Capital Gains Excemption if reinvesting profits in a property out of Spain?
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Hello,
Is it true that you can get capital gains excemption if you are a Spanish resident, selling your principle property that you have owned and lived in for over 3 years but using all the profits to buy a home out of Spain? e.g. North America?
THANKS
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Hi, I believe the new property must be within the EU. I suggest you google white - baos - a firm of lawyers who have an article on this subject on their website (sorry but don´t have permissions to post links).
Hope this helps.
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Cheers for that! Will do.
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Hi,
The exemption for re-investing in your main home is applicable to residents in Spain. When you move to another country and then have your main residence there, you become a Non Resident in Spain. Therefore, you would not comply with the requirement for taking advantage of the exemption. The sale and the purchase must be in Spanish territory.
Also, Spanish Residency must be proved by a Tax Certificate at the time of selling, if not 3% witholding tax must be applied.
_______________________
Marbella Solicitors
Manilva Solicitors
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