Financial advice in Spain
Latest articles about Financial advice in Spain
Spain’s COVID-19 outbreak is continuing and in order to tackle the problem, the Spanish government, led by Pedro Sánchez, has approved an economic aid deal of 200 billion euros.
The “Modelo 720” form, is a basically a declaration of overseas assets, that is to say, assets held outside of Spain. Spanish tax residents are obliged to fill out this 720 Form and make the tax authorities (the “Hacienda”) aware of their fiscal activity in other countries.
Brexit is already a reality. Almost four years after the referendum was held, on 31st January 2020, the UK's disconnection from the EU has finally become official.
All transactions are taxed and even more so if they involve real estate. This year there have been several new developments related to taxes in Spain, specifically those regarding municipal capital gains, property and personal income.
When buying a property in Spain, the mortgage is not the only large expense. Buyers are faced with many other expenses and taxes in order to become owners.
The Spanish economy has shown signs of improvement and reactivation of the real estate market, leading to many families wanting to move house. This could be down to several reasons including, work opportunities, relocation or extending the family.
All homes need to make use of electricity and therefore have to contract their supply. However, not all homes have the same consumption habits and needs may vary depending on several factors.
Before when you would buy a house, you would own it for a lifetime. Nowadays, personal situations and different work phases cause many to be forced to move from one place to another.
For people who have a second home in Spain, it’s often necessary to send money there to pay bills, taxes and other living expenses that come with being an expat, but you don’t want the banks and money transfer companies to take advantage of you with inflated exchange rates and fees.
With the change of government, the region of Andalusia approved a new set of inheritance laws on the 11th of April 2019 which drastically reduce, or even suppress, Inheritance & Gift tax.
On Monday 17th June 2019, a new mortgage law came into force in Spain, having arrived late and with many changes, such as an article that is generating a lot of uncertainty in the Spanish real estate sector.
On buying a home in Spain, the first point is to determine whether you are buying new build (off-plan or sobre plano, in Spanish) or else a resale (second-hand property or reventa, in Spanish). Two different sets of taxes apply depending on which property type you acquire.