Many owners in Ibiza bought their property years ago, for a price declared on the deeds that was well below present market prices. As a consequence, the capital gains tax they will have to pay when they sell the property will be quite high. However, anyone who bought their property before 1994 will be able to benefit from a reduction on said tax.

What is the point of this document, which is signed when you visit a property?

In Ibiza, when a real estate agency shows a property to a possible buyer, usually a document is signed which leaves a record of this visit. This document is called a “visit sheet”, and both the real estate agent and the buyer should be well aware of what it means.

An important concern for many homeowners in Ibiza is how their property will be inherited.

The covenant known as an “succession agreement” (“el pacto sucesorio“)is a useful instrument that serves to regulate property transmissions between relatives, and it can be treated from a fiscal point of view as an anticipated inheritance.