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Taxes are high in Spain

Rental Income: All property owners are subject to a flat tax of 24% on gross rental income.

Property and Wealth: A special annual 3% tax is levied on the cadastral value of real estate owned by nonresidents.

Capital Gains:As of 01 January 2010, capital gains taxis levied at 19% on the first €6,000 and 21% on the remaining amount.

Inheritance: Each beneficiary’s inheritance is taxed at progressive rates, from 7.65% to 34%, after certain tax-free amounts have been deducted.

Residents: Resident individuals are liable to tax on their worldwide income and assets but they are entitled to some allowances and tax credits.

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