Property Transfer Tax (Impuesto sobre Transmisiones Patrimoniales or ITP): a tax levied on the transfer of second-hand properties in Spain, ranging from 6% to 11% depending on the region or "Comunidad Autónoma".
Value Added Tax (Impuesto sobre el Valor Añadido or IVA): a tax levied on the sale of new properties in Spain, currently at a rate of 10% or 21% depending on the property type.
Property Tax (Impuesto sobre Bienes Inmuebles or IBI): an annual tax levied on the ownership of real estate property in Spain, which is determined by the cadastral value of the property.
Non-Resident Income Tax (Impuesto sobre la Renta de No Residentes or IRNR): a tax levied on non-residents who own property in Spain and who earn income from that property, including rental income and capital gains.
Capital Gains Tax (Impuesto sobre las Ganancias Patrimoniales or CGT): a tax levied on the profits made from selling a property, calculated on the difference between the purchase price and the sale price.
Wealth Tax (Impuesto sobre el Patrimonio): a tax levied on the net worth of individuals and companies, including real estate property.
Inheritance and Gift Tax (Impuesto sobre Sucesiones y Donaciones): a tax levied on the transfer of property ownership through inheritance or gift.
It's important to note that the rates and regulations of these taxes may vary depending on the region in Spain, and there are seventeen autonomous regions or "comunidades autónomas".
Do not hesitate to contact us if you happen to have any doubt about the Spanish tax and administrative needs.