Spanish Property News
Capital Gains Tax for non-residents reduced from 35% to 18% - Posted: 08/11/2006
Spanish property sales tax for non residents is to be reduced. Legislation to reduce Capital Gains Tax for non-residents from 35% to 18% plus increase it for residents from 15% to 18% was approved by the Spanish Senate in October 2006. The new regulations also reduce from 5% to 3% the withholding provision that non-residents pay when selling property in Spain. The new regulations come into force at the beginning of January 2007. Non-resident property sellers should try to delay completion of their property sale until January 2007 to benefit from these lower taxes.
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