Taxes on Selling Spanish Property

Taxes on Selling Spanish Property


By Raymundo Larraín Nesbitt

Lawyer – Abogado
8th of December 2014

Introduction 

A seller can expect to pay, by law, two taxes:

I. Capital Gains Tax (or CGT for short) and

II. Plusvalía Tax.

However it can be agreed in practice, and frequently is, that a buyer pays for Plusvalía tax. Confusingly you may find that some articles refer to both taxes as if they were one and the same; they muddle plusvalíamunicipal (town hall tax) with plusvalía fiscal (which is Capital Gains Tax in English). Needless to say this is a glaring mistake as they are two distinct taxes; the former is paid to the town hall where the property being sold is located and the latter to the state (whether as Personal Income Tax or Non-Resident Income Tax dependent on the taxpayer’s residency status).

Following new regulation, a seller may be required to produce an Energy Performance Certificate (couple of hundred euros) in addition to CGT and Plusvalía Tax.

The Spanish Government published in the Official Law Gazette (BOE) last Friday 28th of November a set of new tax laws which will impact on a seller’s taxation. Law 26/2014 amends both Personal Income Tax (IRPF) and Non-Resident Income Tax (IRNR). These changes will come into force as from the 1st of January 2015.

If you own property purchased before the 31st of December 1994, and plan to sell soon, you may want to take tax advice before the new rules kick in as from the 1st of January 2015. You stand to pay a much larger capital gains tax bill as a result of these changes. It may be in your best (fiscal) interests to sell ahead in 2014 in lieu of 2015. You can read further on these fiscal changes on following this link: New Fiscal Laws Will Hammer Some Property Vendors.

I had already covered in detail the taxes to be paid by a buyer in my articles Taxes on Buying Spanish Property and How to Buy Property in Spain Safely (which includes in-depth coverage on buying off-plan and resale among many other property types).

 

I. Capital Gains Tax

Capital gains is paid by residents of Spain on their worldwide assets and by non-residents on property that they own in Spain. Special attention has to be made on whether one holds resident or non-resident status as reliefs and allowances differ depending on the case. I highlight in each section below which applies.

1.- Definition

CGT can be defined as the tax applicable on the profit you make on selling an asset (art.33 IRPF).

I stress it is the profit that is taxed (the gains), not the amount of money you receive.

2.- Capital Gains Tax Rates (for Non-Residents in Spain)

In general, 24% for non EEA/EU-residents.

For E.E.A. and EU-residents the newly enacted tax laws progressively reduce CGT’s burden as follows:

• Up to 31st December 2014: 21%.

• As from 1st of January 2015 till end of 2015: 20%.

• As from 1st January 2016 onwards: 19%.

This amendment, from last week, is welcome news as only a few years ago CGT was a whopping flat rate of 35% for non-residents. The Spanish government, nudged by the ECJ’s landmark ruling of 3rd of September 2014, has decreased CGT to bring it on par with residents.

3.- CGT Mitigation

A seller can mitigate, within legality, the profit figure on selling to reduce his capital gains tax liability. This can be achieved threefold:

a) Abatement Coefficients: Reductions Relating to when the Property was Purchased

Depending on when the property was purchased abatement coefficients kick in reducing the taxable base by a given percentage on an annual basis. Unfortunately, after the new set of laws was passed last week, this has been partially scrapped as from the 1st of January 2015. You can read further following this link.

Notwithstanding it still applies to properties bought before the 31st December of 1994 with a capped limit of €400,000. This is a one-time credit, meaning it may be used only once. You can however use it across multiple sales providing the total sales value is below the €400,000 threshold (i.e. two property sales of 200k each). Any amount over and above will not benefit from it.

b) Indexation Allowances: Reduction on Inflationary Movements (Inflation Relief)

This allowance used to give relief for the effects of inflation in computing gains over time. This correction factor brought property values in line with today’s inflation. This has now been scrapped as from the 1st of January 2015.

c) Expenses to be Offset

Art 35.3 IRPF. These can be divided into two subgroups (purchase and refurbishment expenses):

I.- Purchase Expenses

For further details please read my article Taxes on Buying Spanish Property. All expenses incurred on buying a property can be offset, such as:

• Lawyer’s fees.

• Notary’s fees.

• Land Registry’s fees.

• VAT or Property Transfer Tax (depending on whether you purchased off-plan or resale property).

• Plusvalía Tax (only if it was agreed the buyer paid it)

• Estate Agent’s commission (the norm is that a seller pays it but can be agreed otherwise in which case a seller could offset it).

On average, purchase costs add 10 – 15% over and above the purchase price. As we can see a great amount can be offset against the CGT bill on selling if done correctly. Original invoices (hard copies) must be kept for all the above as prove for the Tax Office. Your appointed lawyer will of course pre-empt this by submitting them beforehand to streamline the procedure and save time.

II.- Refurbishment Expenses

Remember that expensive parquet you brought all the way from Bali at your wife’s behest? Well you can now offset all major refurbishments costs against your CGT liability so as to reduce as much as possible the profit. Any extensions or improvements done to a property can be deducted. Do not confuse these with ongoing annual maintenance costs which are not tax deductible. In practice it may prove tricky to distinguish one from the other. Remember to keep hard copies of all the licences and invoices for justification purposes.

• Examples of deductible costs: glass curtains, double-glazed windows, parquet, marble floor, extension to property (outbuilding), tennis court, swimming pool, private lift.

• Examples of non-deductible costs: repainting over flaky paint, plumbing, debugging, tennis court green mold cleaning, swimming pool pump replacement, annual lift maintenance.

Word of Advice.

Needless to say, it can be surmised from both subgroups above that all invoices from professionals must have VAT on them. Do NOT supply to the Tax Office ‘invoices’ which lack VAT. You don’t want new problems. So when you are asked in Spanish by a builder or professional: “Con o sin factura?” (With or without invoice?) you always kindly reply: “con factura, por favor” (with VAT, please).

You only shoot yourself in the foot by trying to play ‘smart’ and avoid paying VAT (not to mention it is illegal) as these purchase and/or refurbishment invoices can be deducted in full on selling your property in the future. Planning ahead is key for success.

4.- Under-Declaring on Buying Property – Unadvisable Besides Illegal

Besides being illegal it is on selling your property when you lose big time.

The money you failed to declare on buying so as to save yourself one-digit in VAT or Property Transfer Tax, depending on whether you purchased Off-Plan or Resale property, comes back to bite you on selling.

Why? Because now the tax man believes you have made a larger profit (defined as the difference between the price you buy and sell) than what you actually did. And this ‘greater’ profit is now taxed at two-digits!

We can see it with a simplified example.

An off-plan property is acquired in 2005 for €250,000. The buyer (illegally) under-declares it by €50,000; ‘officially’, in Deeds or ‘escritura’, it shows as €200,000. The buyer saved himself 7% VAT on €50,000 which amounts to €3,500.

The buyer then decides to sell it in 2014 for €260,000 (figure in sales Deeds).

From a tax man’s perspective, the seller made a ‘profit’ of €60,000 (260 thousand less 200 thousand declared) when in reality he only made €10,000 (260,000 less the real 250,000). The seller is taxed 21% on the difference, which is €12,600 (21% of €60,000).

So basically the seller tried to save himself €3,500 on VAT in 2005 and nine years later, in 2014, he ends up over-paying €12,600 in taxes which practically negates his meagre profit of €10,000.

Following on the above, the seller has effectively over-paid €7,000 in tax. This is the difference between what he paid as CGT in 2014 (€12,600) and what he should have paid legally for both VAT in 2005 (€3,500) and CGT in 2014 (€2,100) had he come clean and declared the real purchase and sales price. The seller has wiped out in the process his profit margin. Not to mention you can get caught under-declaring leading to new problems. Not a smart move any way you look at it.

Bottom line, do not under-declare on buying property as you stand to lose money (on over-paying taxes when you come to sell later on). Besides, under-declaring is illegal.

5.- Non-Residents: 3% Withholding Retention on Selling

As a security measure, and to ensure taxes are complied with, a retention of 3% is practiced at completion on account of a non-resident vendor’s CGT liability. The obvious risk a non-resident poses is that they are bound to leave the country soon after the sale raising a question mark on their tax compliance. To avoid such a scenario unfolding, a buyer’s lawyer is forced – under law – to withhold 3% of the agreed sales price and pay it into the Spanish Tax Office (AEAT). The Notary public witnessing the sale will ensure this is carried out. You can read further on this retention on following this link.

Two scenarios unfold dependent on the profit made:

1. If a vendor has made a profit smaller than said retention then he is entitled to claim back the difference for which there is a deadline (three months). A vendor will require a lawyer’s service to claim back this money as it is not a straightforward procedure. A refund is taking on average several months (twelve to eighteen), a number of pre-booked visits to the Tax Office and compliance with tax models (211 from the buyer and 212 for the seller) which need to be meticulously completed so as to avoid the Tax Office giving any excuse to hand back the retention or part of.

During this time the Tax Office will be actively liaising with the appointed fiscal representative at the registered Spanish address set for communication purposes (i.e. they may require further documents are supplied). Which is yet another reason why non-residents should appoint a Spanish-based law firm to handle this refund as only a Spanish address will be accepted for communication purposes.

2. If the profit exceeds the 3% retention, a non-resident will be expected to pay the remainder within three months of the sale.

6.- Selling at a Loss (No Profit)

Today’s market is exceptionally tough for sellers. Vendor’s frequently sell at a loss so as to secure the quick sale of a property. It may come as a surprise when the Spanish Tax Office then tries to tax CGT when in reality there has been no profit.

The AEAT calculates the value of a property following rateable values. It is their understanding there is always some profit to be made on selling and any attempt to ‘conceal’ it may be taken as under-declaring; which of course is not the case for most sellers nowadays. Regardless you will be expected to pay CGT on selling (at a loss).

7. Fiscal Novelty Law 26/2014: Over 65-Year-Old Residents

Any capital gains made by resident taxpayers over 65-years-old will go untaxed (art. 24 Law 26/2014) when the sales proceeds are:

1. Reinvested in pension annuities.

2. Maximum of €240,000.

3. Six-month deadline.

This is in addition to the below main home tax relief.

8. Residents: Main Home Tax Relief if Over 65 (Absolute Relief)

Over 65-years-old residents are CGT exempt on selling their main abode (‘vivienda habitual’). Art 33.4b IRPF and 41 RIRPF.

9. Residents: Main Home Tax Relief if Under 65 (Rollover Relief)

Just a quick reminder that art 38.1 IRPF allows a resident seller to be CGT exempt on selling their main home providing the following conditions are met:

1. The seller must be resident in Spain.

2. The dwelling must be his main home (must have dwelled in it permanently for the three previous years art. 41 bis RIRPF). It may be less than three years in certain personal circumstances when the taxpayer was forced to change home as a result of job change, marriage or separation.

3. The sales proceeds are reinvested in acquiring a new main home (in Spain or else in the EEA/EU). Any part of the sales proceeds not reinvested will be taxed pro rata.

4. Deadline of two years to reinvest the sales proceeds (in a new main home).

5. This rule applies to under sixty-five year-olds.

 

II. Plusvalía Tax

Is a local tax levied by the town hall where the property is located. Please follow this link for more details.

1.- Definition

Plusvalía is a tax levied on the increase of value of the land from the date the owner acquired the property to the time of the present sale.

In Spanish, ‘Impuesto Municipal sobre el Incremento del Valor de los Terrenos de Naturaleza Urbana‘ (or simply ‘plusvalía municipal‘).

2.- Local Tax

This tax is a devolved (tax) competency to local authorities. Every town hall has competence to determine its own applicable rates within a scale. I cannot supply a chart with on-going rates as it varies significantly from one town hall to the next and is case-dependent. Lawyers need to liaise with the town hall where the property to be sold is located to obtain a final figure for the day of completion.

The tax is calculated on following both the rateable values of property and the number of years it has been in the possession of an owner (until the time of sale).

In most cases it is not significant, usually amounting to less than €1,000 but can be more in the case of villas with large plots of land.

Taxation on Selling Spanish Property – Conclusion

In my experience the Spanish Tax Office (AEAT) would seem to struggle understanding sellers’ plight on selling at a loss in today’s market. Don’t be surprised if, despite making a loss, you are still found liable to pay CGT by the ‘Agencia Tributaria’. And by the same token buyers are requested extra tax on buying under valued property as I explain in my article La Complementaria or Bargain Hunter Tax; they are two sides of the same coin.

Planning ahead is key to mitigate tax exposure on selling Spanish property. I strongly advise a seller hires a lawyer; with even more reason if non-resident. This ensures a seller complies in full with Spain’s tax laws and, given the case, may even opt for a refund on the retention (or part thereof) practiced at completion before a Notary Public. I remind the three per cent withholding retention only applies to non-residents on selling.

If you fail to plan, you plan to fail” – Benjamin Franklin.

Founding Father of the United States. Exceptionally gifted scientist, inventor, diplomat, writer, printer, postmaster and political theorist. Even politician in his spare time; nobody’s perfect.

 

Related articles

Capital Gains Tax – Advice by the Spanish Tax Office (Agencia Tributaria or AEAT)

How to Buy Property in Spain – Advice by the Foreign & Commonwealth Office

Spain’s Wealth Tax – 10th October 2011

Rent-to-Buy in Spain: The Smart Choice – 8th April 2012

Buying Resale Property in Spain – 21st February 2013

Buying Off-Plan Property in Spain – 8th of June 2013

Investor Guide to Spain’s Golden Visa Law – 8th November 2013

Bank Repossessions in Spain – 21st February 2014

Buying and Owning Spanish Property through Companies: Pros and Cons (Dispelling Spanish Inheritance Tax Myths) – 7th March 2014

How to Buy Commercial Property in Spain – 4th July 2014

How to Buy Rural Property in Spain – 8th August 2014

How to Buy Property in Spain Safely – 10th October 2014

La Complementaria or Bargain Hunter Tax – 8th May 2015

House Hunting in Spain – The New York Times. 17th June 2015

Taxes on Buying Spanish Property – 8th July 2015

2014 © Raymundo Larraín Nesbitt. All rights reserved.

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    There’s cliques of high stakes online poker gamers simply as there are cliques of $1/$2 recreational gamers at a random on line casino in Oklahoma. It’s going to take you a few minutes to register with us and you can start enjoying poker sport online without any interference. Due to our innovative gaming platform, you can keep connected and luxuriate in all the very best poker video games on your cellular with our app and on-line platform. While you put your poker skills to check on our actual money tables and on our poker tournaments you earn frequent player factors (FPPs). Adjustments in legislation have lately occurred and legitimate actual money US poker websites are back in business in certain states.

    The perfect poker site for Individuals is Ignition Some might understand it by its prior incarnations, Bodog and Bovada. Most poker sites ship you a verification email with a hyperlink you may need to click to show you are you. Moreover all these points – Khelo365 has been issued the first license for Poker in India. In addition, you can talk about United States on-line poker legal issues in the CardsChat poker discussion board We even have a devoted States section, overlaying every state with regard to legality and which locations to play. Though there is a better preference for the poker sites licensed by Costa Rica, there is no confirmed motive to avoid those that are linked to Curaçao eGaming.

    Geolocation is used to ensure that a player is situated in the state to play poker. Some poker rooms now will let you gamble with Bitcoin, so that your deposits and withdrawals could also be free of local restrictions that apply to bank and bank card transactions in some international locations. Participant visitors is moreover necessary, as poker is just the type of game which might require having many players on-line. Poker on the Internet is played precisely like it is offline, with a couple of quick cuts and adjustments made doable by the World Huge Internet. Kindly undergo the Terms & Conditions to play poker & play rummy for every Promotion or Bonus provide launched on PokaBunga to know extra about its validity, expiry and procedure.

    One revelation to this point: While U.S. regulation makes a clear distinction between on-line gaming for real cash and virtual cash (with the former being extra heavily regulated), the human mind could not make the identical distinction in the case of getting addicted. Superior Gaming Experience – The web poker gaming expertise offered by comes with many spectacular options like engaging designs, multiple desk options for High rollers as well as novice players, every day freeroll or cash tournaments with large prize swimming pools worth lacs of money, thrilling deposit schemes with unmatched bonuses, seamless banking, sooner pay outs & tons more free poker sport.

    Many on-line poker rooms also present free money play so that gamers could follow these expertise in numerous poker games and limits without the danger of shedding actual cash, and generally provide the hand history of performed fingers for evaluation and discussion using a poker hand converter People who beforehand had no solution to study and enhance as a result of that they had nobody to play with now have the flexibility to learn the game much quicker and achieve expertise from free-money play. Should you’re already a reasonably skilled poker participant, you can get your head down and begin playing immediately.

    Licenced and controlled by The UK Playing Fee for UK clients taking part in on our on-line websites or at our land based casinos/bingo clubs. The variety of playing cards being dealt, the number of neighborhood”
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    Razz : This enjoyable sport is Seven Card Stud in reverse,” where the objective is to provide you with the bottom hand possible. These video games which are on Star Poker have been declared to be authorized by statutes governing gaming Laws as they’re games of talent. For trade observers, our Online Poker Visitors Report presents an in depth look at online poker’s aggressive panorama. Solely PokerScout gives complete coverage of on-line poker networks like the Microgaming Poker Community, showing the visitors at various sites on the community. With thousands of online poker sites on the market, there isn’t a way that you would be able to visit each and every one among them and make a decision about whether or not this is a web site you’d be focused on opening an account.

    Omaha: Omaha Poker is similar to Texas Maintain’em where each participant is dealt with four cards out of which player has to make finest his or her best hand utilizing two of them and three of the 5 group playing cards. The commonest affords are both a free small cash bonus, or a match welcome bonus. Whether you play on COMPUTER, Laptop computer, mobile or tablet, KhelPlay Poker brings you a easy poker enjoying expertise by which you’ll be able to get pleasure from taking part in on-line poker 24×7. There are particular legal guidelines in the US legislation which make poker one thing in between a criminal offense and a pastime.

    Otherwise, she found the states were allowed to resolve individually in the event that they wished to offer online playing within their borders or team up with other states. Which means for those who deposit $50 and the positioning has a 100% match bonus, for example, you may receive $50 in free cash on the site. Like both on and offline shops, online poker websites work with third occasion companies to have their payments processed. New US poker websites for US gamers do often enter the market and there are repeated requires more regulation with a view to further open up United States on-line poker market, license the operators and lift revenue through taxation.

    Events just like the PokerStars Festival at Resorts in Atlantic City helped to unfold consciousness to a venue that hasn’t been known for poker in years. As witnessed, US players are genuinely concerned concerning the forex which they are supposed to make use of on their chosen poker websites. The High Courts of Karnataka and Kolkata as well as several courts in different countries have recognised the high diploma of talent concerned in the sport of poker. Experienced dwell players are typically higher at understanding how gamers understand the game and/or how different gamers will react to the best way their taking part in.

    It is usually important to note that, whereas some states have legislated for regulated on-line poker and have resident United States poker websites, some states don’t have any confirmed laws on the agenda, together with: California, Florida, Illinois, New York, Texas and Wisconsin. Because we have now integrated one of the best cost options that India presents that will help you play with actual cash utilizing easiest deposit methods and best withdrawal processes. It didn’t undergo the peaks and valleys that the majority websites endure all through the day. You may want to read the poker web site’s rule to know extra about how they handle each of those cases, plus other things like cancelations, delays, cheating, and so on.

    Prey on Easy Players » Straightforward Poker In case you are excited about winning frequently, you need the easiest competitors. Is the only online poker site where you can’t solely win your method into WSOP dwell events, but additionally win a WSOP bracelet. Earn a card shark repute while you uncover our knowledgeable poker tips and use them to reinforce your poker type. We have now created our platform not only for skilled poker players, but for newbies as well by offering ideas and methods of the game. Is the country’s pioneer in bringing the very best requirements of safety and security for its Money Gamers in India.

    As a petition launched by the AOPA is quick to point out, Sally Gainsbury from the University of Sydney noticed in her submission to the assessment in 2012 that online poker seems to have comparatively low chance of resulting in playing issues. The question of whether or not US residents are allowed to play poker will receive quite distinctive solutions, relying on to whom and the place you present it. Specifically, there are three states – Nevada , New Jersey and Delaware – which have managed to legalize on-line poker just before any crucial decisions had been made. Take pleasure in a wealth of poker assets including a poker faculty, play cash tables, VIP programmes and extra.

    For the event fanatic, the most important poker websites provide satellites to main land-based mostly events, sit-and-go tournaments starting repeatedly at any time of day, and enormous multi-table tournaments with big payouts. If the software is good at Poker Room A, then no doubt Poker Room B is good, too. Still, poker players may have some bother with these deposit (and withdrawal) choices, however fear not. Play all your favorite games straight out of your good phone: cash games, FastForward poker, sit & go tournaments and other on line casino sport favorites. Network sites are sometimes called ‘skins’ as a result of the one thing different about every poker room is what they looked like.

    Signup and get and instant bonus of Rs.25 which you should use to play and hone your poker expertise. The biggest distinction between online and live poker rooms is that, on-line, you do not get to see the whole lot that goes on in working the room. All players get $2 free $weeps Cash and 10,000 gold coins once they join. One $weep corresponds to $1 in value. You’ll be able to select from quite a lot of world-class on-line poker including Texas Hold’em Poker Video games, Ring Sport Poker Video games, Sit ‘n Go Poker Games Tables, A number of Table Collapsible Tournaments, Multi- Table Tournaments, Free-Roll Tournaments, Fun Cash Poker Video games Tables, and many extra!

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