Tax
in Spain
Tax laws are complicated and, again, we would advise
that you engage the services of a Gestoria (Administrator/Accountant)
in order to process your tax returns.
An outline summary is as follows:
- You are considered tax resident if you spend
more than 183 days in any one tax year in Spain
and are liable to pay tax on your Worldwide
assets
- If you earn more than €22,000 per year you
must, by law, complete a tax return
- Income tax is payable on earned and unearned
income. Taxable income also includes capital
gains, property, pensions, etc.
- If you are a pensioner and your worldwide
pensions and investments amount to less than
€9,600 per annum, you do not need to complete a
tax return
- Due to double taxation treaties between Spain
and the UK, you will not be taxed again on income which
has already been taxed in another treaty country.
The above guidelines are just “the tip of the
iceberg” so Options do recommend you to organise
professional assistance, especially since fines for
non-declaration are quite harsh.
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