New Spanish government to get tough

Article Date : 14 April 2005
News Section: Spain

The recently installed socialist government in Spain has announced that it plans to clamp down on tax cheats and money launderers within the country's property industry. Many Spanish property purchasers commonly break the law by under-declaring the actual price paid for a property, which consequently allows for lower tax gains. "In the short term you can save money by under-declaring because of the transfer tax," suggests Mr Blasco. "But you run a very real risk of losing in the long term. That is why I cannot advise my clients to do that." Article from Property Investor News.