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Written by Administrator   
Monday, 11 August 2008 06:19

 

The following taxes may apply when purchasing a property:

1. Real estate transfer tax (impuesto sobre transmisiones patrimoniales). The tax rate is 7% of the notarized purchase price. This tax must be paid by the buyer. Without the payment of these taxes, the property can not be registered to the new owner Land Registry.


2. VAT (IVA). This tax is applicable only if it is a first sale of a new property. For sales of houses and condominiums, the tax rate is 7%. In other places (eg, land and premises) 16%. Iin second sales no VAT is charged, but it will paid the above mentiones real estate tax.


3. Municipal capital gains tax (impuesto sobre el incremento del valor de los terrenos de naturaleza urbana) or communal value added tax (plusvalía municipal). This tax burden has to be paid for the increase  in value of the plot from the purchase date until the date of sale. The tax must be paid by the seller. If he fails his obligation to pay, then the buyer must pay. Therefore, we suggest, that the buyer charges the amount of Plusvalia hand from the seller on the date of notary or directly deduct this amount from the purchase price.


4. From the non-Spanish sellers are also retained in the sale the Retension  of 3% of the sales price of the property. This payment will be controled by the notary. The 3% can be recovered by the exchequer under certain circumstances, if the profit margin on sales was not too high.


Our employees are constantly in contact with the appropriate offices to know the contact person personally and therefore can so many information out quickly and easily. Should there still time officially Reciprocating our employees have experience in dealing with the local formalities.

 

 

Last Updated on Wednesday, 30 June 2010 15:24
 



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