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Just announced - a second hike in the Capital Gains Tax (CGT) levied on non-residents by the Spanish Tax Office in as many years.
As from January the 1st 2012 Capital Gains Tax (CGT) for non-resident property owners in Spain will stand at 21% across the board. This follows a previous rise in 2010 from 18% to 19%.
In 2007 the European Union put pressure on Spain to lower the then CGT rate of 35% for non residents (15% for residents) to 18% - deeming it to be an unfair penalty on non-residents. A rise of 1% in 2010 passed relatively unnoticed but shows a worrying trend towards accelerating tax increases to boost the dwindling economy.
Spanish Residents will also feel the sting with figures rising to 21% up to 6000 Euros (Eu), 25% between 6001 Eu and 24000 Eu and 27% on higher figures.
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