October 17, 2005 at 10:22 am #51286
If you do not have a mortgage on the property in spain (e.g. have mortgage on property in Ireland) are you still entitled to the deductions against your mortgage for the wealth tax?
Would be grateful for advice if anyone knows.
October 17, 2005 at 11:24 am #59123
No, the mortgage must be by a spanish bank on a spanish property.
October 17, 2005 at 12:58 pm #59129
We have a spanish mortgage on spanish property so do we get reductions in wealth tax,I have a feeling its only if you are resident,also if you are resident I believe you can claim a reduction in your mortgage payments but I could be wrong,anyone know any different.
October 17, 2005 at 2:54 pm #59142
Im afraid you’re wrong Marios.
There is no need to be a resident to claim it.
You can be a non-resident purchasing spanish real estate through a spanish mortgage, in this case you may apply for a fiscal deduction in the Wealth&Income Tax.
Normally lawyers or gestorías who fill in the model 214 do this automatically for you. Just in case make sure by asking them and asking them to show it to you. You may deduct these spanish mortgage.
If the mortgage you applied for is, say taken on in an irish bank, and the property is in Spain you are not entitled to a deduction in the payment of Wealth tax.
October 17, 2005 at 3:48 pm #59146
Well I did not know that so are you saying the mortgage is reduced in any way or is it by other means ie from the income recieved by letting for Instance
October 17, 2005 at 4:07 pm #59147
Thanks for all the info. Had a feeling that I wouldn’t be able to get deductions as I have mortgage with Irish Bank but not to worry. Marios also as far as I read on the tax page here for this form that you do not have to be resident to claim these reductions – you have to have your mortgage with a spanish bank (as I have not gathered) – also the form 214 is the form which combines the income tax for not renting and the wealth tax also – you pay the same amount just the one form.
October 17, 2005 at 4:16 pm #59148
De nada Ángela. 😉
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