New tax regulation on purchase of real estate goods in Spain
Tuesday, May 15, 2012 @ 2:42 PM
We would like to comment some important news regarding non-resident taxation over the profit obtained from the transmission of a real estate good.
The new law passed by Real Decreto Ley 18/2012 has approved an exemption of 50% over the benefit obtain from the transmission of a real estate good that has been bought between May the 12th and December the 31st of 2012.
The exemption won´t be valid when the real estate good is purchased from or sold to a company the owner have some kind of links (like being administrator or close relative of the administrator or member…) or sold to or purchased from the husband/wife or directly to a close relative.
The important thing is that the date of purchase or acquisition is between those dates above. It can be sold whenever. And why is this?
Spanish banks are forced to transfer all their real estate assets related to failed mortgages to a new societies whose only purpose is to sell them to third people. Indeed, the new regulation forces these societies to sell every year at least a 5% of these assets, so the best argument of sale is to tell purchasers that whenever you sell, you will have a fiscal exemption of 50% of the possible gain you might obtain.
Antonio Robles
Lawyer