First of all I am from the uk and non resident of Spain .
I own a third share of an apartment with two others and I wish to buy them out , we purchased the apartment for €55000 and it’s present valuation is €100,000 , I know that capital gains tax for a non EU non Resident is 24% .
How much capital gains tax will the sellers need to pay in capital gains tax, the sellers own one third each
Posted: Wed Aug 3, 2022 8:44pm
Helpful member
Hi
You will have to pay capital gains tax in the profit less initial charges that you had to have ie Spanish property tax , solicitor etc,
You may have to pay plusvalia but not exactly sure when you are buying others out. If it is classed as if you are buying it again then you will have to pay Spanish taxes etc again but I would think you would need more expert advice on that.
If you have had any modifications to the property and have paid the vat on it then you can use that to reduce the capital gains tax.
Good luck
Posted: Wed Aug 3, 2022 8:57pm
Helpful member
I have just read it up and there is a division of joint tenancy which you may be able to use as it's cheaper I think you need advice on it
Posted: Wed Aug 3, 2022 11:28pm
PAul1670 wrote on Wed Aug 3, 2022 8:44pm:
Hi
You will have to pay capital gains tax in the profit less initial charges that you had to have ie Spanish property tax , solicitor etc,
Read more...
You may have to pay plusvalia but not exactly sure when you are buying others out. If it is classed as if you are buying it again then you will have to pay Spanish taxes etc again but I would think you would need more expert advice on that.
If you have had any modifications to the property and have paid the vat on it then you can use that to reduce the capital gains tax.
Good luck
I will not have to pay taxes as the buyer because it will be classed as a Dissolution of joint ownership .
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