Anwaar Lahrichi-Greenwood was found floating in the water off San Antonio on Sunday afternoon, less than 48 hours after he went missing after a party.
His loved ones have expressed their shock and sorrow on social media where they remembered him as "intelligent and gentle".
Anwaar's distraught sister Lula posted a picture of him online with the words: "I feel so dead inside knowing I'll never see you again.
"Knowing you went on holiday and died in the sea alone, I tried to find you with all my power, my love.
"My bro, my best friend. You where the best brother and you made me feel important and special. Your jokes and your smile, intelligence and gentle nature."
The project manager also shared images of the heartbreaking texts she sent her brother who was due to fly home to the UK on Saturday.
A distraught Lula wrote: "Bro come back please. I'm so sorry I left you. Please come back I need you. I'm dying without you. I miss you so much."
His friends also commented on his last photo on Instagram, with some even pleading for him to get in touch with them.
One wrote: "RIP king. I'm still in shock regarding your death. I'm so sad."
Sources said there were signs of violence on his body but it was not immediately clear if the injuries were sustained before or after his death.
He was reportedly staying at a hostel in the party resort of San Antonio and had been missing for 48 hours.
Anwaar's body was removed from the water after police were alerted shortly after midday on Sunday.
A post-mortem examination is expected to take place today.
Police confirmed the identity of the victim this morning.
At least four young men from the UK have died in the party hotspot this month and Ibiza tourism chief Vicent Torres holds British "culture" responsible.
In July, British tourist Ben Crawford, 19, died after going for a swim at around 3am near the popular resort of Playa d'en Bossa two weeks ago.
Harry Kingsland, 21, from Birmingham, also died that week after taking a blow to the face while trying to stop a fight in the same town.
Just two days later a 22-year-old Brit died after collapsing in the street in San Antonio and being rushed to a health centre.
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