Kaarsberg Estates 51 Autumn

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PAG 02 a 13 ADS <strong>51</strong>.qxp_Layout 1 23/8/21 9:01 Página 10 TAXES REDUCED IN ANDALUCIA by Francisco Sánchez Good news for real estate investors in Andalucía. Its government has agreed to reduce several taxes. The ones related to Real Estate purchase have been significantly reduced as we explain in this article. The government is aiming to attract investors and energize the real estate market by reducing the fess associated with the purchase of a property. Time will tell whether the measures are successful or not, but for the moment, it has been welcomed by all the parties that directly or indirectly intervene in Real Estate transactions (agencies, notaries, lawyers, etc). These incentives aim to encourage and stimulate a key sector in Andalusian economy. Despite the fact that the Real Estate market in the Costa del Sol is holding up and prices have even increased, other parts of the region have suffered the struggle of the Covid-19 pandemic, which final effects are still to be evaluated. Therefore, the government approved the Decree law 7/2021 of 27th April. Two of the taxes directly linked to real estate that have been reduced are: 1.- Impuesto de Transmisiones Patrimoniales / Property transfer tax (ITP). This tax is to be paid by the buyer on the purchase of second-hand properties (resale properties) preceding to the land registry inscription. Prior to the above-mentioned Decree, this tax was calculated in an ascending scale that started at 8% and went up to 10% of the sale value (8% from 1.-€ until 400.000.-€; 9% from 400.001.-€ until 700.000.-€: and 10% from 700.000.-€ on). After April 28th 2021, a unique tax rate of 7% applies regardless of the purchase price. 2.- Impuesto de Actos Jurídicos Documentados / Stamp duty (IAJD). Stamp Duty is to be paid to any purchase subject to the payment of VAT (off-plan property bought from a promoter or building plots, for example). In this case, the Stamp Duty has been reduced from 1.5% down to 1.2% of the purchase price. Both reductions translate into a substantial tax saving for property buyers in Andalusia. For example, in a 1 million Euros resale property purchase, the buyer will now pay 70.000.-€ whilst he/she would have paid 89.000.-€ just a month ago. Nevertheless, bear in mind that the measure is temporary, and it will only last until the end of this year: it will be in force from April 28th 2021 until December 31st 2021. Had you considered to purchase a property in Andalucia but not decided yet, this may be the boost you have been wating for. We hope this summary has been helpful. SANCHEZ & BECK ABOGADOS is a law firm that specialises in all kinds of court proceedings of civil, criminal, administrative, company and real estate nature as well as in delivery of legal opinions, advice, legal reports and intervention in sale/purchase operations and other contracts.
PAG 02 a 13 ADS <strong>51</strong>.qxp_Layout 1 23/8/21 9:01 Página 11 ABOGADOS Despacho especializado en todo tipo de procedimientos judiciales de materia civil, penal, administrativa, mercantil e inmobiliario, así como asesoramiento extrajudical, emisión de dictámenes e informes jurídicos e intervención en compraventas y otros contratos. Nuestra filosofía es la del trabajo serio, profesional, honesto y dinámico, prestando a nuestros clientes un servicio directo y personalizado. LAWYERS Law firm that specialises in all kinds of court proceedings of civil, criminal, administrative, company and real estate nature as well as in delivery of legal opinions, advice, legal reports and intervention in sale/purchase operations and other contracts. Our philosophy is that of responsible, professional, honest and dynamic work and rendering a direct and oneto-one service to our clients in which correct and close attention prevail. ANWÄLTE Unsere Kanzelei befasst sich mit Rechtsverfahren in Zivil-, Straf-, Verwaltungs-, Arbeits-, Handelsund Immobilienrecht. Wir beraten Sie auch in aussergerichtlichen Angelegenheiten, erstellen Gutachten und leisten Ihnen juristischen Beistand bei Immobilienkäufen und anderen Vertragsabschlüssen. Unser oberstes Gebot ist eine seriöse, kompetente, dynamische und ehrliche Dienstleistung mit einer personalisierten, direkten Betreuung unserer Mandanten. AVOCATS Un cabinet d’avocats spécialisés dans les procédures judiciaires de tous types; en matière civile, pénale, administrative, commerciale et dans l’immobilier, ainsi que dans le conseil juridique, dans l’émission de rapports et d’expertises juridiques et dans le contrat de vente et d’achat et autres contrats. Notre philosophie est celle d’un travail sérieux, professionnel, honnête, dynamique, assurant à nos clients un service directe et personnalisé. L’attention à notre clientèle est personnalisée et juste. C/ Notario Luis Oliver, 6, 6ª Marbella 29602 Málaga (ESPAÑA) Tel. (0034) 952 903 306 Fax (0034) 952 902 608 sanchez-beck@abogadosmarbella.net www.abogadosmarbella.net
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Kaarsberg Estates 51 Autumn

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