Spanish Property Insight › Forums › Spanish Property Forums › Property Questions & Answers › We own an apt. in mallorca . What is the cost to transfer his share to me.? › Reply To: We own an apt. in mallorca . What is the cost to transfer his share to me.?
Dera Macgd016.. Of course money change hands. The one who will have 100 per cent ownership must pay the value of the other 50%. This is NOT a gift.
Price has to be paid (if not it’s a gift) and if you make a gift you pay gift tax (tax deppends of the relationship, couple, father to soon, not relative )
If you sale the 50% you pay sale tax (ITP) that’s 8% up to 10, depending of the value
If you dissolve you pay Stamp Dutty Tax (1,2%) BUT also you have to pay the value of the 50%
if not will be considered as a gift so, tax authorities will claim you the gift taxes
On top of this is the one who “sells”, his 50% makes profit has to pay taxes for that.