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Selling your Spanish property

It is strongly recommended to seek legal assistance if you intend to sell your property located in Spain, whether you are resident or not, complications may arise if you intend to sell your house for yourself. Here you have some important tips you must take into account on selling your Spanish property.

1. The Seller's tax liability
2. Tax deposit on non-resident property sale

1. The seller's tax liability

The seller is responsible for the payment of the capital gains tax, though sometimes it is agreed that the buyer pays it.

Seller shall also pay the fees for cancellation of encumbrances on the property such as mortgages… otherwise is agreed between buyer and seller. The buyer shall pay these fees should he submit to the initial seller's mortgage.

In the past, sellers used to declare the sale price much lower than the approximate market value, in order to save money on tax purposes. Things have changed since then, Tax inspectors could feel that the selling price is too low and sellers may be applied heavy penalties. Your Lawyer should ask the tax office what is the market value of your property to avoid possible complications that could arise later.

2. Tax deposit on non-resident property sale

If you are non-resident willing to sell your property located in Spain, bear in mind that you will have a 5% of the declared sale price withheld by the buyer. This amount shall have deposited with the Spanish Tax Office (Hacienda), on account of the capital gains tax.

Once your tax liability is assessed, you will either have to pay more to the Spanish Tax Office or will get a refund of the portion deposited, depending on your profit.

This requirement has been implemented in Spain to prevent non-resident property sellers taking the money and running. A Spanish Lawyer may advise you in detail on the circumstances arising from the deposit or refund of it, this will also save you time-consuming and bureaucratic proceedings.

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