You have tripled your money in two years, turning a profit of €200,000. It seems you will have to pay the full rate of Spanish capital gains tax, at 23 per cent of your profit, for a hefty tax of €46,000. Reductions are available but you do not seem to qualify. If you are a tax resident of Spain, this means you pay Spanish income tax. 1. If you have tax returns for the previous three years. 2. And if you have held your principal residence for three years. 3. And if you use all your profits to buy a new principal residence in Spain, you would be free of capital gains tax.
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Covering the Costa del Sol, Costa Blanca, Almeria, Axarquia, Mallorca and beyond, EWN supports and inspires the individuals, neighbourhoods, and communities we serve, by delivering news with a social conscience. Whether it’s local news in Spain, UK news or international stories, we are proud to be the voice for the expat communities who now call Spain home.
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