Spanish government to cut Capital Gains Tax for non-residents
The Spanish Government have proposed to slash Capital Gains Tax liabilities for non-resident property sellers in the 2007 budget.
While nothing definite has yet been confirmed, the general feeling is that the proposals will go ahead.
Spain was in the dock recently for having different liability levels for residents and non-residents of 15% and 35% CGT respectively.
However, it has proposed to level the field in the 2007 budget so that all sellers, resident or not, pay 18% CGT.
This is superb news for non-resident property owners in Spain, although resident owners will find their CGT liability increased by 3%.
However, there are certain exemptions and correction factors which residents can apply for in order to reduce this amount.
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