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Inheritance Tax in Spain

Inheritance Tax in SpainAs a property owner on the Costa del Sol, you may be aware that the inheritance taxes in Spain are quite different from the UK. It’s a big topic and we advise that property owners seek financial advice for how to best manage the inheritance taxes here in Spain. Knowledge is power and if you know where you can be in for more taxation you can take steps to minimise it.

A great change for anyone owning property in Andalucia, is that the Inheritance Tax laws for non-residents are changing to be in line with their local area, which means that in Andalucia, the surviving spouse will get a 99.9% discount on Inheritance Tax on their primary residence. This is a big change, as before there were no tax breaks at all for the surviving spouse, beware though that if you are not married or legally recognised as a couple you will not get these same benefits.

To give you a little introduction to Spanish inheritance tax we have pulled out a few key points here –

  • The individual recipient is taxed rather than the ‘estate’ of the deceased.
  • If the couple are living together but are unmarried, the tax due is even higher and could be at least doubled.
  • Ex-pats who are resident in Spain are liable to pay Spanish Inheritance tax regardless of the country in which their ‘estate’ is situated.
  • Non-residents are liable to pay Inheritance Tax in Spain only on assets which are physically located in Spain.
  • If you own a property and it has been your primary residence for more than 3 years the recipient of the inheritance may qualify for a tax free allowance of €122,136.

At HomeCareontheWeb, we have contacts with financial advisors and legal professional who can help you if you’re concerned about this issue, please contact us and we will give you some recommendations. To educate yourself on inheritance tax in Spain read this interesting article – http://www.spanishpropertyinsight.com/tax-and-pensions/spanish-succession-tax/

Payment of Rental Tax in Spain

The law regarding payments of tax in Spain for property rentals has been amended. We believe this is good news for our owners because, if you are a non-resident, you can offset all legitimate expenses against your rental income, such as management fees, mortgage interest, community fees, etc. Continue reading “Payment of Rental Tax in Spain”

Free Property Legal Advice – Pocket Size Guide

Whether you are a home owner in Spain already or you are considering purchasing a property in the country, good legal advice is a necessity.

If you are currently looking at potential properties to buy here on the Costa del Sol, you may well have a fair amount of questions about legalities such as the costs of purchasing property in Spain, taxes and fees, resident permits, Spanish wills, and Spanish bank accounts.

HomeCareontheWeb brings you a very handy pocket guide from Perez Legal group which is free for you to download and answers many of those little questions that may take some of the stress out of purchasing a property and managing life in Spain.

Click here to download your free Spanish Legal Property Advice pocket guide or visit www.homecareontheweb.com for more info and free download guides.

Renting your property – The costs

Earn moreMany people are choosing to rent property in Spain these days, and it can be a great source of income for the owner. However, where there is income, there will be tax. It’s important not to solely rely on the income from letting your property to pay the mortgage and maintenance costs, as you may find it hard to get it covered all year round. Here is some brief information on what costs and taxes you may be subject to if you decide to let your property.

Income tax, how much to pay and when (Non-residents)

When your property is being rented out, the amount of income tax payable is usually a flat rate of around 25% of the gross income earnt from letting the property. This would be paid quarterly for the previous 3 months. When filling out your tax return, don’t forget to offset any expenses you pay on behalf of your tenant such as the water or electricity. Be aware though, the tax authorities work closely with the electric and water companies, and will know if the bills are being taken from your bank account or your tenants so you must only offset the expenses paid for by you. Continue reading “Renting your property – The costs”

Could you be in line for a Spanish capital gains tax rebate?

According to an article in the latest issue of Lloyds TSB International magazine ‘Shoreline’, British expats who sold a property in Spain before the end of 2006 could be due a Capital Gains Tax rebate following a landmark court ruling.

Hola,

According to an article in the latest issue of Lloyds TSB International magazine ‘Shoreline’, British expats who sold a property in Spain before the end of 2006 could be due a Capital Gains Tax rebate following a landmark court ruling. Continue reading “Could you be in line for a Spanish capital gains tax rebate?”

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