Spain to make overseas developers pay
Spain to make overseas developers pay
- 1991
- Estates Gazette (9141) 19 October 1991, 72(1) .
Highlights the changes for foreign developers purchasing property in Spain which come into effect from January 1992. Includes an annual charge of 5% on rateable value levied against foreign companies owning property in Spain. Anyone buying Spanish property from non-residents must withhold 10% of selling price to meet the vendor`s capital gains tax. Vacant property owned by foreigners will also incur a tax of 2% of rateable valuable.
FOREIGN OWNERSHIP
PROPERTY TAX
SPAIN
VACANT PROPERTY
Highlights the changes for foreign developers purchasing property in Spain which come into effect from January 1992. Includes an annual charge of 5% on rateable value levied against foreign companies owning property in Spain. Anyone buying Spanish property from non-residents must withhold 10% of selling price to meet the vendor`s capital gains tax. Vacant property owned by foreigners will also incur a tax of 2% of rateable valuable.
FOREIGN OWNERSHIP
PROPERTY TAX
SPAIN
VACANT PROPERTY