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Abogado3044
Abogado3044, Abogado ejerciente
Categoría: Impuestos
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My husband and I hold non national residencias in Tenerife

Pregunta del cliente:

My husband and I hold non national residencias in Tenerife Canary Islands Spain. We have lived here and own jointly our family home for 14 years. We are tax compliant here and my husband is about to retire. He wishes for various reasons to transfer the property to my name solely. Can you advise us on how to do this and what are the tax and legal implications. Also how long will this take to complete?
Thanks Yvonne
Enviada: hace 5 año.
Categoría: Impuestos
Experto:  Abogado3044 escribió hace 5 año.

Hi Yvonne:

 

 

There are three taxes on it to be considered

  • Plusvalue tax to be paid at the city Village. No deductions to be made
  • Transmission tax to be paid at the Canay islands goberment.
  • Its not sell out tax, the tax you have to pay its Division of the common thing. The transmission tax for sell out its 7 per cent and you only have to pay 1 per cent, Very important, you are not selling out, your are dividing the commun thing. Perfectly legal, perfectly right.
  • Next year in the personal taxes as residents you will have to declare the plusvalue. You will pay 19 per cent of the profit if its 6000 euros or less and 21 per cent in all profit bigger than 21 per cent

You must do the division of the common thing at the notario, once you have pay all taxes you could go to the propiety registrer to registrer at one name only

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Cliente: escribió hace 5 año.

Good morning,

 

As I understand it you say that we can divide the ownership of our home from its present 50/50% to a diferrent percentage of for example 75/25% at a cost of 1% of the divide of 25%.

 

I understand that this change is registered in front of a Notary.

 

What I am not quite clear on is the plusvalia. Is this the catostral or annual rates?

 

Finally I assume that at a later date this proceedure can be reversed.

Experto:  Abogado3044 escribió hace 5 año.

Plusvalue in the City Village its 50 per cent of the total. The prices you have to pay is fixed by them and you could do nothing about it unless to pay.

Transmission on the Comunidad Autonoma its 1 per cent of the catastro value, no just half, has to be one per cent of the catastro value.

Ask whatever you need, I am here to serve you

Cliente: escribió hace 5 año.

Thank you.

 

So I can receive from my husband 25% of his existing half ownership of the house, go to the notary where we can change the ownership ratio.. We will pay 1% tax not 7% on the transfer of the 25% to me. We will also pay the Notary and I will be the registered owner of 75% of the house.

 

Please confirm that this is correct.

 

 

 

Experto:  Abogado3044 escribió hace 5 año.

No, 1 per cent its only when one of yours is out of the propiety.

If one of yours only gives away 25 per cent has to be a sell out, no comon thing division, and has to pay 7 per cent of the part seold out to the other

 

If you want to get 25 per cent from your wife you have to pay 7 per cent of the 25 per cent of the value. If she wants to came out of the propiety and give iyt to you you have to pay 1 per cent ot the total value of the propiety

Cliente: escribió hace 5 año.

So the easiest thing is to transfer totally into my name. My spanish will leaves the house entirely to my husband should I pre-decease him. Will this still be possible as I have 2children by a previous marriage? I do have other assets in Spain that are willed to my children.

If I die and the house is in my name but my husband is still alive-- what is his situation?

Experto:  Abogado3044 escribió hace 5 año.

I can no answer you about inheritage law because its your own law to be aplllied, not spanish law as you are not spaniard.

Inheritage or donation transmision taxes have several bonifications to the closer relatives. you should ask at the Cabildo the diferent amount to be paid in your concrete case if you make a donation or the comun thing division in order to kown which posibility is cheapest to you. You could donate 25 per cent, or whatever amount you considerer