Find out more about non-resident property taxes

Taxes Wed, 11 Dec 2013
Find out more about non-resident property taxes

Do you know what you’re getting for Christmas? Is it a present you’ve already asked for, some money, or will it be a surprise? People seem to fall into two groups when it comes to Christmas surprises. Those who seek out their presents, feel the package and take a peek and those whose worst nightmare is to accidentally discover what Santa’s bringing them.

I come into the second group. I knew exactly where my parents hid my presents. I knew they didn’t wrap them up. I never once took a look. Why spoil Christmas morning? I also know people, however, who simply cannot resist. It’s a challenge for them and if they know where to look (or even if they don’t) they will.

In my opinion when it comes to Christmas, ignorance is bliss. However, it’s a principle that I don’t generally apply to most other areas of life. Knowledge is good, information is important. You need to understand the way things work and why things happen as they do to get the best benefits from them, and to avoid mistakes.

There are lots of examples of this when it comes to legal and fiscal matters. For example, if you know something about inheritance law in Spain, or at least take advice from a lawyer, then it can help you to bequeath your property in such a way that less inheritance tax has to be paid by your inheritors.  

Having the right information is particularly important when it comes to taxes in Spain. There are two main reasons for this. The first is that you won’t necessarily be told about them. When you bought your Spanish property you might have been informed that you should pay two non-resident property taxes. Chances are that you weren’t though.

The second reason is that taxes here don’t go away, they have a nasty habit of popping up in the most unlikely of places. For example, when you are just about to sell your property, the spectre of unpaid Spanish property taxes can delay your quick sale.

We know that it’s not easy to get the correct information about non-resident property taxes if you do not have a fiscal representative. You cannot rely on the bar room chit chat and the local ‘expert’ is likely to be anything but. That’s why we’ve produced our handbook, ‘All you need to know about non-resident property taxes in Spain’.

It’s a free publication that includes information and advice in clear, concise language. It clarifies:

·      who is a resident and who is a non-resident

·      what property taxes you have to pay

·      how to pay them

·      what happens if you don’t pay

·      how the Spanish Tax Authority track tax evaders

We’ve produced it now because it is a crucial time of year if you are a non-resident property owner. The 31st December is the deadline for the submission of your annual non-resident tax declaration. Don’t know what this is? In that case you are definitely in need of a free copy of our handbook. After all, when it comes taxes - ignorance is not bliss.

To download or free handbook, ‘All you need to know about non-resident property taxes in Spain’ visit the web page:

http://www.abacoadvisers.com/whitepaper-taxes/

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