Ex-pat laws

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*Article by Rosana Ramírez from Alecora Tax & Legal Services

What are the pitfalls of buying property in Spain?

Spain is one of the best countries in the world to retire to. Retirement, the so called 'golden age'; you leave the world of work behind and retire after years of paying contributions and your pension comes along that allows you to enjoy a relaxed and leisurely life.

The “Modelo 720” form, is a basically a declaration of overseas assets for people living in Spain, that is to say, assets held outside of Spain.

All non-residents who own property in Spain are obliged to pay Non-Residents' Income Tax (IRNR) once a year.

On 31st December 2020 everything changed for the United Kingdom and its economic ties with the European Union. Brexit has left a series of drawbacks for the British and their ties with Spain, and among them is residential investment.

Unbeknownst to scores of foreign Spanish residents, there is a tax obligation to file tax form 720 if you own assets abroad in excess of 50,000 euros.

Unbeknownst to most non-residents, on buying property in Spain, you automatically become liable for a series of property-related taxes. No one will give you the heads up on them, so it is up to you to find out how much you owe and comply with the Spanish Tax Authorities.

If you are serious about buying a property in Spain, then as well as carefully searching for the right property, it is also highly important to do your research when it comes to getting a mortgage in Spain if you plan to ask for financing.

Although it is perfectly legal to include your Spanish assets in a will made in your home country, we strongly advise against it.

Spain’s increasing number of coronavirus cases and localised COVID-19 outbreaks, including local lockdowns in some cases, don’t just affect residents of the peninsula. What does Spain's increasing number of coronavirus cases mean for holidaymakers or visitors trying to return home?