Capital gains tax can take a substantial chunk out of your profits, but there are certain scenarios where you can minimize or even eliminate this tax burden.
The Golden Trio: Age, Fiscal Residency, and Primary Residen
For individuals who meet the trifecta of being over 65 years old, a fiscal resident of Spain, and selling their primary residence, a unique opportunity arises to avoid capital gains tax.
Age Advantage: If you're aged 65 or older, the Spanish tax system offers certain concessions, including potential exemptions from capital gains tax.
Fiscal Residency: Becoming a “Fiscal” resident of Spain is key to unlocking these tax benefits.
Primary Residence Status: If the property you're selling has been your main home for at least three years before the sale, you may be eligible for significant tax reductions or exemptions.
By seeking professional advice, you can potentially enjoy the benefits of your property sale without the looming burden of tax.
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