Category: Homes and letting
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Operating a tourism rental property
Renting a Short-Term Apartment in Andalusia: Your Complete Guide Andalusia, with its stunning coastline, rich history, and vibrant culture, is a magnet for tourists seeking unforgettable experiences. If you’re considering renting out your apartment as a short-term rental in this picturesque region of Spain, you’re tapping into a lucrative market. However, navigating the process can…
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Non resident inheritance
Inheriting assets in Spain while not being a resident in the country can be a complex process, with significant implications for tax obligations. Failure to address these obligations promptly can result in penalties. Here’s what you need to know: Tax Obligations and Regions: Spain’s inheritance tax system varies across its administrative regions, such as Andalucía,…
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Planning on giving your home to your children? There may be a better alternative
Imagine you’re in the process of relocating from your current home to a new one, and you’re considering donating your current property to your children. However, before making a decision, it’s essential to understand the fiscal implications involved in this scenario. Fiscal Costs: Best Case Scenario: If you’re over 65 years old and your current…
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Moving abroad doesn’t mean residents have to pay capital gains tax on their house sale
Moving abroad doesn’t necessarily mean that Spanish residents have to pay capital gains tax on the sale of their house. There are specific exemptions and conditions that apply, particularly if the proceeds from the sale are reinvested in a new main residence. Here’s a detailed breakdown of how the process works: Exemption for Main Residence…
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Non resident property taxes
If you are a non-resident in Spain but own property, it’s essential to be aware of your tax obligations, including the requirement to file an annual tax return. This obligation is separate from the Impuesto sobre Bienes Inmuebles (IBI), which is similar to council tax and is paid annually to your town hall. If you…
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Taking over a mortgage is usually the best option
When it comes to purchasing a property, there’s a smart financial move you might not have considered: taking over the current owner’s mortgage instead of signing a new one. This process, known as subrogación in Spanish, can offer significant benefits and potentially save you a substantial amount on taxes. Imagine you’re on the brink of…