What Costs will I incur if I sell my property?

When you sell your property in Spain you will have to pay Spanish capital gains tax on the profits from the sale, this applies to residents as well as non residents. This tax used to be 35% for non residents and 15% for residents however, recent changes mean that there is now a flat rate of 18% to be paid by residents and non residents alike. Other costs that which you will have to take into take into consideration are real estate agent commissions if you sell through an agent, this figure depends on the agent but is usually 5% of the sales price.

Please remember that when you sell  (if you are non resident in Spain), the buyer will automatically have to withhold 3% of the purchase price. This amount is offset against your capital gains charge.  If capital gains is more then you will have to pay the difference, if it is less then you can claim that amount back.

This entry was posted on Wednesday, July 29th, 2009 at 2:59 pm You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.