Individuals who receive gains on the sale of their primary residence can be exempt from paying income tax if the vendor is over 65 years old or the gains are reinvested in a new primary residence. The following requirements must be fulfilled: 1. Primary residence a)  The house being sold must qualify as the taxpayer’s primary residence, in other words, they must have lived in it for at least three years. b)  The house they are buying must be their new primary residence. They must live in it within twelve months from the date of purchase and it must be their primary residence for thre ..read more

There have been a number of tax implications following Britain’s exit from the European Union (Brexit).One of these is that UK residents who own a property in Spain will be taxed more heavily when they rent their property (24%) and they will be taxed on the gross amount, without being able to deduct a single expense. In some cases they could find themselves with more expenses than income, or the owner could be liable for paying taxes on losses due to being taxed on the gross amount. The double tax treaty between Spain and the United Kingdom states that companies in both countries will not be t ..read more

Spain and Gibraltar have reached a post-Brexit agreement, published on 13 March 2021. This lays down rules for determining tax residency. An individual will be considered a resident in Spain if: the individual spends more than 183 overnight stays in Spain over the course of a calendar year. Periods of sporadic absence (where the person is not in either territory) are added to the total of time spent in the territory in which the person spends the majority of overnight stays in accordance with tax laws, the individual’s spouse (from whom they have not legally separated) or a similar relative ..read more

Investing in cryptocurrencies is becoming increasingly popular due to their high long-term profitability, especially by hiring expert brokers to effectively manage this highly volatile asset.   According to the Spanish law on the prevention of money laundering, a virtual currency is a digital representation of value that is neither issued nor guaranteed by a central bank or public authority, is not necessarily associated with a legally established currency and does not have the legal status of currency or money, but is accepted as a medium of exchange and can be transferred, stored or tra ..read more

Holiday rentals are undoubtedly a profitable investment, especially in tourist areas such as the Andalusian coast. In order to rent out dwellings for tourist purposes in Andalusia, it is essential to obtain a licence. The requirements for obtaining such a licence are as follows: To have an occupancy licence, duly granted by the pertinent city council. They must also comply at all times with the technical and quality conditions required of the dwellings. The rooms shall have direct ventilation to the outside or to courtyards and some kind of system for darkening the windows. This re ..read more

In the spirit of innovation and progress to deliver a first-rate service to TempleCAMBRIA’s clients, the firm’s partners, Juan Antonio Rodríguez García and Álvaro Morales Sousa, recently passed the aptitude tests for training as customs representatives granted by the State Agency of Tax Administration, belonging to the Ministry of Finance and Civil Service (Ministerio de Hacienda y Función Pública). In the last call for applications, 1,500 candidates applied, of which only 14% passed, including our partners, thus expanding the firm’s areas of practice. It should be noted that achieving this qu ..read more

Up until January 2022, Spanish tax legislation provided for heavy penalties for failure to file Form 720, filing with erroneous information or late filing of the Form 720. The amounts of these fines were 5,000 euros for each missing, incomplete, inaccurate or false bit of information or set of information, with a minimum of 10,000 euros, and 100 euros for each bit of information or set of information declared after the deadline when there was an obligation to do so, with a minimum of 1,500 euros. In addition, the Tax Agency could declare the value of the undeclared assets as a capital gain, ev ..read more

As we have already seen in a previous article, form D-6 is used to declare: Investments in shares of foreign companies whose capital is admitted to trading on stock exchanges. Investments in transferable securities such as bonds and debentures convertible or not into shares, promissory notes and any other similar securities. Investments in duly constituted foreign collective investment funds with regular public disclosure of prices. Acquisitions by residents of securities issued by residents and acquired in foreign secondary markets. Since its approval in 2001, the processing of form D-6 has ..read more

Since March 2021, Gibraltar is no longer a tax haven under Spanish legislation. Anti-tax avoidance rules for tax havens therefore no longer apply, for example the Gravamen Especial sobre los Bienes Inmuebles de las Entidades no Residentes (special tax on the property of non-resident entities) (for more information about this tax please click here). However, the agreement signed with the UK sets out a series of rules under which entities incorporated and run in Gibraltar will be considered tax residents in Spain: When the majority of its assets, directly or indirectly owned, are located in Spa ..read more

Form D-6 Residents who invest in foreign marketable securities or securities deposited in foreign entities or who invest in foreign collective investment schemes must declare those securities by submitting form D-6. These declarations are filed annually with the Directorate General for Trade and Investment (Dirección General de Comercio e Inversiones) in January of each year and show the situation of the securities deposits or accounts as at 31 December of the previous year. Investments in shares in foreign companies that are fully or partially listed on Spanish or foreign securities markets a ..read more