1. Minkner & Partner News - Mallorca Property

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) Current Spanish real estate tax information now available on our website www.minkner.com As is known last year various changes were made to the Spanish tax laws, that affect the acquisition, sale and ownership of property in Mallorca such as VAT, real estate transfer tax, property tax, stamp duty, income tax and wealth tax. Now you can read up on the changes on our website www.minkner.com in our newly revised tax section which shows all new tax rates applicable as from January 1 st 2013. 2. Mallorca – Construction, Economy laws and taxes (1) Construction a) Palma: Hostal Cuba in Santa Catalina - change of ownership The unique Hostal Cuba on the corner of Avda. Argentina with Sant Magi, renovation of which commenced a few years ago, has changed ownership. The new owner is the Catalan Jordi Planella, who has many years experience in the hotel trade and wants to complete the renovation and turn the property into a 4 star hotel with 15 rooms. The Hostal Cuba was built by Rafael Juan Roca, a Mallorcan who went to Cuba, prospered there and then returned to Palma. It was originally a private residence and in the 1930’s was converted into a hostel. b) Development plan for Es Jonquet will be carried out The Es Jonquet quarter of Palma that sits above the Paseo Maritimo, is not a particularly attractive area but that will soon change with the new development plan. The two windmills Nom de Deu and d’en Garleta, which are in a pitiful state, will be renovated and used as restaurants or for residential purposes. A 1,400 m² building with an underground garage for 1,000 vehicles will be located on a plot below the Terra I Mar theatre. Originally the idea was to build a shopping centre there, however this was rejected and instead there will be apartments. (2) Economy Charming natural stone 5 bedrooms finca with swimming pool and guest house for rent CALVIÀ - Ref. M10274 - Rental price: € 6.000 (furnished) - Tel. +34 971 695 255 a) Tourism final figures for 2012 published The market research company Frontur have published the final tourist figures for 2012 and the Balearics show an increase of 3 % over 2011. A total of 10, 4 million tourists came to the Balearics. Cataluña and the Balearics are the most popular tourist destinations in Spain. The majority of tourists are from Germany, UK, Scandinavia, Russia and the Ukraine. Newly built villa with beautiful views and swimming pool close to Santanyi CALA SANTANYI - Ref. 6382 - Price: € 1.550.000 - Tel. +34 971 64 22 54
Modern luxury villa with spectacular views in front line with private sea access b) Mercadona to encourage innovative business ventures The head of the supermarket chain Mercadona, Juan Roig has, under the title "Lanzadera" launched a private economic development programme aimed at encouraging young, innovative companies. Each year up to 15 companies will be selected to receive a grant up to a total of € 200,000. Roig will support companies that want to build a sustainable, productive and socially sound business and at the same time encourage them to overcome existing difficulties. Applications can be made until 31 March 2013. Details of the programme are available at www.lanzadera.es c) Discounts for domestic travel will be abolished or reduced Balearic residents, as is known, are entitled to a 50 % reduction on the price of flight tickets for domestic flights. Negotiations are underway at the moment between the central government and the Balearic government to substantially reduce or abolish this discount. The present situation with negotiations is that a flat rate reduction will be abolished and that subsidies will be decided according to the length of the journey. (3) The law, taxes and finance SANTA PONSA - Ref. 6512 - Price: € 6.950.000 - Tel. +34 971 695 255 a) "I can tell you how quickly you will become poor?" - Presentation of the ARD journalist Frank Lehmann on 17/02/2013 Economics journalist for ARD Frank Lehmann has commented for years on the international stock markets. "I can tell you how quickly you will become poor," quips Lehmann and he informs us, with his wealth of experience spiced with anecdotes, about the situation of the financial markets. The presentation and subsequent discussion will be held on 17.02.2013, 17:00 - admission € 18:00. From 16.00 h coffee and cake for € 5, after the seminar menu for 24 €. Reservations: Son Baulo, +34 971 524 206, see also www.son-baulo.com b) Renovated and refurbished buildings: when do I pay VAT and when do I pay real estate transfer tax ? When re-selling a renovated property it is not necessary to pay real estate transfer tax, however 10 % VAT is payable renovation for tax purposes is only applicable when: a) It is a residential property b) Renovation work is less than 25 % of the market value or at the start of the work the market value of the property is equivalent only to that of the land. c) More than 50 % of the work serves to consolidate or treat structural elements, facades, walls, or certain expansion or improvement measures. Modern villa with sea view close to Cala Santanyi CALA SANTANYI - Ref. 6818 - Price: € 1.850.000 - Tel. +34 971 64 22 54
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