Are you the owner of a property in Spain but a non-fiscal resident? If this is the case, you should know that it is compulsory as per Spanish Legislation to pay a tax to the Spanish Inland Revenue, which is due for owning your property in Spain. This is the Non-Resident Income Tax, which is different to the Real Estate Tax “IBI”, a local tax to be paid to the Local Town Hall of where the property is located.
The Non Resident Income Tax is to be paid to the National Government, being a consequence of owning one or more properties in Spain. In addition, pursuant to a law approved by the governing Council in October2011, atemporary restoration of Wealth Tax has taken place in Spain with the particularity that there is a minimum exemption of 700.000 Euros, taking into account that there is a 10% surplus on a general scale applicable for those properties located in Andalucía.
As per new Tax Laws that were approved in December2011, anumber of additional changes appeared including the increase of Capital Gain Tax to 21% and General Income Tax rates for Non Residents up to 24.75%.
Having said the above, our company “Arcos y Lamers Asociados” offers you an efficient solution to meet with these tax obligations. The Firm Arcos & Lamers Asociados is an association of several professionals including as Lawyers, Economists, Accountants and Fiscal Advisors specialized in Spanish Law.
All members of staff speak several languages such as Spanish, English, Dutch, German and French. Our company provides fiscal and legal advice on company and business affairs, tax and accountancy advice, assistance on residential and commercial conveyance, wills and inheritance matters, litigation and labour advice. Should you wish, feel free to contact us at the abovementioned contact details. We will be pleased to assist you in this matter or in any other Legal or Fiscal inquiry.
Kind regards, Arcos y Lamers Asociados.
- Fiscal Advisor Marbella, Lawyers Costa del Sol, Legal Advice Costa del Sol, Marbella Economist,