CGT on Spanish property

[Audrey]

A friend bought an investment property in Spain some years back. Has now found out that he will have to pay 33% tax on any profit when the apartment is sold (a type of CGT I suppose). Friend knew about this tax, but thought it only applied if the property was sold within the first 5 years. Apparently it applies to the profit no matter when the property is sold. Has anybody heard of this?

 

[Sherman]

As far as I remember from talking to friends with Spanish properties, it operates on a sliding scale - ie the amount of CGT payable drops over a number (10?) of years.

Your friend will also be liable for Irish CGT as far as I know.

I have heard that [broken link removed] is good on Spanish property etc. (I have no connection). Maybe your friend should give them or their spanish lawyer a call?

 

[Audrey]

Thanks for that Sherman.