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capital gains tax
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does anybody know the capital gains tax paid on a property sold in Costa Blanca Spain ? I have been told that it is 40% !!! seems a lot to me
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For more on marking an answer as the "Best Answer", please visit our FAQ.Sorry - it's 35% for non-residents.
http://www.telegraph.co.uk/global/main.jhtml?xml=/global /2006/03/02/762comprop.xml&sSheet=/global/2006/03/13 /home.html
http://www.telegraph.co.uk/global/main.jhtml?xml=/global /2006/03/02/762comprop.xml&sSheet=/global/2006/03/13 /home.html
thanks hard@it but I want to live in Spain and would like to know the tax I woild have to pay if I sold my house
You would have to pay 40% but you don't really need to. Why not make a appointment with financial planning manager at your local bank and ask to setup a trust. one that you still control and can withdraw from when you are living. This does not need to be declared not even when you die. It does need to be declared with probate. And can be transferred straight to the beneficiary. This way you avoid even paying inheritance tax as well