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Wincham International would like to advise you that you are obliged to submit a Non Resident Tax Declaration to the Hacienda (Spanish Tax Office) if you own a Spanish property as a holiday home or a Spanish property that you rent out for part of the year and visit occasionally.
This must be filed by the 31st December every year covering the previous calendar year of ownership.
You are obliged to pay tax on the value of the property annually and this is calculated by the Hacienda on the Catastral Value of the property which is detailed on the IBI Bill (Rates Bill) you receive annually.
If you are not currently submitting a Tax Return (there needs to be one Tax Return for each registered owner of the property) you may receive a demand from the Hacienda for taxes due over the previous 4 years and there will be hefty fines attached as well. If you manage to slip through the net you will most certainly be caught by the Hacienda when you come to sell the property as the new owner will be required to pay a 7-10% Transfer Tax (dependant on the region the property is located in) and it as at this point that the Hacienda will check to ensure your Tax Returns have been submitted.
You are also liable to pay Wealth Tax on any assets you own in Spain over the value of 700.000 Euro annually.
Please do not bury your head in the sand any longer - failure to comply with legislation could prove to be a costly exercise!! If you would like to speak to one of our Team regarding your situation please contact us by clicking on the banner (below...).
We recently bought a small apartment in marbella in april'14. We plan to stay there for 4-5 mths in the winter and it would remain unoccupied for the rest of the time.
We are not planning to let this - at least for the time being.
1. are we also supposed to file a tax return very year.
2. We were notified of IBI of 790 euros by our lawyer but have just paid 877eur by dd.no body sent a bill.
many thanks- Spain Increases IHT in Valencia & Murcia
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- Capital Gains Tax in Spain
- Electrical Surveys for Property in Spain
- The Use of Statistics to Analyse the Spanish Property Market
- Bank guarantees - when things go wrong
- What is the IBI Tax and How is it Calculated ?
- When you can’t pay the Mortgage
- Landlords : The Tenant Eviction Process
- Community of Residents : When Things go Wrong
- Getting your utility bills online
- Join us for Tea on the Terrace
- Join us for FREE IHT advice in Murcia & Costa Calida
- Join us on the Costa del Sol to discuss your Spanish IHT requirements
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- Spanish IHT seminar proves a success
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- Discuss your IHT requirements with us in person
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