TAX RULES CHANGE FOR EXPATS IN SPAIN

Property-buyers and expats in Spain should note that a new Double Taxation Convention between the UK and Spain, which was signed in London on 14th March 2013, came into force in June 2014. 

Richard Way, Editor of www.OverseasGuidesCompany.com, publishers of www.SpainBuyingGuide.com said: “From June 12th, rules for withholding tax on income has changed under the new treaty, while January 1st 2015 will see new rules governing income and other taxes in Spain kick in, which could affect expats’ income.

 “Meanwhile, June also saw the Spanish government announce cuts to income tax rates due to come in next year, which primarily will benefit lower earners.

The changes are a reminder that keeping on top of your tax affairs as a foreign property-owner or expat is best done through employing a specialist tax firm. Typically, preparation and foresight are key to arranging your affairs in the most tax efficient way – which means consulting a tax expert before you leave the UK or purchase a property.”