This is a tax to be paid by non-residents for the income obtained upon sale.
To know the exact amount, the difference between the following values has to be calculated:
- Acquisition value: this is the total price paid for the property purchase, including costs inherent to the acquisition (tax, notary, Land Registry, etc.). Any improvements and investments made on the property before selling it will also be taken into account.
- Transmission value: this is the value of sale of the property minus any derived expenses such as real estate and notary fees, capital gains, etc., which will be deducted.
Once the difference between both values is calculated, a rate of 19% is applied to that amount for residents of EU, Iceland and Norway, and a rate of 24% will be applied for the rest.