In the UK there is capital gains tax relief for a house bought for a dependent relative. Is there any form of relief in these circumstances in Mallorca?
Any information would be appreciated.
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In the UK there is capital gains tax relief for a house bought for a dependent relative. Is there any form of relief in these circumstances in Mallorca?
Any information would be appreciated.
Dear Sir/Madam,
Please accept my apologies for this late reply.
In Spain, there is a similar exemption on Capital Gains Tax, depending on the level of disability of the Spanish resident ( it has to be a severe disability ). The exemption is also applicable to residents over 65 years old. Please note that anyone selling their current home and reinvest 100% of the profit made on another property that will be his/her usual residence (main home) will not pay capital gain tax.
I hope this information has been useful.
Best Regards,