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Spanish wealth tax

Posted: Thu Jun 13, 2019 9:25pm
7 replies499 views6 members subscribed
foxy1960

Posts: 3

Location: Villamartin

Joined: 13 Jun 2019

Hello, I am new to the forum

My wife and I have just retired and are planning on selling up and relocating to Spain. My sister moved over a couple of years ago and enjoys it very much. We have visited twice and were very impressed with the lifestyle but have also heard some not so good things about the Spanish tax system .We want to do everything above board so when we have sold our house in the uk we will come to Spain with assets of approximately £1200000 and plan to purchase a villa for £150000. Is anyone able to advise what the wealth tax would be approximately on this figure as we intend to disclose all on tax return when due. Many thanks

foxy1960

Posted: Thu Jun 13, 2019 11:39pm

foxy1960

Original Poster

Posts: 3

Location: Villamartin

Joined: 13 Jun 2019

Posted: Thu Jun 13, 2019 11:39pm

Hi Kim

Many thanks for your reply, I am so glad i put this question up as I would never had realized that selling my house in the uk would have tax implications in Spain if sold in the same year as We become residents. Do you know if Eu 700.000 the allowance per person or per married couple.

Many thanks

Terry

foxy1960

Posted: Fri Jun 14, 2019 9:52am

foxy1960

Original Poster

Posts: 3

Location: Villamartin

Joined: 13 Jun 2019

Posted: Fri Jun 14, 2019 9:52am

Thanks  Kim

Thanks for your information

I think your right I will go to see a Spanish tax adviser when I come over next time

Terry

NickB

Posted: Fri Jun 14, 2019 10:01am

NickB

Helpful member

Posts: 132

117 helpful points

Location: Cabo Roig

Joined: 5 Jan 2019

Posted: Fri Jun 14, 2019 10:01am

This post that was quoted has been deleted.

Hi Kim,

Can you recommend a tax advisor/accountant? As the one we met with recently was useless and could have cost us thousands!

Many thanks.

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Kelvin1960

Posted: Fri Jun 14, 2019 10:54am

Kelvin1960

Super helpful member

Posts: 1488

1767 helpful points

Joined: 5 Mar 2017

Posted: Fri Jun 14, 2019 10:54am

Additionally, income tax can be significantly higher in Spain.

For many people, the additional income tax (compared to the UK) is offset by lower council tax; but if you are fortunate enough to have a substantial pension (non-government), the overall tax-take can be much higher.

Wire Fox Terrier

Posted: Tue Jun 18, 2019 2:55pm

Posts: 27

2 helpful points

Location: Villamartin

Joined: 5 Nov 2018

Posted: Tue Jun 18, 2019 2:55pm

Hi

I've been emailing Abaco since 7th June and have been unable as yet to get a reply.  Is there anyone in particular there who you find helpful?

From reading this thread, it seems that Spanish tax is payable if you sell a property the year you become a Spanish resident. 

Do you know if this applies to your main home in the UK?

Many thanks, Heather

Wire Fox Terrier

Posted: Tue Jun 18, 2019 10:18pm

Posts: 27

2 helpful points

Location: Villamartin

Joined: 5 Nov 2018

Posted: Tue Jun 18, 2019 10:18pm

Thanks Kim, I look forward to hearing from you.

Kind regards, Heather

Wire Fox Terrier

Posted: Wed Jun 19, 2019 9:06pm

Posts: 27

2 helpful points

Location: Villamartin

Joined: 5 Nov 2018

Posted: Wed Jun 19, 2019 9:06pm

Hi Kim

Abaco rang me this afternoon and confirmed that Spanish tax does indeed apply to your main home in the UK, which is totally different to the tax position in the UK, so quite a surprise to us.

Many thanks for your help, Heather

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Gentlevan Removals
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