Reply To: Urgent tax advise needed



Hi Mark. Thank you for your reply, I’m just so confused as Spanish EA and Spanish accountant say resident tax is higher and as non resident only 5% of the full price of the property will be withheld by the buyer !!! BUT Spanish Lawyer says that non resident tax is higher (up to 35%) and as resident we will only have to pay 5%!!

This is all so confusing, where doe’s CGT come into play as my CG would be less than 50,000€ over 4 years but the tax I am led to believe would be on 170,000€ which is the full value of the property. I don’t understand this as I am not making a profit of 170,000€ , can you give me any help on this??

Many Thanks

PS Forgot to mention that we are/ have been resident for a number of years and paid tax via an accountant until 12 months ago, at which time we stopped working and have lived purely off savings and have had no income, the savings of course are from a Spanish residents B. account , could this cause more problems ??