From this year non-residents owning real estate in Spain will pay a lower tax on profits from the sale of their property.
The Spanish government has made some favorable changes to the tax system for 2015 and 2016, including some tax breaks.
Especially interesting the changes are for non-residents who sell their Spanish property. Taxes on profits derived from sales declines from 21% to 20% in 2015 and 19% from 1 January 2016.
There are, however, slight nuances depending on whether the property was acquired before 1994 or after:
- For homes purchased prior to 1994, January 1, 2015 low tax applies to income from the sale of property worth less than €400 000 (above this amount will be applied the old rates).
- For homes acquired after 1994 reduced sales tax will be applied regardless the value of the property.
According to the materials mallorca-sothebysrealty.com
Photos Shutterstock.com
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