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Now legal certainty for your property investment in Mallorca

Now legal certainty for your property investment in Mallorca

After a controversial election campaign on Mallorca for the municipal councils and the parliament has been a clear change of majorities in favour of the conservative forces. Marga Prohens of the PP (Partido Popular) is the new Prime Minister of the Balearic Islands!

During the election campaign, some left-wing parties demanded, among other things, that tourism be limited and that non-residents be banned from buying property on Mallorca. Although this demand was immediately presented by the central government as being incompatible with European Community law, it did lead to understandable uncertainty among prospective buyers. If someone buys a property on Mallorca today, even as a non-resident, he must also have the right to sell it again, regardless of the nationality of the buyer!

Due to the clear election result in favour of the conservative PP party, these discussions are clearly off the table!

The new prime minister has clearly promised in her election programme that inheritance tax and donation tax will be eliminated in the short term and that wealth tax will be reduced! And tourism is not to be restricted, as it is an important economic factor.

As real estate agents, we are very happy to hear these clear statements, because they bring clear legal certainty for our international clients who would like to invest for their property on our beautiful island of Mallorca!