Tax Reduced on Capital Gains
15 January 2007
Excellent news for Investors. Capital Gains Tax for non-residents has been reduced from 35% to 18%
Legislation to reduce Capital Gains Tax for non-residents from 35% to 18% (and increase it for residents from 15% to 18%) was approved by the Spanish Senate in October 2006. The new regulations also reduce the withholding provision that non-residents pay when selling property in Spain from 5% to 3%. The new regulations came into force at the beginning of January 2007.