Are you thinking of buying a property in Andalusia?
Good news! The Andalusian Tax Government has approved a reduction in the Transfer Tax to be paid at a flat rate of 7%!
What is the Transfer Tax?
When you purchase a property in Spain, you are liable to pay a transfer tax for both first and second-hand properties calculated on the purchase price.
- First-hand properties: 1.5% tax rate – It has been reduced to 1.20%
- Second-hand properties: It usually implies a progressive tax rate from 8% to 10% depending on the purchase price. Now, a flat rate of 7% is applicable.
Which are the requirements to get this flat rate applied?
The only requirements are the following:
- The property to be located in the Andalusian region
- The purchase to take place between the 28th of April to the 31st of December 2021
Does it have any further tax or legal implications?
The only implication is the significant saving on the transfer tax related to the purchase of your property in Andalusia!
What are you waiting for?
The Andalucia Lawyers team will be pleased to assist you with the conveyancing of your dream house.
Feel free to contact us!