Non-Resident Sellers May Be Entitled to Tax Rebate
Non-residents of Spain who sold a property in this country between 2004 and the end of 2006 may be entitled to a 20% tax rebate from the Spanish Government. According to a Spanish law firm, foreigners who sold their Spanish properties before 2007 paid a Non Residents Income Tax rate of 35% on their capital gains, compared to a rate of 15% paid by Spanish residents. The law firm pointed out that this contravenes EU rules on discrimination and was therefore improperly charged by the Spanish Government. A change in the law at the start of 2007 saw the standard Capital Gains Tax for non residents brought in line with residents at 15%. As a result, sellers who had previously sold property in Spain may be entitled to a 20% rebate.
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