06 Dec 2013 4:25 PM:

Yes. Well I own 1 in uk and 1 in spain outright. Both are up for sale. And I recently put small deposit on a 3rd which I intended to purchase. My intention was to have my main residency here in a nicer bigger apartment and sell off the other 2.

Thread: cancelling residencia

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06 Dec 2013 4:03 PM:

Thanks for the advice It looks as if I should cancel my residencia and spend more than 6 months in the uk. I have a small flat here and dearly want a bigger one. It is difficult to sell here so I decided to buy the bigger one before selling the smaller one. Also because I found one I really like and am able to fund it. I will however make a loss on the sale of my small flat. Does that still mean I pay tax? I am making a capital loss not a gain. To make things clear .....
Situation = I have 2 houses up for sale. One uk one spain. On sale I will make a loss on both.
I have agreed to buy bigger apartment in spain and paid small deposit.
I have spanish residency 2 months. Not yet applied for tax residency.



Thread: cancelling residencia

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06 Dec 2013 8:33 AM:

I received my residencia just a few months ago. I havent yet got round to applying for fiscal residencia Although I travel between 3 countries, my children in one, my family in another and me in spain I am intending to spend just over 6 months here. However, I think I may have done the wrong thing or rather may have timed it wrongly! I intended to sell my property in the uk but now have been told by my lawyer that I will have to pay income tax on the sale as the money I receive is classed as income.
I also intend to buy a second property here in spain with money from savings as i would like a bigger property in live in but I am told that if I sell my first property, after buying the bigger place, it will also be classed as income and taxed. HELP am I now just a CASH COW for the spanish tax authorities and should I cancel my residencia?

Thread: cancelling residencia

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