ARTICLES

New law Valencia region 22nd Nov 2023. 99 % reduction on Inheritance and Donation tax On November 22, 2023 Valencian government approved a new law that will have a huge impact on the regulation of donation and inheritance tax in the Valencian Community (Castellón, Alicante, and Valencia). Click here to see the law It is…

  The cost of a lawyer’s fees to represent you in the purchase of property in Spain can vary depending on a number of factors, including: The experience and qualifications of the lawyer. The complexity of the transaction. The location of the property. In general, lawyer fees in Spain are usually charged at a percentage…

During the recent years 2021, 2o22, and 2023, a high volume of USA citizens are changing their USA residence to Spain, being Costa del Sol one of the most popular destinations to reside. These are the main reasons: Lifestyle and Climate: The allure of the Costa del Sol lies in its idyllic Mediterranean climate. With…

Cost of living Valencia is a relatively affordable city to live in, especially in comparison to other popular cities in Europe like Barcelona or Madrid. A study by Numbeo found that the cost of living in Valencia is 30% lower than in New York City and 15% lower than in London. Here is a breakdown…

Nestled along the stunning Mediterranean coast, Spain’s real estate market continues to captivate both investors and prospective homeowners alike. As the demand for property in this enchanting country surges, the allure of owning a piece of the Spanish dream has never been stronger. From vibrant cities to tranquil coastal retreats, Spain offers a diverse range…

One of the most important issues when moving to Spain for expats or foreigners, is the language barrier. Overall for those nationals who do not speak Spanish. Spain has a wide variety of International Schools at the main Spanish cities as Madrid, Barcelona, Valencia, Alicante, Palma de Mallorca, Bilbao, etc. Here are some examples of…

QUESTION: I have a property in Valencia the villa is registered as urbaba but the land is registered as rustica, so what is it Urban or Rustic. TLACORP ANSWER: From which we understand from your email, you would like to know what is the classification from your property when you have two kinds of registries,…

“Catastro” is the institution which considers  properties for maps, drawings, plans, and is the source of the valor catastral, the assessed  value of property for Tax purposes. Whilst the Registro de la Propiedad and the escritura may well confirm the ownership of a property and the conditions of the same, like in which percentage, if there are limitations or charges…

Tax implications on the tourist renting a property in Spain by a NON RESIDENT in Spain. Purely, the rent of a property is not subjected to VAT. This VAT exemption includes any type of rent: Short term rent / Tourist rent Medium term rent Long term rent The reason of this is because the Spanish…

TAXATION OF LOANS IN SPAIN – NON-RESIDENT LENDER  1.- Loans without mortgage guarantee are taxed by VAT or ITP in Spain? In Spain, loan or credit transactions are not taxed by VAT or ITP. This is stated in Article 5.2 of Council Directive 2008/7/EC. This Directive expressly provides that neither credit nor loans, by any…

Regulated by LEGISLATIVE DECREE 1/2011, of July 28, which approves the consolidated text of the legal provisions of the Autonomous Community of Galicia regarding taxes ceded by the State. – Official Gazette of Galicia of 20-10-201 I.- TAXABLE BASE The amount received in Donation. II.- REDUCTION IN THE TAXABLE BASE: In addition to the expenses…

Decree-Law 7/2022, of September 20, has modified Autonomous Law 5/2021 in such a way that a new article 25 bis is created, according to which it is established that, after the deductions and bonuses regulated by the regulations of the State, a regional bonus of 100% of said fee will be applied to the resulting…

“COMPLEMENTARIALETTERS” from the Spanish tax office when you bought a bargain property (cheap price) In the last few years, we have been seeing clients who received letters from the regional tax office were they’d been asked for additional tax due on the purchase of their properties. The concept is easy to explain: under Spanish law,…

TAXES FOR INHERITANCES RECEIVED  ABROAD SPAIN What taxes must be paid on an inheritance when it comes from abroad? In the event that a tax resident in Spain receives assets or money from inheritances located abroad, said assets, money, insurance premiums, bank accounts, etc. must be declared. in Spain. To do this, you must proceed…

AJD- ACTOS JURIDICOS DOCUMENTADOS – “STAMP DUTY” IN PROPERTY TRANSACTIONS In the first place , it must be specified when the general regime of the common territory is applicable and when the regional regime In the common regime , the ITP and AJD is one of the taxes whose yield is transferred to the autonomous…

It is a public document harmonised in the European Union that can be used by heirs, legatees and executors of the will or administrators of the estate to invoke, in another Member State, to prove their conditions and rights as heirs, and the ways to participate and regulate a determinate inheritance.  The purpose of this…

MULTIPLE WILLS – DUPLICITY OF WILLS Can a person make several wills and have them be valid?  The answer is yes. There can be several Wills in a person’s name, and all of them can be valid, regardless of the date they were signed. There is a widespread belief that only the last testament is…

In Andalucia, as well as in many other regions in Spain, there are plenty of constructions built with the proper building license. These constructions can be subjected to fines, penalizations, or even orders to demolish them by the administration. In 2012, the Regional Government established a procedure of legalization of properties called “DECLARACION DE SITUACION…

Sometimes it is necessary to know who owns a certain property in order to contact him for different reasons. Either from a commercial point of view, to check the possibilities of selling said property , or, from a legal point of view in the case of obtaining any type of information that may be useful…

CAN A BUYER CLAIM THE RETURN OF DOUBLE THE DEPOSIT DELIVERED TO THE OWNER? In real estate purchase and sale transactions we often find the phase of the procedure known as “ Reservation ”. This is the case in which the buyer, once the property has been chosen, and the price and purchase conditions are…