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Tax obligations for property owners in Mallorca - CPH Invest GmbH

Written by Christoph Albeck | Jul 22, 2023 4:00:00 AM

Seriously: who actually cares about tax obligations for property owners in Mallorca?

Probably only those who are really serious about buying a property on the most beautiful island in the world.

But did you know that property owners in Mallorca are also subject to tax if they do not live and work in Mallorca?

Yes. Unfortunately that’s how it is. This applies to both investors and private customers. The legislator stipulates:

  • Anyone who keeps their Mallorca property privately must submit a tax return in Mallorca.
  • And everyone who owns their finca must do the same. And then also in Germany.

Read in this article whether you are affected and what you have to do then.

 

Tax obligations also apply to Mallorca real estate as a capital investment

First of all, for your peace of mind: our customers at CPH Invest GmbH are not affected. Because these customers benefit from a significant advantage: they invest not directly in Spain, but benefit from our expertise in this exciting real estate market and participate in a real estate project. Here you will find our compass on how you can optimally invest your money with CPH Invest.

With us you will find selected plots of land as capital investments as well as real estate projects that we finance as part of crowdfunding from Mallorca Immobilien.

So what if you are not one of the happy customers of CPH Invest GmbH?

You probably bought a Mallorca property “on your own”. Because the honest brokers on the island definitely point out this situation.

When are you affected?

Then read this article. If you are involved in our program as your own investor on Mallorca and have your project managed by us, we will of course inform you of your deadlines in good time (see above!)

You want to sit out the tax issue? Not a good idea. Because tax evasion has long since ceased to be a trivial offense in Spain. So it’s simply not worth missing the appointment. Because you can submit the declaration to the local tax advisor and the taxes are usually very low.

When do you have to file a tax return?

You must submit the tax return for property owners in Mallorca if you do not live in Spain. Yes, you read that right: you only have to make this declaration if you do not live in Spain.

The reason for this lies in the Spanish law IRNR. If you live in Germany, this obliges you to state rental income in both countries. That means both in Spain and in Germany.

In Spain even if you have not earned any rental income there! Because you don’t see your Mallorca property as an investment at all .

Because here self-use is also considered a pecuniary benefit. And therefore leads to a flat-rate rental income.

Do you have to file a tax return? Here’s how to do it right.

This tax return for non-residents is called IRNR. Impuesto de la rente no-residente. So if you live and work in Germany and own property in Spain then you will need to submit an IRNR. It is best to have a Spanish tax consultant do this for you. This usually doesn’t cost a lot of money. And you gave up responsibility.

The deadline for submitting the tax return is December 31st!

A separate declaration must be submitted for each property (for each IBI document) and for each owner (for each NIF). Haven’t received an IBI yet? Check with your community. Or get online access from ATIB.

In general, holiday apartments and holiday homes that are NOT rented out and that are used exclusively for private purposes are taxed at the fictitious value in use.

What owners who rent out their holiday home must pay particular attention to:
these owners must submit a separate declaration of their actual rental income in addition to the self-occupancy form.

In recent years, the topic of IRNR has been more of a debt. But who was willingly “forgotten”. Unfortunately, that has now changed in times of tight budgets. In addition, many taxpayers “forgot” to declare their Mallorca property in Germany. This is no longer a good idea in the course of an ever more perfect exchange of information between Germany and Spain. Tax returns for non-residents with real estate property in Spain must be submitted by EVERY owner.

This means: all persons named in the land register must submit their own tax return for non-residents owning real estate in Spain. For example, children who were entered in the land register for tax reasons when purchasing the property.

What happens if the tax return is not submitted?

Then there can be penalties, up to an account garnishment. You should definitely avoid this. So here are the five core points of IRNR summarized again. Also the web link to the Spanish tax office:

1. Any non-resident who owns a property in Mallorca is required to file an income tax return. Even if he earns neither rental income nor any other income in Spain. The Spanish tax office considers the fictitious value in use of your property as “income” and wants to have taxes on it. Excluded are Spaniards and residents (who give IRPF) and owners who hold their property through a company (e.g. German GmbH or Spanish SL).
2. The basis of assessment is almost always 1.1 percent of the cadastral value (valor catastral). This value can be read from the annual property tax notice IBI, which must therefore be submitted. (Cadastral values before 1991 are taxed at 2%).
3. Taxes of 19 percent are payable on this assessment basis.
4. The tax return is to be submitted by way of autoliquidación (self-taxation). The taxpayer not only has to prepare the declaration. You also have to pay the amount you calculated yourself to the tax office. Recently, this can also be paid via the German bank account. It must then be stated in the declaration.
You can also hire a tax advisor to do this.
5. A form (modelo 210) must be filled in online, which can be found on the website of the Agencia Tributaria (Spanish Tax Agency) at this link :
https://www2.agenciatributaria.gob.es/es13/h/ie32100b.html?idi=ES

Attention: Tax obligations for property owners in Mallorca – a lot of data is requested:

  • Spanish tax number (NIE),
  • date of birth, place of birth, country of birth,
  • address of main residence in Germany,
  • Address of the property in Mallorca, property tax notice (IBI)

Further information on the topic:

Link to the Spanish tax office Modelo 210 (English)