Dear Debra

Capital Gains Tax is paid on any profit made on the sale of your property, and is currently fixed at 19% on the profit made. In the current economic climate, not many sellers are making any profit, and therefore the sale will attract no Capital Gains Tax. However, if you are a non-resident, you will have a 3% of the purchase price automatically withheld by the buyer at the Notary. You are eligible for a full refund of this 3% if you are up to date with your taxes at the Tax Office (namely Non-Residents Imputed Income Tax). The refund takes around 6 months to be issued. Your lawyer should be able to take care of all the paperwork to request this full refund. Also, watch out for the Plusval�*a Tax (IIVTNU), which can amount to a substantial figure if the property was bought in 1988.

Regards