DEL CANTO CHAMBERS – EXPERTISES
If you are purchasing a property in Spain you need specialist legal and tax advice to ensure a smooth and cost-effective transaction. In 1998, the Spanish non-resident income tax law introduced a tax liability on property in Spain owned by non-residents.
Discover our services for Real Estate:
If you are buying a residential property in Spain the amount of tax you will pay will depend on where you are buying and whether it is a new or resale property:
- If you purchase a new build property, which has never previously been occupied, you need to pay the equivalent of VAT (Impuesto sobre el Valor Añadido – IVA – in Spanish) which is 10% of the price, and Stamp Duty, 1.5% Legal Documentation Tax (Actos Jurídicos Documentados – AJD – in Spanish).
- If you’re buying a resale property that has previously been occupied, you need to pay transfer tax (Impuesto sobre Transmisiones Patrimoniales – ITP – in Spanish) which is calculated on a sliding scale depending on the purchase price. The national rule of ITP is 7%, but many of the autonomous regions have applied higher local rates.
Our aim is for our clients to simplify matters, reduce costs, maintain their wealth and help it steadily increase.
Let us guide you on our services for Real Estate
To make a no-obligation enquiry, please either call us now on:
+44 2070 430648
or complete our online form on our contact page, which after receipt we will come back to you within 24 hours.