New changes to Transmissions of assets for fiscal residents of Spain over the age of 65.

There has been a reform in the law whereby fiscal residents of Spain over the age of 65 may invest the amount of capital gains tax due after the sale of their proeprty (or any other assets) in to a lifetime savings plan which can pay them back on a monthly, quarterly, bi annually or annual basis.

The reform includes a new case of exclusion of taxation of capital gains that are due as a result of the transmission of assets (not necessarily real estate) by tax payers over the age of 65, provided that the amount (total or partial) obtained from the transfer is deposited within a period of six months to a life annuity plan (savings plan), under the conditions that are determined by this law. The total maximum amount that can be allocated is 240,000 Euros. We have a specific savings product which has been created for this purpose by Liberty Seguros.

Should you require any further information or for us to investigate your indivudual case more thoroughly, contact Tenerife International Business Centre SL and find out how you can avoid (and NOT "evade") capital gains tax.

FAQ's - Questions we can help you with

1. Do I need to pay Capital Gains Tax when I sell a property in Spain even if I am under 65 years of age?

2. Do I need to pay capital gains tax if I reinvest in another property in Spain or abroad?

3. How long do I have from the date of sale to reinvest so I don't have to pay capital gains tax?

4. What is the difference between capital gains tax and Plusvalia?

HOW TO CONTACT US

Email: info@tibc-sl.com

Telephone: 0034 922 730 210