Loads of money! The number of rich in the Balearics on the rise

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Big rise in the number of people who pay wealth tax

Loads-of-money in the Balearics! The number of people who pay wealth tax in the islands has risen by almost 20 percent in the last five years, according to figures from the Tax Office.

To pay wealth tax you must have wealth in excess of 700,000 euros.

In 2016 a total of 7,489 people paid wealth tax and the number has now risen to 8.903 people. Accoridng to real estate agents the fantastic climate and relaxed way of life in the Balearics are a magnet for millionaires who have moved to the island in large numbers of recent years.

This state of affairs is clearly evident in property prices, the islands have some of the most expensive homes in the country. And it is not only homes.

Island yacht clubs are full of super-yachts.

British luxury car-maker Aston Martin is considering opening an office in the islands because of the large number of vehicles on this type owned by both Spanish and foreign residents and non-residents.

Range rover has already opened a shop in Puerto Portals.

(source: Majorca daily Bulletin, Manuela Olmesdahl, Adjuntament Palma )

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