TAXES AND RATES

ITP Tax (Property Transfer Tax)

The Property Transfer Tax (ITP) is a tax levied on the transfer of property from one person to another.

It is not a tax that is applied annually or quarterly, it is not temporary. It is accrued once the taxable event that gives rise to the obligation to pay the tax has occurred.

When we buy real estate, we have to legalize and register the deed. This process begins once we have gone through the notary process. To legalize the deed we must pay the Property Transfer Tax and subsequently register it in the corresponding Property Registry.