Should I pay Wealth tax or not? The established threshold for Spanish wealth tax in Andalucia for 2017 is €700,000. If your taxable wealth exceeds this you will be subject to wealth tax on your net assets. Spanish wealth tax is payable by both residents and non-residents of Spain. Spanish wealth tax is a progressive tax – the higher the …
The European Court of Justice in Luxembourg ruled that Spanish banks that had loaned money to home buyers on variable interest rates were breaking European law when they refused to pass on the savings from the dramatic fall in interest rates after 2009 by enforcing the so-called ‘cláusulas suelo’, (floor clauses), that prevented mortgage rates falling below a fixed percentage …
What a company has to do if it has hired a foreigner, who at the time was authorized to work but is currently in an irregular situation in Spain due to expiration or non-renewal? At the time of hiring you must request the Identity card to verify the validity of the work permit. We are sometimes advised to include an …
A resident in Spain who is thinking to sell what has been your habitual residence in order to move to his country, should know the circumstances that would exempt from paying tax on the sale of the property in Spain. If you are resident in Spain or you have recently moved to any EU country, Iceland or Norway, you may …
Apart from the general maintenance costs, there are a number of costs in the form of taxes and fees that property owners in Spain face. Property Ownership Tax (Impuesto Sobre Bienes Inmuebles – IBI) A local tax on the ownership of property in Spain, whether the owner is a resident or not. Calculated on the basis of cadastral value or …
When we travel, it is usual to book a room in a hotel to spend the night at our destination. Over time, there has appeared a new way to travel, which is to book apartments o rooms by internet. There are a lot of internet sites that offer this services, where you can get cheaper prices for accommodation. Until now, …
Wealth Tax Non-resident natural persons who, at 31 December of each year, are the owners of assets and rights in Spain are subject to payment of Wealth Tax. In the case of immovable property, the taxable base is determined by the difference between the value of the property in the deed and the debts on the estate (mortgage), in the case …
Good Way Tax & Legal has a tax advice department specialising in non-resident taxation, with many years of experience behind us. Any client who wishes to do so can use our global service of tax calculation, settlement and payment, as well as tax representation in Spain. Non-resident Income Tax Non-resident natural persons in Spain who own urban properties in …
A little forethought and planning can ensure that your heirs don’t have to suffer through complicated legal procedures. Thinking ahead can also ensure that, should your spouse die, you are not left with disastrously high tax bills. Making a Spanish will is the first step to making sure that your Spanish assets go where you want them to. Without a …
Before you complete your property purchase you should make sure that: you have seen the Land Registry extract (nota simple), available from the Colegio de Registradores (translations into English for an additional fee), and checked the following details: 1.-the property and land for sale match the details registered and the sellers are the registered owner(s) 2.-there are no debts or …
