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The government of the Balearic Islands has approved from January 1, 2023 an increase of the Transfer Tax (ITP) that subjects to taxation the transfer of used real estate. A tax increase that seems to us regrettable and unnecessary, given that the same government of the Balearic Islands has recognized that in recent years, the collection of this tax had been higher than expected.

This increase in the Transfer Tax (ITP) may have a disincentive effect on foreign real estate investment in the Balearic Islands, and may lead to a loss of competitiveness compared to other regions of Spain where taxation is more favorable.

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