Tax rebate for non-residents in Spain
According to Spanish law, if you sold your property after November 2004 and prior to 2007 you may be entitled to a tax rebate on the capital tax you had to pay.
First of for those not familiar with the term, capital gains tax (CGT) is a tax levied on the profit you make when selling you property in Spain. Today this tax is set at 18% for residents and non-residents alike. What you may not know though is that in the past non-residents had to pay 35% capital gains tax while residents only had to pay 15%. This all changed at the beginning of 2007 when after a ruling by European Commission stated that the disparity between the rates contravened European Union legislation.
According to the Spanish government, there may be over 10,000 individuals and couples from across the EU who are entitled to approximately 400,000,000 Euros. So if you as a non-resident sold between the dates stated above, and did not reinvest you earnings in a new property get in contact with you lawyer and find out if you can get a rebate on the additional tax paid
Regards
Andrew Belles
