Buying Expenses in the Balearic Islands (Formentera, Ibiza, Mallorca, Menorca). It's advisable to allocate approximately 14% of the property value for buying costs. This breaks down into various components: a maximum 11% tax (akin to the Spanish stamp duty), local taxes, legal fees, and notary fees. In the Balearics, the tax structure is as follows: Up to €400,000: 8% From €400,001 to €600,000:...