Not sure it this is the right forum but here we go anyways. My husband's mother sold an apt in Spain a number of years ago. She had lived abroad for years. She has since passed away. The apt was in my husbands name but he did not get any of the proceeds. He was going thru some paperwork and found the details regarding the apt. There was a figure for retention. Has anyone seen this before or know how you go about reclaiming it? Will my husband have any tax liability? He was the sole beneficiary of his mothers will?
Anyone sell property in Spain?
- Thread starter Bobbi70
- Start date
In Spain when you sell a property the Revenue have a retention tax 3% in case there is any outstanding taxes due by the vendor of the property. The solicitor who acted for your mother's estate in spain should be able to tell you if there is a refund due. Also if it was a number of years ago the property was sold - the capital gains for non-residents was 35% but was reduced to 18% for non-residents about 3 years ago. What part of spain did your late mother-in-law live - I know of a couple of forums that you could post further questions on which might give you some answers.
Angela59
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niftthelean
Guest
I have a slightly different request. There is a property near Murcia in the family and I am getting ownership trandferred to me. No real purchase going on here - it is pretty much a gift (though maybe not a particularly welcome one 
).
Can anybody advise on how best to do this? What fees (legal etc) would apply?
Thanks....
).Can anybody advise on how best to do this? What fees (legal etc) would apply?
Thanks....
hastalavista
Registered User
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I have a slightly different request. There is a property near Murcia in the family and I am getting ownership trandferred to me. No real purchase going on here - it is pretty much a gift (though maybe not a particularly welcome one
Can anybody advise on how best to do this? What fees (legal etc) would apply?
Thanks....
2 links here
http://www.spanishpropertyinsight.com/buff/tax/non-residents/ and
http://www.abacoconnect.com/
purchase costs will be c 10% of market value and then the annual costs of having it can be about 4k
Make a spanish will with just this property in it
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niftthelean
Guest
Thanks - wow, 4K - I assume that is tax - seems like a bloody enormous property tax. And people here are getting ready to complain about 100 Euro pa....
Those sites are v useful, thanks.
Those sites are v useful, thanks.
Where do you get E4K - Wealth tax abolished about two years ago. There is a La Renta tax whether you rent your property or not but it is very nominal, SUMA again is very nominal fee. Transfer fees would not be the same as purchase the 10% above would include IVA which is VAT so this can be excluded from 10%.
The original poster would be best posting question on [broken link removed] or www.eyeonspain.com - costaluz lawyers regularly post on eye on spain and could answer your question. Good luck on your acquisition and enjoy it.
Angela59