Do I have to Pay Capital Gains Tax before the sale of a Property?

[Unregistered]

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.

[Lawbird Lawyer]

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 LarraÃ*n Nesbitt