People have all sorts of questions about owning property in Tenerife, whether about going to the notary, the costs involved in a purchase, how to sell, valuations, taxes, you name it. Below are some of the questions I’m most often asked. If your question hasn’t been answered below, please just ask in the comment box at the bottom of the page. Just click on any question to expand it to show the answer.

If your question is about complexes, community life or the Law of Horizontal Division please see the Living on a complex page HERE.


 

 

Buying

 

 

 

 

 

Costs & Taxes

 

 

 

 

 

 

 

 

Valuations

 

 

Letting

 

 

 

Mortgages

 

 

 

Selling

 

 

 

 

 

 

This article has 15 Comments

  1. As a non resident we have been advise that we can only pay our modelo 210 taxes through a notory who applies their costs on top of the taxes, is this the case or can we pay it ourself preferably on line.

  2. I believe there are many people who do it themselves! In the past it was always paid through the bank or by electronic transfer – I don’t know if there’s an alternative “online” option. It used to be the case that non-resident property owners were required by law to have a fiscal adviser, which sounds similar to what you’re describing, but that legal requirement was dropped years ago.

  3. Yes, I did by myself.
    Because professionals ask 50€ to 200€…
    Or when you speak Spanish or English, you can do it in 5-10 minutes, with no costs!

    It is easy, you need to go on the website of agenciatributaria, you fill the form 210, it exists in ES and ENG,
    There are guidelines in ES &ENG, the model-210 too, and also the web application
    And either you choose to pay
    – efectivo/cash in any Spanish bank
    – by a payment in our Spanish bank (you need to go in your bank, physically), your banker transfer money from our account to the fiscal account
    – by a SEPA transfer from our European bank, since your sofa 😉

  4. Thanks, Yola, that’s great. I was hoping someone who’d done it themselves would come on with an explanation.

  5. Try THIS site as its a very cheap fixed price and is done the same day and is emailed with all the attachments to print out if you are not confident to do it yourself.

  6. I am really glad I asked the question, and a big thank you to all for your responses,
    You have probably just saved me €500 for the two of us.
    What a good site to ask questions on instead of the Philadelphia lawyers in the bars,
    Once again thank you

  7. We have agreed to buy a property on which we will have to pay 6.5% ITP. In addition, we have agreed to buy some of the furniture from the vendor. Will there be tax to pay?.

  8. It is possible to include the furniture in the escritura, and this would reduce the purchase price and so the percentage tax to be paid on it, but the amount would usually be negligible, I would think, and most vendors and buyers would come to a private arrangement …

  9. Re Modelo 210. Yola says they fill it in themselves, but I have up to now used an advisor as I have not known how to find the two bits of information that might change annually ie the ‘base imponible’ (box4) and the percentage charged (box 21). Any help from Yola would be appreciated!

  10. Hi Janet – all most helpful. Can you comment as to whether the 99% reduction in inheritance tax and gift tax is now law or when it will be. Assuming owning a property in joint names worth £100,000 and one spouse dies bequeathing the other the property then the inheritance tax to pay would only be 1% of £50,000 and assuming this spouse dies bequeathing the property to children do I assume the inheritance tax would be 1% of £100,000 with the tax burden divided between the bequeathed children in ratio to the share of the property received.

  11. Yes, it’s law, please see the post HERE and the page HERE, which confirm it. The discount is actually 99.9% so it’s not 1% to pay, but 0.01%. For specific situations, even as examples, I am not a tax adviser and this needs to be clarified with someone qualified, but with a property owned in joint names, inheritance tax – such as it now is – will only be payable on the half inherited, and if left to more than one person, I would assume that the tax burden would be in proportion to the ownership percentages. As I say on the post I linked to, Paul Montague has kindly said that he’ll supply me with an analysis in due course, and I will post it as soon as I get it.

  12. Janet,
    Re Modelo 210. Yola says above they fill it in themselves, but I have up to now used an advisor as I have not known how to find the two bits of information that might change annually ie the ‘base imponible’ (box4) and the percentage charged (box 21). You have helpfully given the tax percentages for 2011 to 2016 in your web article on the subject, but I do not know where to find the ‘base imponible’ which seemed to reduce between 2013 and 2014.

  13. Mike I’m sorry but as I’ve repeatedly said, anyone with a tax enquiry needs to consult a tax adviser. I am not one, and neither qualified nor able to answer tax questions.

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