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| Non-Residents' Tax |
WEALTH TAX (FORM 214)
Non-residents' Wealth and Income Tax
Non-residents without permanent establishment |
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This tax has to be paid by all people who are non-resident and own a home in Spain. Each owner is regarded as an independent taxpayer, therefore they each file separate returns. |
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This tax is payable in the year following the purchase of the property. For example, if a non-resident bought a house on 12th July 2006, he or she will have until 31-12-2007 to pay this tax. Since in Spain the tax year is the same as the calendar year, in 2007 we pay tax on our income in 2006. |
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Of course, the tax is calculated pro rata the number of days between becoming the owner of the home and 31st December. |
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| The main data which are taken into account when calculating this tax are: |
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- Date of purchase.
- Number of owners, address of the home.
- NIE and passport: as usual, one has to have a NIE – Tax ID Nº for Foreigners – in Spain in order to pay taxes.
- Council tax bill.
- Price paid for the home.
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Amounts still outstanding on the mortgage, if one exists. This matter is very important, because the capital sum which the taxpayer has left to pay on the mortgage each year, will considerably reduce the resulting tax payable.
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