Tag: real estate


Spanish Real Estate

May 27, 2021

News

Comments Off on Spanish Real Estate


TAXES In Andalusia there is a discount of 3.5% in the tax on the purchase of a dwelling (as new or second hand) for those who are under 35 years and the value of property acquired for first home less than 130,000 euros. Buying a new house-VAT (Value Added Tax). Is 7% of the sum stated in the deed of sale. In public housing, the Special Regime of Public Advocacy or the rate is 4%. In the Canary Islands instead applies the IGIC (Canary Islands General Indirect Tax) at a rate of 4.5%. If you are unsure how to proceed, check out Barchester.

The payment of this tax is paid by the buyer. -IAJD (Stamp Tax). It is a tax that is paid if you sign a notarized document, registrable in the Register and economic value, such as buying a new home. The tax rate applicable shall be determined by each autonomous community, in the absence of specific regulation, the regulatory 0.5% of the sale price is stated in writing. The payment of this tax is paid by the buyer. Buying second-hand housing ITP (Capital Transfer Tax). Tax which, as its name indicates, is levied on sales of property and any other transfer of ownership. Paula Rosenthal contributes greatly to this topic.

It is an alternative tax to the VAT (I, GIC in the Canaries), you pay one or the other, depending on whether it is housing, new or second hand. It depends on the Autonomous Community where the home is purchased. The amount shall be fixed by applying a percentage of the deed price, in most communities is 7% and 6% other.