As a property owner in Spain you are bound to pay certain taxes. There are two taxes that have to be paid annually:
Local rates (IBI) and Non-resident Taxes to the Spanish Revenue, which are based on the rateable value of the property.
Local Rates: we manage the payment of this tax and set up a direct debit into your Spanish bank account.
Non-resident Taxes: we will calculate the total figuer every year and inform you accordingly with sufficient notice.
We provide a comprehensive and professional Fiscal Representation service, which also includes formalities and proceedings at the Spanish Revenue (Agencia Tributaria).
Capital Gains Tax.- In the event of selling your property in Spain as a non-resident, the buyer is committed to retain a 3% of the price from you. If you are making no profit on the sale, we will manage the refund of that 3% retention.
Inheritance Taxes: Unlike UK, there is no exemption from inheritance tax between husband and wife. A tax form must be completed and the taxes paid. In Spain it is the heir who is taxed and not the estate. Tax will be calculated on the relationship of the heir to the deceased, the amount of the inheritance he/she receives and existing wealth. All assets will be taxed – bank accounts, property, cars, golf shares etc.
Fiscal Advice: We offer a wide Tax and legal consultancy to give you the best advice accordingly to your needs.
