That is a question that many clients are asking us very often, so here is the summary of the usual yearly expenses of a property in Spain:
- UTILITY BILLS: you would have to pay the electricity, water, gas etc. from your property even it is empty, as long as you still have the contract in force.
- IBI TAXES: the Impuesto sobre Bienes Inmuebles is a Tax that has to be paid to the City Hall once a year. Usually, you may know the amount once you buy the property, as the seller has to provide you a copy of the last taxes paid. Also, some Town Halls may charge you a yearly Garbaje fee.
- COMMUNITY OF THE BUILDING FEES: as long as the property is in a building, you would have to pay your share of the common expenses of the building (cleaning, electricity) and your share of the maintenance or improvement works.
- NON RESIDENT TAXES: the amount of this taxes may be different depending on the situation of the property: if it is rented or not and also, depending on your Tax residence:
| PROPERTY FOR OWN USE | LEASED PROPERTY | ||
|---|---|---|---|
| INCOME | 2% of the cadastral value (1.1% if the value has been reviewed in the last 10 years) | Full amount less expenses provided for in the Personal Income Tax Law | Full amount without deducting any case |
| PERCENTAJE OF TAXES | 19% or 24% for non-EU residents from the previous amount (2% or 1,1% from the catastral value) | 19,00 % from the previous amount (2% or 1,1% from the catastral value) | 24,00 % |
| FORM TO PRESENT | Model 210 Type of income 02 | Model 210 Type of income 01 or 035 | Model 210 Type of income 01 or 035 |
| SUBMISSION DEADLINE | During the entire calendar year following the accrual date (December 31) | It depends on the result of the statement: To pay: 20 first months of April, July, October and December. Zero taxes: from January 1 to January 20 of the year following the year of the declared income. To be returned: from February 1 of the year following the year of accrual. |
It depends on the result of the statement:
To pay: 20 first months of April, July, October and December. |
We always recommend you to have a trusted Lawyer who can deal with your property obligations and keep you well informed about any liabilities that you may fall into for being the owner of a property in Spain.
If you have any enquiries, you could contact us on info@lawyersinvalencia.com
