In Spain, the property transfer tax, known as Impuesto sobre Transmisiones Patrimoniales (ITP), is a tax levied on the transfer of real estate properties. The tax rate and specific regulations may vary between regions in Spain, as each autonomous community has the authority to set its own rates and rules.
The ITP is typically calculated as a percentage of the purchase price or property value and is paid by the buyer. The tax rate can range from 6% to 11% of the purchase price, depending on the autonomous community where the property is located.
It’s important to note that some regions in Spain, such as the Canary Islands, apply a different tax known as the General Indirect Tax (IGIC) instead of the ITP.
To get accurate and up-to-date information regarding the specific property transfer tax rate and regulations applicable to the region where you are considering purchasing a property in Spain, it is advisable to consult with a local real estate agent or lawyer specializing in Spanish property transactions. They can provide detailed information based on the specific location and circumstances of your property purchase.
