ITP property transfer tax

The President of the Xunta de Galicia, Alfonso Rueda, announced, in the Debate on the State of the Autonomy, that his Government will reduce the Property Transfer Tax to 8% from 2024 and will automatically grant the "Tarxeta Benvida" to all households that meet the income requirements without needin

When buying a property in Spain, whether it's a holiday home or permanent residence, you will have to pay some sort of tax.

Home swaps have been growing in recent months in Spain, as a result of the emergence of covid-19. This alternative to traditional sales and purchases have now totalled 1,230 transactions between January and September, according to the INE.

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.

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).

Normally, when an individual or company requests a loan from a relative or a mortgage from a financial institution, it is not repaid on time or at least until it is claimed.

In many home sales the price does not match the appraised value. When a property is overvalued, it can be both beneficial and problematic for the buyer.

The Plenary Session of the Congress of Deputies in Spain has rejected the Royal Decree Law 21/2018, of 14th December, on urgent measures of housing and rent by 241 votes against, 103 votes in favour and 1 abstention. On 19th December 2018 the reform of the rental market prepared by the Spanish Gove

When a taxpayer acquires a home in Spain, he or she can use the website of the Tax Department of the autonomous community they’re in to find out what the property is worth for the purpose of paying the ITP or ISD tax (depending on where it is) and avoid overpaying.

Everyone knows how much of a headache buying a house can be, even if it’s your first time… especially if it’s your first time!