Luxury property in Andratx, Mallorca

A luxury property for the super wealthy. | Archive

Andrew EdePalma08/08/2023 08:51
TW
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According to the Tax Agency's most recent figures - for 2021 - 427 residents of the Balearics declared salaries of 50,000 euros per month or more.

Predominantly business executives and elite athletes, the 427 represented 0.07% of all income declarations in 2021, a fractionally higher percentage than for the whole of Spain - 0.06%. They will now benefit from a Balearic government 0.25% reduction in income tax for earnings of 30,000 euros and more per annum.

the second most common salary range in the Balearics in 2021 was between 12,000 and 21,000 euros per year - 147,068 people.

The third most common (103,583 people) was 30,000 to 60,000 euros per year. Fourth was 21,000 to 30,000 euros - 91,844 residents.

But there were also 198,343 people, including 30,435 who earned less than 1,500 euros, whose income was below 12,000 euros.