Saturday, 13 November 2010

Homeowners Reminded Of Tax Laws In Spain

Homeowners Reminded Of Tax Laws In Spain: "Individuals looking to sell their property in Spain have been reminded of the tax laws which exist in the country.

According to Carlos Paton, a lawyer in Spain, there are a number of complex measures which non-residents must go through when looking to offload their property.

Writing for Lawdit, Mr Paton explained that foreign buyers in the country can expect to receive 97 per cent of the sale price, with the remaining three per cent contributing toward the 'Plus Valia capital gains'.

'After the completion, the seller independently being resident or non-resident will have to declare before the revenue commission, the revenues obtained from the sale of their dwelling,' the legal expert added.

Non-residents will then be required to submit an application within 30 days of the completion date to the Administration Tributaria, declaring the capital gains tax."

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