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Expat financial news

The Taxman Cometh – It has been reported that UK expats in Spain are being singled out to ensure they are not avoiding tax.

The powers that be plan to send letters querying tax payment arrangements to every foreign citizen registered with local authorities along the Costas. It is understood there is a big difference between the numbers of residents listed and those actually paying taxes.

Consular officials of countries with the largest amount of foreign residents, such as Britain, France, Germany, and Italy, have already been engaged in talks with the Tax authorities. It’s understood that the Balearics has been identified by central government as a pilot area for the scheme.

Any European citizen who stays in Spain for more than six months (plus one day) each year, under current legislation, is deemed to be a resident and must pay taxes.
Should a resident argue that taxes are paid in their homeland, they must prove this by producing written confirmation issued by that country’s tax authorities otherwise, they will automatically be listed as a fiscal resident. << Back

In October, the Spanish Senate approved legislation to reduce the CGT which is payable on the difference between the original purchase price and the selling price for non-residents. As of January, 2007, Spanish CGT for non-residents will be reduced by almost half, down from 35% to just 18%.
The new legislation means that Britons planning on selling their Spanish property can achieve greater profits, making more capital available to be reinvested elsewhere. They also approved a reduction in the withholding provision that non-residents pay when selling property in Spain from 5% to 3%.
The withholding provision is paid to the Spanish tax authorities upon completion and covers any debts the seller may have accrued which could be difficult to recover once they have left the country. The change will bring the Spanish CGT more in line with other popular purchase destinations for Britons. France, for example, has a CGT of 16% for non-residents.

Spanish Mortgage Services.
Search and Survey are pleased to be able to offer its clients a very comprehensive mortgage products and tailored solutions to meet each criteria and financial status. Mortgages for first time buyers and re-mortgage customers can also be arranged.
Working completely independently we are able to search the best solution for individual borrowers from more than 100 different lenders. Following is a summary of our mortgage facilities (subject to status).

Please email to receive a personal quotation or for more information about mortgages in Spain << Back