When you buy a property we think everything finishes with the signing at the notary but, it is a long path until that moment. If the aftersales is not done properly it can cause problems in the future. The 5 steps to be made: Tax Payments It is important that you pay the tax bill related to the operation…. Read more »
Taxes On Personal Real Estate in Spain
We thought that it might help to recap on taxes on property that apply at the present time, as it is so confusing. 1) Sale of Spanish property Capital gains tax is payable on the capital gain if appropriate. For properties of non-residents purchased after 1986, 3% of the declared sales price is withheld from the vendor at the point… Read more »
Inheritance Tax in Spain
We’ve recently bought our house and have been advised that we need a Spanish Will. However, what is the position with regard to inheritance tax? Wills We would definitely advise you to make a Spanish Will as otherwise getting an Irish or British Will recognised in Spain will only incur expense, frustration and delays to your beneficiaries, as they would… Read more »
Changing the Ownership of a Joint Property. Questions and Answers.
Q. My aunt bought a property in Spain with her partner 5 years ago; he died 3 years ago. In the partner’s Will, he left the property share to her, but we have done nothing to change the joint ownership? Can my aunt sell the property now? A. Your aunt cannot sell what is not hers. She has to organise… Read more »