Articles tagged with: income
Capital Gains, CONVEYANCING, developer, english speaking solicitor, Headline, Income, Property law, taxes »
In this year we have published several blog articles regarding tax changes on property subjects which the Spanish Central Government has passed over this year. In that regard, the deadline to implement most of them finishes on the 31st of December.
As a requirement to increase tax revenues, this new year will bring the removal of some tax reliefs which are currently enjoyed by home buyers in Spain.
From the 1st of January, home buyers in Spain should consider that the following tax incentives will disappear:
1) 50% tax exemption on capital gains …
Capital Gains, CONVEYANCING, discount, english speaking solicitor, Featured, Headline, Income, legal advice, malaga, NON RESIDENT, resident, solicitor, taxes »
Regarding the current financial situation, which is reflected in the drop of property sales in Spain every three months, the Spanish Government has passed a new tax exemption. This exemption tries to promote the sale of properties and may become very interesting for both individuals and bodies corporate considering buying a real estate property in Spain in the short term, whether they purchase commercial premises, homes, offices, garages, plots, storage rooms, etc.
On the 12th of May 2012, the Central Government passed the Spanish Royal Decree-Law 18/2012 of 11th of May …
CONVEYANCING, Featured, Headline, Income, malaga, NON RESIDENT, PREVENTION, taxes »
Presently, by the fall of prices on the property market, many owners sell their homes for a similar or lower price than the purchase price when they originally bought them, which the main result is that there is no capital gains or this is not that much high on the sale of the property.
However, if these owners are non-resident tax in Spain, that is, if they pay taxes in another country, then the buyer has the legal obligation to withhold 3% of the purchase price and to pay it to …
CONVEYANCING, Featured, Headline, Income, Inmobiliario, NON RESIDENT, taxes »
All property owners in Spain are liable for some taxes every year. Even if you are (tax) non-resident, when owning a property, you must fulfill your fiscal obligations here in Spain by submitting your yearly income tax declaration for non-residents (IRNR).
In the event you are non-resident in Spain, the reason why you are subject to this tax is because your Spanish property is not your principal residence. Non-residents remain subject to the tax because, by definition, Spain is not their principal residence, so that it is necessary to calculate …