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property Tax (Read 2044 times)
ray123
Ex Member


property Tax
Apr 1st, 2008 at 8:40am
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Is there anyone who can tell me what percentage of tax I must pay when I have sold my house. I am a non resident and have

been in the property two years, I am also retired

Any advice would be gratefully received.      Smiley
  
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ColinB
Ex Member


Re: property Tax
Reply #1 - Apr 2nd, 2008 at 2:13pm
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Go see a gestor and get an authoratitive answer is my advise.  Ramon Chorda in Amposta speaks American (sorry, English) nice bloke.  977 70 60 40.
Think you'll find there's Capital Gains Tax of about 18% on the equity but the cost of refurbishment, fees,  expenses are added to the original purchase price thus lessening your exposure to CGT. There is an escape clause if you're a pensioner....over 65's don't pay any tax I think.  Feed back welcomed whether this is right or not.
  
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fatphil
Ex Member


Re: property Tax
Reply #2 - Apr 3rd, 2008 at 4:45pm
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I remember reading that you are only free from tax, if the money from the sale of the property is invested back into buying another property in Spain, allthough you are allowed two years to do so.
  
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ColinB
Ex Member


Re: property Tax
Reply #3 - Apr 3rd, 2008 at 10:50pm
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Yup we were told that - forgot to mention it.  Not sure what happens if u do not re-invest the whole amount though....but we will find out soon!
  
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