News: Taxes when purchasing property on the Costa Blanca

One of the main questions that worries a buyer before purchasing properties is: “What tax should I pay?"
Accordingly, the budget for the purchase will be formed from this.
Real estate properties published in different sources do not display the tax amount. Therefore,we would like to comment on these numbers.
In the case of the purchase of secondary housing, a tax is paid, which is 10% of the cost and is called impuesto sobre transmisiones patrimoniales onerosas o ITP.
When purchasing a new property, you will have to spend a little more on tax, since you pay a value added tax, which, as in the case of secondary housing, is 10% and is called impuesto sobre el valor añadido o IVA, as well as a tax on documented legal actions and is called impuesto sobre actos jurídicos documentados or IAJD. Its value for our region is 1.5%.
The period for paying tax after completing the transaction is 30 days.