What you need to know about Spanish property tax – MoneyWeek

MostBritishownersofSpanishpropertyremainunawareoftaxchangesthatoccurredthereatthestartoftheyear,saystheSchmidtReport。

Capitalgainstaxisnolongerhigherfornon-residentindividualsandcompanies:ithasbeencutfrom35%to18%foreveryone。

Thewithholdingtaxonthesaleofpropertybyanon-residenthasbeencutfrom5%to3%。

Thisdoesn’tmeanyoucanavoidUKtax,saysDavidBudworthinTheSundayTimes。

ButifyouelectyourSpanishhomeasyourprincipalprivateresidenceafewweeksbeforeselling,thefinalthreeyearsofgrowtharefreefromUKtax。

Theothernewsisn’tsogood。

Newanti-avoidancerulesdictatethatacompanyregisteredinataxhavenwhichholdspropertyinSpainislikelytobedeemedresidentthereevenifitismanagedoverseas。

Toavoidlocaltaxes(Spanishproperty-holdingcompaniesnowhavetopay25%corporatetaxonthefirste120,000ofprofitsand32。

5%thereafter)thecompanyhastoproveitisnon-resident,“possiblybydemonstratingthatitholdsassetsinotherjurisdictionsaswell”。


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