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It is important for you to know the benefits, the tax obligations and the fiscal implications of being a non-fiscal resident or a fiscal resident in Spain (those who stay more than 183 days in Spain). Do not get confused about having a “residencia” as this does not automatically mean you are registered at the Tax Office as a fiscal resident, nor to say that you may be entitled to a tax refund if you were taxed by the bank on the money you made on interest. If you have had tax retained from the bank, it might be advisable for you to work out your declaration, and if applies, lodge it if only to claim back the tax retained and inform the authorities that you are fiscal resident.
Even if you are not required to file a tax return, we can acquire a Certificate of Fiscal Residence in Spain for you to prove fiscal residency. Please note that the tax office would consider you a non-fiscal resident, unless you inform them yearly of your fiscal residence status in Spain. Do not forget there are benefits of being fiscally resident in Spain when it comes to accessing any inheritance (IHT) or capital gains taxes (CGT). If you prove fiscally resident on an inheritance procedure (i.e. you pay tax in Spain as a resident or you informed the Tax Office of that situation) you will get lower rates of taxation (for example 99% off in case the assets go to either husband, wife or children). However, non-residents do not have these benefits and will pay according to the IHT tax scale which is obviously higher.
Should you prefer to discuss your particular case further with any of our solicitors / tax advisors, please contact us for a free consultation for Quesada Focus readers, and make sure you know where you stand legally.
For further information see advert bellow or contact Pellicer & Heredia on 965 480 737 or 606 056 282 or visit
www.alicantelawyers.es
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