to seek professional advice from your local Spanish lawyer with property expertise. Our team of professional lawyers can guide you through the process of obtaining a rental license and offer expert advice. Owners of property in Spain should be aware that whether or not they are resident in Spain, they will need to declare rental income to the Spanish tax authorities. We will be happy to give you expert guidance to go through rental process.

Unlike some other types of insurance in Spain, home cover isn’t a legal requirement when it comes to either building or contents.However, many residents take out a policy to cover their worldly goods for peace of mind.
There are generally two types of home insurance (seguro de hogar) in Spain:
Contents insurance (seguro de contenido), sometimes known as renters /tenants insurance, protects all movable assets such as furniture and valuables
Building insurance (seguro de construcción) covers the fixed property including walls, floors, ceilings, and any internal fixtures.
Spain has no laws against using home insurance from abroad, so you can do so if you have purchased an extended coverage policy that includes overseas protection.

Contact us and get more information about how you can get home insurance in Mallorca.

When relocating to Spain it’s essential to know all the necessary information about the immigration process and you might want to consider making it more official and applying for permanent residence.
Our team of experts will guide you and help with everything you need to know about visas and immigration in Spain.

There are taxes to pay before the purchase and after as well.