NON RESIDENTS
The non-residents will only declare on the income, assets, properties and economic interests that they have in Spain. Considering your country of residence, you may be eligible to apply for certain deductions that will lead to tax savings. Our team will analyse your situation, advise you on the best options and keep you informed about any relevant legal changes that could affect your tax situation.
INHERITANCE AND DONATIONS
If you are a non-resident, you will pay this tax if you receive a donation/ inheritance from a Spanish resident or from a non-resident whose asset donated or legacy is in Spain. Significant tax allowances can vary according to the region of Spain and the relationship with the deceased or the donor.
WEALTH TAX
The Wealth Tax in Spain is an annual tax on the total net value of assets. It must be submitted individually: it cannot be submitted jointly with your partner or spouse. If you are a non-resident, it will apply only to the assets you hold in Spain. There are significant tax allowances which may also change according to where you live and where the asset is held
PURCHASES
As a non-resident buying a property in Spain, you will be subject to VAT at the rate of 10%, to ITP tax (property transfer tax) and AJD tax on the purchase price depending on the seller. The ITP and AJD tax vary depending on the region in Spain where the property is located. It is important to budget for these taxes and to ensure compliance with all Spanish tax laws.