Wealth tax cut gives Mallorca real estate sector a boost

Wealth tax cut gives Mallorca real estate sector a boost

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The ruling Partido Popular Balearic government has accepted the amendment presented by Vox to exclude those with assets of less than three million euros from paying wealth taxes.

At present, citizens with assets of more than 750,000 euros, excluding the main residence, pay wealth tax. This change means that many of those who currently pay this tax will cease to do so.

The abolition of wealth tax is one of the 110 measures in the agreement signed by PP and Vox, but it seems that in the end it will only be eliminated for assets lower three million euros.

Whoever has more than three million in assets will be affected by the tax on large fortunes approved by the government of Pedro Sánchez in the last legislature.

In other words, the owners of these assets would pay the same tax, but the revenue would be kept by the central government and not by the regional government, as is the case with the wealth tax.

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