WEALTH TAX FOR NON RESIDENTS.

This is the time of the year when you have to check if you  have to present before 30.6.2014 a wealth tax declaration in Spain.

The assessment has to be presented by any owner whose assets exceed the net value of 700.000 Euros. If the property is owned by more than one person, i.e. married couple or co-owners, each owner will have to present an individual tax assessment and will have this tax exemption of 700.000 Euros.

Also the assessment has to be presented by any person whose assets exceed a gross value of 2.000.000 Euros, although no tax may be due taken into account the charges on the property.

For more information or an appointment please contact us on (0034) 952 822 321 or admin@nonresidenttaxesinspain.com. 

Web: www.nonresidenttaxesinspain.com

NEW DOUBLE TAXATION TREATY BETWEEN SPAIN AND UK.

There is a new double taxation between both countries which will be applicable from 12.6.2014.

For those of you resident in the UK , this may have consequences if you own shares in Spanish companies where the value is based more than 50 % on Real Estate . If you decide to sell the shares you will have to pay in Spain non resident income tax for the capital gains incurred in this transfer. Formerly this would have only been taxable in the UK .

Also the ownership of these shares should be declared in the Annual Wealth Tax Declaration . This was not applicable previously, when only direct ownership , i.e. property owned by UK non resident physical persons was taxable in Spain. However, a wealth tax declaration has to be presented only if you own assets which exceed the net value of 700.000 Euros or with a gross value exceeding 2.000.000 Euros , both per person.

For more information or an appointment please contact us on (0034) 952 822 321 or admin@nonresidenttaxesinspain.com. Web: www.nonresidenttaxesinspain.com