Spanish Property Insight › Forums › Spanish Property Forums › Property Questions & Answers › Declaring foreign bank accounts to the Spanish government › Re: Re: Declaring foreign bank accounts to the Spanish governmen
It would be far better if they encouraged foreigners to buy some of the properties they have deserted and made it less confiscatory to hold Spanish Property -like abolishing Inheritance Tax on all properties under 50000 to start-in Italy you have none of this problem. Enabling monies held in a Spanish account to be used to pay State Taxes when the owner dies. To enable a property to be left by a single person to a brother sister or even a civil partner on the same terms as to a spouse or sibling. At the moment they are simply saying we don’t want you so the property will go down until its cheap enough for the Spanish to buy it again.To let property on a guaranteed shorthold with fast repossession and a fair rate of tax not as much as 25%.To enable non residente to sell a property and reinvest it in another property without cgt -it being charged on the sale of the second property or subsequent property. This enables people to move within Spain without having to find more money apart from Impuestos de Compravent and increases the velocity of sales. Making an exchange of contracts between vendor and buyer compulsory as in UK before going to the Notary to clean out spiv estate agents and lawyers. Sorry a bit off topic but the Spanish would be better off by getting their building industry going again and getting a few more working again and this means to stop exploiting foreign buyers.