Mortgage gift from parents - taxable in Spain?

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01 Mar 2016 19:01 by Tobi32 Star rating. 3 posts Send private message

Hi Everyone,

I am Spanish resident and recently I have taken a mortgage and bought a flat in Andalucia. Most of the money for deposit, initial taxes and fees were transfered from my parents as a donation/gift. Is this money taxable in Spain? Do I need to declare the amount of donation or gift for tax purposes? Is it possible that Hacienda will enquire abut this when I pay the annual IBI tax?

Any help much appreciated.





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01 Mar 2016 19:09 by mariedav Star rating in Ciudad Quesada. 1060 posts Send private message

Spanish Gift Tax

From Advoco solicitors

 





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02 Mar 2016 10:45 by Roberto Star rating in Torremolinos. 4490 posts Send private message

Roberto´s avatar

IBI is paid to your local town hall; I very much doubt that Hacienda are interested in that or even aware of it.

It's only the lump sum you received that might arouse interest. I'm not sure if the banks are obliged to report any significant sums arriving in your account. If the deposit was paid directly by your parents, it will be even harder for Hacienda to establish how much you were "gifted". Are you employed / self-employed? Do you submit annual tax returns? Don't take this as advice, but unless Hacienda have reason to be scrutinizing your affairs, I would imagine it will go unnoticed. If you're concerned, however, I would recommend speaking to a gestor / tax accountant for advice. Like most here, I'm only guessing.



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"Politicians and diapers must be changed often, and for the same reason"

Mark Twain

 

 

 




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02 Mar 2016 14:40 by Sanchez1 Star rating. 853 posts Send private message

For payments of more than 3000 euros made into a Spanish bank account, the bank will automatically notify Hacienda.  So Hacienda may follow it up and ask for proof of origin of the money.

It would have been better to split it up into smaller chunks of 1000-2000 euros, which is what the Spanish would generally do in this case.

 



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02 Mar 2016 15:42 by Tobi32 Star rating. 3 posts Send private message

Thanks a lot everyone for the explanations and suggestions. I need to have a word with my gestor I guess.



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03 Mar 2016 20:13 by mariadecastro Star rating in Algeciras (Cadiz). 9288 posts Send private message

Legal Questions? Speak to Maria Direct

Tobi32:

Some answers below in bold green ( same text as your email): 

Hi Everyone,

I am Spanish resident and recently I have taken a mortgage and bought a flat in Andalucia. Most of the money for deposit, initial taxes and fees were transfered from my parents as a donation/gift.

From your parents account abroad? 

Is this money taxable in Spain? Do I need to declare the amount of donation or gift for tax purposes? Yes, as you are a Spanish tax resident. Is it possible that Hacienda will enquire abut this when I pay the annual IBI tax?

When money comes from abroad and that is used for a proeprty purchase, Notaries are obligued to attach a Bank certificate with specification of funds origin when the property is completed. Did not happen in your case?

Any help much appreciated.



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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04 Mar 2016 10:14 by Tobi32 Star rating. 3 posts Send private message

Thank you mariadecastro. Regarding your questions, yes, the money was transferred from my parents account abroad. However, half the money was first tranferred to my euro account abroad and then to my Spanish account. The other half directly to my Spanish account. And these were different amounts, sometimes 1k, sometimes 3k or 10k. I can't remember a bank certificate attached by the notary, I will need to it find out. Thanks





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