El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche. www.costaluzlawyers.es

Legal tip 1242. Capital Gains exemption from 2015 January 1st on
Friday, December 12, 2014 @ 7:06 PM

From 2015 on, residents in Spain are exempt of capital gains if- as always- they sell their first residency and reinvest in first residency within two years or...) and this is NEW!

You are over 65 years old and:

a) Sell your first residency even if you do not reinvest in first residency again.

b) Sell any real estate asset and invest these funds in a life annuity as a complement of your pension, with a maximum limit of 240.000 euros

You can find further tax advise at Costaluz Lawyers ;)

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3 Comments

marcbernard said:
Friday, December 12, 2014 @ 8:13 PM

Maria
There seems to be some dispute about what is indeed happening to CGT for those over 65. I always understood that a seller would be exempt if they sold their primary residence beyond age 65, regardless of the future use of the proceeds. Are you confirming the point that now the seller would have to invest the proceeds in an annuity or somesuch, else CGT is charged? What use would a 95 year old make of an annuity, always assuming one would be available? This seems to be a very backward step if the law is to change in this direction

mariadecastro said:
Monday, December 15, 2014 @ 1:57 PM

If the asset he is selling it is not his habitual dwelling, the exemption will play IF being over 65 years old, he reinvest on a complement to pension.

marcbernard said:
Monday, December 15, 2014 @ 2:11 PM

Thank you for the clarification.

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Maria
Lawyer. Director of the Costaluz Lawyers team. Useful legal tips for an easy way in Spain. www.costaluzlawyers.es

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