Each owner is responsible for the payment of his/her share of the expenses incurred in the maintenance and upkeep of the complex.
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Real estate income tax-nonresident taxes:
This tax for active rental income is rated in a % of the net income received or a deemed income based on usually 2% or 1,1% of the rateable value.
You must file a tax return with the Spanish Tax Authorities. We also offer this services as your fiscal representative in Spain.
Local real estate tax (IBI):
This Real Estate Tax is based upon the rateable value of the property and can vary from town to town. In Spain, the tax “Impuesto sobre Bienes Inmueble” is more usually referred to as the IBI.
Wealthtax where applicable:
The first 700.000 Euros of every individual´s assets are exempt from tax.
Calculation based on a progressive scale and therefore sharing the ownership results in a lower total tax to be paid.
Example: A couple owns a property valued at 1.400.000 Euros with no mortgage: No Wealth Tax will be paid. Mortgages or other outstanding debts on the property will be deductible from a tax base.