Four ways to save on property tax in Spain. Property tax in Spain is notoriously high, both on purchase and during ownership. But, what if it were possible to reduce that bill? And if so, how would you go about it?
In this article, we address these questions. We also look at reducing your liability for non-resident, wealth or inheritance tax as a UK resident on your existing Spanish property. And the possibility of transferring existing ownership to a company.
You’re probably aware that taxes on property in Spain tend to be onerous, particularly when you purchase, donate or inherit. For example, transfer tax on resale properties and VAT on new homes can be as much as 10%. However, there are taxes applicable to owning property, such as the annual Non Resident and Wealth Tax. How do you get round an eye-popping bill on property tax in Spain and save you and your nearest and dearest thousands of euros at the same time?
“High taxes are a hard fact of owning property in Spain,” said León Fernando del Canto, Head of Chambers at Del Canto Chambers. “But, we know that with the right legal advice from experts in the Spanish and English legal systems, you can reduce your bill and avoid problems with the tax authorities.”
Read the full article, originally published in Spanish Property Insight by clicking here
Del Canto Chambers is a leading London Chambers specialising in tax, international tax and legal affairs, property law, intellectual property and legal advocacy.
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