Which taxes must non residents pay in Spain?
Are you uncertain about which taxes non residents must declare in Spain? It's important to follow the law in each country, as well as in the financial aspect, or there may be trouble. However,what are the obligations of non residents ?
TAXES IN SPAIN FOR NON RESIDENTS.
Before anything, you should know that a person is considered a non resident if he or she has lived less than 183 days or half the year in the country. Such people only have to pay 2 things: income tax and added value tax on what they have earned in Spain.
In the case of income tax (the Renta),the rate is between 19 % and 24%, depending on ones country and the percentage of ones income. Likewise, IRNR takes into account income from real estate capital ,economic activities, secondary residences and pensions.
There is also the asset wealth tax that one must pay from 700.000 euros up.In addition, there may be others, all depending on which "comunidad autónomo" one lives in.
The BECKHAM CLAUSE
There are several options for non residents so as to pay less tax.The "Beckham Clause" means that one can pay a 24% fixed tax instead of the progressive 45% affecting wealth over 600.000 euros as well as for those who own less than 25% of a society.
Another way to pay less is found in Cataluña. Non residents that buy a dwelling to remodel and then rent out, can obtain a 3% ITP bonus .
The problem of taxes shouldn't refrain one from investing in property ,especially as it's a good way of making a profit every year while incrementing ones capital.
That's why it is important to be well assessed by an expert so what you declare is correct and according to the law which will avoid any surprises.
Have you got any questions? Are you looking for a good property to invest in? Remember that we are there to help you in any way
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