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Soy... un hombre

Vivo en... Torremolinos

Me gusta... Anything that doesn't involve community issues

Trabajo de... Presidente de la Comunidad

Mi firma en el foro es...


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

Mark Twain




Roberto's latest forum comments

23 Nov 2020 01:52:

Cheap doesn't necessarily mean good value. If something looks too good to be true, it usually is.

Talk to locals, ask lots of questions. Rent before you buy if possible, to get a feel for an area. Happy hunting!

Thread: Advice for Beginners, retiring in Spain!

21 Nov 2020 14:59:

Agree with those who agree that keeping your property in the UK & not burning your bridges is the wise option. You have the right idea about possible issues in later life.

Don't know enough about mobile homes / static caravans to comment, but I would urge caution when considering property in Spain and not be swayed by anyone suggesting it will be an "investment".  It may be, but it may very well turn out to be a bad investment!

Regarding Spanish residency, are you sure your "adequate income" will be enough to actually qualify? A UK state pension certainly is not enough to qualify for residency in the UK under post-Brexit rules, so can anyone be sure that it will be for Spain?  

Good luck with whatever you decide.

Thread: Advice for Beginners, retiring in Spain!

19 Oct 2020 02:01:

It's probably too late now, but you may have been able to make a private contract for the furniture at a seperate valuation (by mutual agreement with the buyer), and deduct that from the declared sale price of the property thereby reducing your CGT liability further (and the buyer's transition tax for that matter). If you can get the taxable base down enough (and subsequently the amount of CGT due), it may be worth reclaiming the difference between the retention and what you actually owe. You would have to compare what you are due back with any charges for submitting your reclaim (using form 210) of course, and make that decision. I wouldn't really expect to pay a gestor / asesoria more than a couple of hundred for doing it on your behalf, and you should be aware that you could be waiting many months before you get your refund.

Ah, Tony! I know we've all met his type and if we're honest, it's characters like him that add to the colourful mosaic of life in Spain and we'd miss him if he wasn't propping up the bar on his favourite stool, spouting his nonsense! No doubt the Lake District will have similar personalities, but as for the Real Tony, as far as I know he only pops back ocassionally to Blighty to check on his council flat in Hackney, often returning with yet another clapped out Trannie van with a week left on its tax & MoT. Last I heard, he was actually now living in a caravan in Portugal.

Thanks for the explanation, Windtalker. Sorry you lost out, but good that you are philosophical about it. Since the crash in 2008, I've struggled to see how anyone still thinks Spanish property is an investment. Luckily for those wanting to sell, though, there will always be more people chasing the dream!

Thread: Sold my property

18 Oct 2020 21:21:

Assuming the full purchase and sale prices were declared....

The buyer will retain 3% of the €170,000 sale price, i.e. €5,100

The difference (capital gain) between the purchase price (€120,000) and the sale price (€170,000) is €50,000, but as you know, you can deduct certain expenses to reduce your CGT liability.

Transition tax on the purchase (most likely 8%, but depends when you bought it), plus notary fees, land registry fees, and your legal fees - I wouldn't expect this to have come to more than 10% in total, but you say €15,000, so you can deduct that. Then you can deduct the selling agent's fees & lawyer's fees, which come to €9,680 (assuming IVA at 21%). That brings your taxable base down to €25,320. Unfortunately, without IVA receipts for the work you did on the property, you cannot deduct that, sorry. You will be liable for Plus Valia* as well (payable to your town hall, but as a non-resident it's possible the buyer will want to retain that as well). I'm not sure if this is a deductable for CGT or not to be honest. I think it is, but your lawyer or fiscal rep should be able to confirm this. I'll leave it out of the following calculation though, in case it's not deductable - and because I don't know how much it will be!

So, based on a €25,320 taxable gain, your CGT bill @19% would be €4,810.80. (Be aware that if you do not complete the sale until after December 31st you will most likely be charged at 24% as a non-EU citizen). So you would most likely end up being owed a small amount of the retention back - to be honest, your lawyer / fiscal rep (whoever would usually submit your 210 declaration on your behalf) will probably charge you more than the amount owed (unless it's already included in your lawyer's fee), so it may not be worth claiming it.

* there are various online calculators for plus valia. You can try this one https://www.foro-ciudad.com/plusvalia-municipal.php, or just ask your lawyer (he's charging you enough for doing virtually nothing!) to find out the exact amount from the town hall.

Hope this helps, but I would urge you to confirm this with whoever is handling your fiscal affairs. I'm not Tony down the pub, but I am responsible for introducing him to forum members, so who knows, maybe some of his BS has affected my reasoning a bit over the years?

Good luck with the sale, and with your new place in the beautiful Lake District.

Windtalker, I am curious to know where your "sales" fees of €15,000 come from ? Even allowing for the 3% retention (€3,750 on your sale price) that leaves €11,250. Just how much comission did the estate agent take? (5% is the absolute maximum anyone should pay in my opinion). How much are people paying lawyers to handle their sales? (A couple of hundred, in my opinion, is sufficient for what they actually do)

Thread: Sold my property

13 Oct 2020 17:06:

I have met too many similar couples (and individuals) over the years to remember. Some just give up and return home with tails between their legs, but too many end up with broken relationships, alcoholism or worse. Sad, but true. 

Of course, there are many happy success stories too, but this is certainly a good cautionary tale. 

Thread: 2020 Situation re UK plated car in Spain and selling RH drive car in Spain


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