The Spanish Tax Office has recently been sending letters to many non-resident owners, referred to the tax years 2007, 2008 and 2009 and pointing out the fact that having owned a property during one of the said years implies an obligation to file an Income Tax return as well as a Wealth Tax return (the [...]
The purchase of flats under construction is quite safe in Spain if proper precautions are taken and the Promoter is requested to comply with the Law. Before buying a flat under construction, it is essential to ensure that the municipal Building Permit has been granted to the building project. Before making any payment or reservation [...]
Housing sale transactions strongly increased year over year in August for the eighth consecutive month and even stronger so than in July, June and May. According to Tinsa the 5% drop in house prices has helped the recovery. Purchases and sales of properties increased by 29.6% in August compared to the same month last year [...]
Abolishment of tax credit deduction from January 2011 on purchases of principal residences where income exceeds 24.000 Euros As of January 1, 2011, if the Sustainable Economy Act bill does not change, tax deductions for primary residences will be amended. They will only be tax deductible for taxpayers with incomes below 24,107.2 Euros. The deductible [...]
Since the Spanish Government decided in Spring 2007 to suppress the Wealth Tax as from the tax year 2008, some people hurried to conclude that non-residents property owners would not be taxable any longer, except for the municipal Land Tax (which is a tax on the property, not a personal tax) and that from now [...]
Real estate purchases are sometimes agreed privately. Over the years we have been offering legal assistance also in real estate purchases that have been agreed between a private seller and a buyer without us acting as agents. We are experiencing a growing demand for these services, which are already an important business division in our [...]
Liable to this tax are the persons receiving an inheritance, bequest or legacy and not having have their usual residence in Spain, as well as residents in Spain if the deceased person did not have his/her usual residence in Spain. The competent Tax authority is the Special Branch of the Tax Authority in Madrid, i.e. [...]
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Telephone : +34 928 150 650
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