Please find attached the newsletter with all the information and documentation necessary to file the Income and Wealth Tax campaign.
A new contest giving much to talk is now added to Judicial battles over ground clauses and the costs of formalizing mortgages. The Spanish courts are grappling with the payment of “Plusvalía” (Council Capital Gain), a tax levied by municipalities on real estate sellers. Since the housing crisis erupted, which has caused property price declines of between 30% and 40%, the tax is being questioned.
The Spanish government has passed new legislation to prevent tax fraud whereby amongst other provisions any person, residing in Spain, who owns assets and rights located abroad on the 31st of December 2015 (bank accounts, values, real estate, insurance, etcetera) must present an informative tax declaration and give detailed information about these assets to the Spanish tax office.
A new inheritance law has been causing lots of discussion amongst foreigners living in Spain. The Regulation (EU) No. 650/2012 and the creation of a European Certificate of Succession has raised many questions about the validity of existing Spanish wills covering property in Spain for those who are resident here. The new law was made…