The families of Pla have saved 20.4 million with the elimination of inheritance taxes

PalmUp to 2,000 people or families from the 14 municipalities of Pla de Mallorca have saved a total of 20,412,525 euros since the Government of the Balearic Islands launched fiscal measures at the beginning of the legislature, such as the elimination of the inheritance tax or tax on inheritances, and the elimination of the property transfer tax on the purchase of the first habitual residence.

The figures obtained by Tot Pla add up the total savings between July 18, 2023, and January 31, 2026, in Algaida, Ariany, Costitx, Lloret, Llubí, Maria, Montuïri, Petra, Porreres, Sant Joan, Santa Eugènia, Sencelles, Sineu, and Vilafranca.

Regarding the inheritance tax, the bonuses have benefited both direct relatives and second-degree relatives.

In the case of inheritances between parents and children, grandparents and grandchildren, and spouses, the bonus is 100%, a fact that has allowed 1,371 people and families from Pla to save 13,504,013 euros.

Regarding inheritances between siblings, or between uncles and nephews, with bonuses of 35% or 60%, 272 people and families have saved 3,570,516 euros.

In relation to the purchase of the first habitual residence, different bonuses have been applied according to the buyer's profile.

Thus, the 100% tax bonus for young people under 30 years of age and people with disabilities has benefited 53 people, with total savings of 943,400 euros.

The 50% bonus for young people under 36 years of age, large families, single-parent families, or families with dependents with disabilities has benefited 108 people and families, with savings of 1,061,649 euros.

Finally, the reduced rate of 4% for those over 36 years of age who purchase their first home has benefited 195 people, with savings of 1,332,947 euros.

FIRST HOME PURCHASERegarding the tax on the purchase of a first habitual home, the initial limit on the price of the home to access bonuses was set at 270,151.20 euros. Subsequently, after a study by the Observatory of Housing of the Balearic Islands, the Government decided to increase this threshold to 307,089 euros in Mallorca, to adapt it to the reality of the real estate market.

Furthermore, the Government has proposed a new legal modification to increase this limit to 331,859 euros in Mallorca and Menorca.

VALUATIONThe vice-president and Minister of Economy, Finance and Innovation, Antoni Costa, has very positively valued the impact of the tax reform in the entire community and stated that “two and a half years after approving these measures, we see with enormous satisfaction that thousands of young people and families from the Balearic Islands have saved more than 1,000 million euros thanks to the tax reform we promised to the citizens”.

Costa has especially defended the elimination of the inheritance tax, assuring that it was “urgent and vital to act” because, as he said, it is “the most unfair tax of all, the tax that taxes the effort and sweat of a lifetime”.

Regarding housing-related measures, the vice-president has highlighted that the tax bonuses have facilitated access to a first home for many people with difficulties, especially young people and families.