Benefits of Residencia?

LoadingFavourite

This topic contains 3 replies, has 3 voices, and was last updated by Profile photo of Anonymous Anonymous 8 years, 8 months ago.

  • Author
    Posts
  • #53795
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello – can anyone explain the benefits or not of Residencia? I can’t decide whether to apply or not.
    Thanks in advance
    Van

  • #80181
    Profile photo of Anonymous
    Anonymous
    Participant

    Applying for Residencia does not lose you any of your rights as a British Passport holder. It does mean that if you have your Residencia you don’t pay Capital Gains Tax if you sell your property. Likewise if you sell your property it is easier to take your money out of the country if returning to the UK or other home country. If you are stopped for a traffic offence without a residencia, the car can be impounded until you pay.

  • #80182
    Profile photo of Anonymous
    Anonymous
    Participant

    Sounds good! My main residence is still in the UK but I intend to spend as much time as I can in Ibiza. Just a couple of questions – is it difficult to apply for? Can I work through my gestor?
    Thanks for your help…
    Van

  • #80183
    Profile photo of Anonymous
    Anonymous
    Participant

    Having the new certificate of residency alone does not exempt you from CGT if you sell your Spanish property (which has to be your main home, not a second one). Exemption is dependant on being tax resident and being able to prove it via Hacienda. Plus you have to reinvest the proceeds in another Spanish property within 2 years of selling the first. If your main home is in the UK you cannot really be resident in Spain!
    It has to be applied for in person.

You must be logged in to reply to this topic.