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Do I have to Pay Capital Gains Tax before the sale of a Property?
I am trying to sell my proprty in Tennerife but a informed that I have to pay the Capital Gains Tax before the sale of the Property. Is this correct?
Regards.
Bill.
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Dear Sir,
No, it's incorrect.
Perhaps you may be confusing it with a retention of 3% that is being withheld by the buyer and paid into the Spanish Tax office on account of your CGT liability.
I take it you are a fiscally non-resident in Spain. If correct, then they would apply the said 3% retention.
This is explained in detail on this thread (post number 18).-
http://belegal.com/forums/showthread...=118&page=2#18
Yours faithfully,
Raymundo LarraĆ*n Nesbitt
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