freedom4sale_fullpage ad.qxp
24/07/2006
18:59
Page 1
SAVE 20 GRAND ON YOUR NEXT PROPERTY
BEFORE YOU BUY PROPERTY IN SPAIN YOU SHOULD BE AWARE OF - AND UNDERSTAND SPANISH TAXES. MORE IMPORTANTLY, HOW TO LEGITIMATELY - AND IN A NATURAL ‘SPANISH’ WAY - AVOID THEM
The Conquistador family shelters - created by Quill Assets and Quill Wills - who have specialised in writing Wills and dealing with taxes around the world for almost 20 years - have a similar effect to a UK trust. Trusts are not recognised in Spain and so the approach is a little different but equally effective. The Conquistador structure takes account of not only your Spanish assets situation but also your UK, Irish or American (in fact any English speaking culture) situation and law. Unlike a UK, American or Irish trust - which has a limit of 80 years - the Conquistador shelter is designed to last forever. Your family assets can be passed from one generation to the next, if need be for centuries, as if in a tax free bubble. This almost unique Spanish concept is called Patrimonio Familiar. When you own a shelter - it is as if you have a Spanish child - and your affairs are no longer foreign to Spain ! Information in this advertisement illustrates a specific set of circumstances - which are described fully along with other circumstances - in the information brochure that we will provide to you upon request.
1
2
For foreigners buying property in Spain there is up to 7% stamp duty to be paid at purchase.
3
€21,000
4
1%
€3,000*
0%
€0
0%
€0
€42,454
0%
€0
If when the second of you dies you are leaving to your own children then you €110,484 will pay from 7% to 34% less €16,000 exemption
0%
€0
If when you die you want to leave your half of your estate to your partner to whom you are not married (or a friend etc.) succession tax will be of between €241,985 14% and 68% on each half of the property
0%
€0
€2,000 to €3,333 your immoveable estate in Spain If each parent wants to give their share of their property to their children before they die then gift tax is of 7% to 34% is paid by the child who receives €110,768
.07% wealth tax (3 taxes in 1) is payable annually upon the total value of
If when you die you leave your half of the property to your spouse then you will pay between 7% and 34% less a €16,000 exemption
If you sell the property as described above as a foreigner you will pay 35% capital gains tax
€70,000
3% to 5%
€10,000
If you rent out your property through an agent, you will suffer 25% withholding, with little chance of recovery - but - this reduces to 15% that is fully recoverable with a Shelter.
n/a
n/a
n/a
*can be made to apply to most/many purchases
All figures above illustrate the percentage taxes payable - at their worst - without (column 1) or with (column 3) a Conquistador family shelter. Also - an example of a family who buy a €300,000 property in Spain, which rises over time to €500,000 before it is sold or one or other dies and the taxes they would pay without (column 2 ) or with (column 4) a Conquistador shelter.
A Quill Group Company
The Quill Group in the UK Harbro House, Crown Lane, Denbigh, Denbighshire, LL16 3SY 0800 298 3777 hq@quillgroup.net hq@quillassets.co.uk
The Quill Group in Spain San Andres 108, Calle Argentina 9, Costa Teguise, 35508, Lanzarote, Las Palmas, Spain 928 346 544 hq@quillgroup.net hq@quillassets.es
ireland, UK & Spain UK and SPAIN
Canary Islands version
www.quillassets.es