Costa News Spain Breaking News | English News in Spain.
New Fines for Second Owners in Spain
Credit score: Pexels, Nataliya Vaitkevich
As of 2024, Spanish Tax Authorities (“Hacienda“) are cracking down on anybody with an undeclared property not getting used as a principal residence.
Homeowners who fail to declare an empty property will face fines of as much as 150% of the unpaid tax quantity, relying on the severity of the case.
All properties have to be declared, no matter whether or not they’re rented or vacant.
Property house owners should declare rental earnings as capital features, whereas vacant properties have to be registered as unused and taxed at 2% of their “cadastral worth.” The cadastral worth is a decrease, official estimate of your property’s price, which Spanish tax authorities use to find out how a lot tax the proprietor ought to pay primarily based on the property sort. Now, house owners shall be hit with a tax primarily based on 2% of this worth (or 1.1% for up to date properties).
In regards to the Fines
The Spanish tax man will be penalising property house owners who don’t observe this rule. Fines will vary from 50% to 150% of the unpaid tax quantity. The severity of the nice will depend upon the circumstances of the case. Errors shall be penalised with decrease fines, however malicious or deliberate omissions will obtain increased penalties.
Whether or not it’s accumulating mud or rented out, be sure you’re declaring it, or threat being slapped with fines as much as 150%
