CHARGES TAXES & EXPENSES FOR PROPERTY

Property Owners´Imputed Income Tax

(Impuesto sobre la Renta)

This is a tax that is levied on holiday homes and investment properties that are not let. Resident owners who can prove that their property in Spain is also their principal residence are exempt.

The amount of income imputed is generally 1.1% of the ‘valor catastral’. There is an exception in Marbella, where the catastral values are very low because the council has not revised them for many years, and there the imputed income is 2% of the catastral value. Non-residents are taxed at a flat rate of 24%.

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1. Finding a Property.
2. Real Estate Agents.
3. Choosing a Lawyer.
4. Negotiating the purchase.
5. The Reservation Contract and Deposit.
6. Exchange of Private Purchase Contracts.
7. Completion.
8. Registry.
9. Special Considerations when buying Off-Plan.
10. Fees when buying.
11. Taxes when buying.
12. Other Expenses.
13. Differences between the contract price & the amount actually paid.

Selling

1. Real Estate Agent & Lawyer.
2. Fees when selling.
3. Taxes when selling.

Charges Taxes & Expenses for Property

1. Service Charges in Communities.
2. Annual Real Estate Tax. ( IBI )
3. Rubbish Collection Tax.
4. Capital Assets Tax.
5. Property Owners’ Imputed Income Tax.
6. The Tax Returns.
7. Insurance.
8. Mortgages.

Other Legal Matters

1. NIE – Identification number.
2. Open Spanish Bank Account.
3. Making a will in Spain.
4. Inheritance Tax.
5. Investment Opportunities on Spain.

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