Weekly property: a lovely farmhouse in Mallorca

In addition to the beautiful beaches and the beautiful coastline, the Balearic Island of Mallorca also contains wonderful rural areas. Set in large areas of that countryside and is the perfect place to relax and relax, far from busy tourist areas and crowded cities, this beautiful farmhouse and estates in Bunyola area of the island. عقارات الؤلؤة

If this looks like your dream home in Majorca, this beautifully designed farmhouse of 400m2 is set on an impressive 14,500m2 plot in which nature lovers can enjoy their heaven. There are pine and palm trees in the area and there are currently 435 olive groves. The outside of the building also houses a lovely swimming pool and garden area, ideal for enjoying the sunny weather in Mallorca.

The ground floor is home to a beautiful entrance, leading to an extensive living room with a cozy evening fireplace, an open kitchen, a laundry room, a basement, two bedrooms and a bathroom. You can access the large terrace from the living room where there is plenty of room for family events and BBQs.

The property has 3 more spacious bedrooms on the first floor and 2 completely refurbished bathrooms. The master bedroom also has access to a covered terrace with a fantastic view of the surrounding countryside and plenty of room to relax in the shade.

If you dream of a new life in Spain's Balearic Islands this lovely farmhouse in the center of the Mallorcan countryside, then look no further, as the idealista farmhouse for 1485,000 Euros is now for sale.

The main drawback of renting a house or apartment for many people is that you pay your rent every month, but you are left with nothing you can call yourself. Many people therefore prefer to buy property. But this is a costly investment and not an option realistic for everybody; so what are the options?

The best solution for those who want to buy properties in Spain but are currently without adequate funds is a leasing option. You are the best in both worlds if you buy your home on a rental purchase basis, also known as rental to purchase rental options. You can pay smaller and regular rental payments with the ability to pay the remainder of the sales price after about 5 years.

Unknown to many foreign Spanish residents, you are obliged to file a tax form in excess of EUR 50,000 if you have property abroad.

Legions of foreign property owners living in Spain may ignore the existence of this duty. They are not aware of the legal obligation to report their property, investments or bank accounts outside Spain to the Spanish Tax Authorities.

There are very severe fines (start and normally exceed five figures) when the assets are not disclosed abroad.

With the advent of the Common Reporting Standard in 2018, which was signed by over 100 countries in combating tax evasion, the Spanish Tax Office is providing spoonful taxation information on foreign taxpayers resident in Spain from other countries.

Since 2013, the year that this tax law was enacted, more than 7,000 taxpayers have been (heavily) fined.

In case of doubt, please talk to one of our friendly staff who will guide you through this tax duty.

Who must declare it?

All Spanish taxpayers who have assets abroad at or above €50,000.

Again, and to avoid doubt, you do NOT need to submit this tax return if you are not resident in Spain; it is only for residents.

Who is considered to be a Spanish tax resident?

Among many others, the Spanish Tax Office applies the following broad criteria:

You spend more than 183 days in Spanish territory in a calendar year.

Your financial interest center is in Spain.

Your wife and/or minors live in Spain.

Categories reporting

There are three categories of reporting: bank accounts, investments and real estate.

Reporting obligation

All assets of a certain category must be reported if your total assets within that category exceed €50,000.

2021 period of tax submission

During the period from 1 January to 31 March 2021.

Can I submit it after the time of submission?

Yes, but there are heavy penalties. Ask us. Ask us.

If you have previously filed a tax form 720

You just have to re-file it if:

The value of an existing asset increased by over €20,000;

You sold a property, or

You got a new asset.

Non-compliance penalties

The excessive fines levied are (very) steep.

Failure to file or incorrect filing of 720: €5,000 per infraction.

Minimum €10,000 fine for each asset group.

150 percent penalty on unpaid income tax.