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Tax Spain and Tenerife
Spain and Tenerife Tax info
Please find a simplified breakdown on what taxes you should expect as a non-resident homeowner:
- NIE – All property owners must obtain a NIE (National Identification number for foreign nationals) number before purchasing a property.
- Local Property Tax – Paid annually to the town hall. Percentage charges vary from region to region
- Wealth Tax – Paid annually on the net value of all your assets in Spain or Tenerife to the regional government
- Municipal Tax – (Drains and Refuse) this tax is levied dependant on the cadastral value of your property.
- Income tax – Paid annually on all income in Spain or Tenerife. Rates vary depending on income.
- Capital Gains Tax –Non residents pay a flat rate of 35%
For more detailed information on tax in Spain and the Canary Islands, contact us.