Female Focus
Page 7
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Advantages to residency.
I am sure that each of us know a neighbour or a British friend who, even though living all year round in Spain, still prefers to submit their income tax in the UK and maintain a legal status that is not legally allowed, but which both the British and the Spanish authorities are unable to control.
I do not think these people know the pros of becoming Spanish
tax residents and of getting tax rule benefits:
Income Tax: When taxpayer is a pensioner whose annual total does not exceed 6,500 Euros there is no tax to pay because he/she gets get an exemption of 9,231 Euros. When the pensioner’s annual total exceeds 6,500 Euros, then an exemption of 7,803 Euros could be obtained.
Owning a home in Spain: That means not paying any income tax and, even if you have a mortgage because the house has been restored, you get a tax deduction of 9,180 Euros.
Annuities: (Preset sums to be paid periodically at set times throughout the life of a person or for a period of time) May be reduced to 92% depending on the age of the taxpayer.
Inheritance tax: The widow or widower who survives will not pay tax on inherited property when they are tax residents, for the rest of the inherited property there is an exemption of nearly 100%.
Finally, let me give some advice: the Spanish Tax Agency has taken the decision to end tax avoidance by residents who continue to pay taxes in their country of origin but I think after that it will be the turn of those who, owning a Spanish home, do not declare any sort of income tax. For our range of services please see our advert on page 8.
Marques de Campo 16 piso 1º pta 2, 03700 DENIA Tel: 965 784 298 Fax: 966 430 530 email:
vicent.oltra@telefonica.net www.oltracasamayor.com
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