Spanish property owners 'advised on tax'

People who own a property in Spain have been advised to ensure they meet their financial obligations with the nation's tax office.

In an article posted on Round Town News, lawyer Carlos Baos, of the White and Baos law firm, pointed out it is mandatory for those classed as non-resident in Spain to submit a non-resident tax return.

This applies even if no income is earned from any assets in the country, with Mr Baos explaining the Spanish tax office has recently indicated it will crack down on those who do not comply with this legislation.

He stressed the importance of contacting the relevant authorities and updating a tax status, as this can help avoid penalty charges or other fines being levied.

IberoSphere recently warned those buying real estate in Spain to make sure they are aware of complimentary tax, which can be collected up to five years after the purchase date.

The news provider suggested setting aside money to cover the cost, which is charged at seven per cent of the difference between what was paid for the property and the valuation provided by the Spanish authorities.
 

Like this? Then share with your friends and colleagues!