Spanish Wealth Tax Abolished
A little bit of good news for embattled Mallorca property owners and buyers. The Wealth Tax (Impuesto sobre el Patrimonio) payable annually for all properties in Spain has been abolished with effect from the 01/01/08.
Although the tax was never very high (generally under 1,000€ per annum for the average home owner, but higher for higher value properties with low or no mortgages) its abolition will be welcomed at a time when other costs associated with property ownership in Spain - municipal taxes, mortgage rates etc have been rising significantly.
Owners should discuss the changes with their accountant or "Gestor" to ensure their Spanish tax returns are completed correctly
Our features...
Spanish Wealth Tax Abolished
A little bit of good news for embattled Mallorca property owners and buyers. The Wealth Tax (Impuesto sobre el Patrimonio) payable annually for all properties in Spain has been abolished with effect from the 01/01/08... More »
Spanish Inheritence Tax / Succession Tax
Spanish inheritence tax is a complicated business based on the different relationships between the donor and the receiver. Particularly at risk are unmaried couples and step children.... More »
Spanish Economic Growth Continues to Fall
Latest statistics from the Bank of Spain indicate that economic growth during the first 4 months of 2008 has fallen short of expectations. This fall to an annual equivalent rate of 2.8% is blamed largely on external factors, specifically the international financial crisis.... More »
Spanish Economic Growth Slows
One of Spain's largest banks, the Santander (owner of the Abbey in the UK) estimates that Spain's economic growth for 2008 will be a still robust 2.5% although down from the actual 3.8% growth for 2007.... More »
Spanish Government To Help Homeowners Extend Without Cost the Length of Mortgage Terms.
As part of a package of financial incentives aimed at confronting the economic slowdown, the Government announced last week that homeowners will be permitted to extend the term of their mortgages, thus reducing monthly repayments, without any notary or land registry fees.... More »
