INCOMES FROM PROPERTY RENTALS Non residents, who have properties in Spain and rent them out, either long term rentals or short term rentals, are obliged to fill out and hand over a quarterly tax return for their incomes. Until now the obligation was to hand over a tax form 210 for each property and tenant. […]
On the 30th of December 2015 the taxation changes for the Balearics included in the Budget Law were published. We would like to mention the following ones, due to their relevance regarding property investment: Wealth tax: In December 2014 the Balearic authorities announced that the wealth tax would be cancelled by January 2016. This has […]
On the 17th of August 2015 the new European Regulation 659/2012 came into force. So far the applicable Law on inheritance was the national Law of the deceased, as of now the inheritance is governed by the Inheritance Law in the country where the deceased had his/her last usual residence, except for foreign citizens living […]
After several years warning Spain that its rules of inheritance and gift tax violated the free movement of capital within the EU, finally the Court of Justice of the EU, on September 3rd 2014, approved the Court Decision (Case C -127 / 12) which ended with such discrimination. On January 1st 2015, the Final Provision […]
Taxation on holiday rentals. Having administrative authorization to carry out vacation or holiday rentals is just as important as fulfilling the tax obligations arising therein. In Spain, both residents and non-residents must pay tax derived from renting out properties. You can differentiate between the following situations: Rentals of houses or apartments without providing tourist services: a) If it is a resident who rents out a property, the rents obtained are considered income from real […]
The Decree 20/2015 of 17 April is the first tourism Regulation of the Balearic Islands and develops the Tourism Law 8/2012 of 19 July. In terms of holiday rentals, which we will cover in this article, the mentioned Law included a very scarce regulation, which required an impending development. The Decree increases the typology of […]