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EU Directive on Residencia coming into force April 2006

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  • EU Directive on Residencia coming into force April 2006

    y wife and I are coming to stay the end of April. We were going to make an early application for residencia but it now seems as if this will be unecessary. Are the Spanish Authorities likely to implement this ?
    We have had a house at Torrevieja since 2001, coming here for a few months each year since.
    My wife has talked of upgrading our house when I am of pension age (now) and can spend much more time in Spain.
    However we did not want to lose out on the capital gains tax, which would have meant getting residencia then selling after 3 years to qualify for the lower rate of tax on any "profit" made from the sale. The non residents rate of tax could mean paying 20K more.
    My big question is :-
    If after April 2006 we are automatically residents after 6 months would we pay the residents lower rate on capital gains and would there be any time lag or alternative bureaucratic hurdle to qualify ?
    Dave - Carlisle

  • #2
    First of all, I can advice you that while the laws are operative we have to comply with the ones in force at each time. At present, as citizen of the UE you can live the whole year in Spain without authorization but you would be considered a non-resident for taxes purposes, that is to say that you should pay the wealth tax for non-residents which is approximately 2% of the official value, and in case of sale of your property you should pay 35% of the profit, of which you would have a 5% deduction of the total price of sale in account of the capital gains tax.

    Once the Residency has been obtained by means of its application or because of automatic granting, the taxes for the profit made with the sale would be 15% less charges for the purchase, and the depreciation for the time you have been the owner of the property.

    Should you have any further question do not hesitate to contact us.

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