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Money transfer

Posted: Thu Aug 4, 2022 6:14pm
7 replies124 views5 members subscribed
Tanya03

Posts: 46

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Location: Huércal-Overa

Joined: 26 Mar 2022

Any advice as we are selling our house in Northern Ireland  which is UK status. Relocating to Spain. Will our cash from sale be taxed as its UK Bank. Or will it be better if we had an account in Irish Republic?

DarioMartin

Posted: Thu Aug 4, 2022 11:09pm

DarioMartin

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Posted: Thu Aug 4, 2022 11:09pm

Won’t make any difference - in Spain you are taxed on Worldwide income.

*When* you sell your house is important though, as if you sell and become resident in the same tax year, I do believe you will be subject to Capital Gains Tax on the sale of your house - but I stand to correction and I’m sure someone will be quick to correct me if I have that wrong :-D

Sveinb

Posted: Fri Aug 5, 2022 9:15am

Sveinb

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Posted: Fri Aug 5, 2022 9:15am

DarioMartin wrote on Thu Aug 4, 2022 11:09pm:

Won’t make any difference - in Spain you are taxed on Worldwide income.

*When* you sell your house is important though, as if you sell and become resident in the same tax year, I do believe you will be subject to Capital Gains Tax on the sale of your house - but I stand to correction and I’m sure someone will be quick to correct me if I have that wrong :-D...

...

I believe cgt on house is related to tax-residency, ie 183+ days resident in spain. If house is sold now, august, you cannot be tax resident in spain before 2023, as you are a tax resident in NI, whether you move now or in 2023, thus any cgt incurred in 2022 is as payable to your 'tax-country' 2022.

No taxreturn is needed in spain before may '24, relating to '23.

Tanya03

Posted: Fri Aug 5, 2022 11:07am

Tanya03

Original Poster

Posts: 46

5 helpful points

Location: Huércal-Overa

Joined: 26 Mar 2022

Posted: Fri Aug 5, 2022 11:07am

DarioMartin wrote on Thu Aug 4, 2022 11:09pm:

Won’t make any difference - in Spain you are taxed on Worldwide income.

*When* you sell your house is important though, as if you sell and become resident in the same tax year, I do believe you will be subject to Capital Gains Tax on the sale of your house - but I stand to correction and I’m sure someone will be quick to correct me if I have that wrong :-D...

...

Thank you so m7ch for that. We were very unsure. It's going to be change I know, just trying to get stuff right. We have Irosh passports and travel with them always

MaggieB

Posted: Fri Aug 5, 2022 11:14am

MaggieB

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Posted: Fri Aug 5, 2022 11:14am

Depends when you sell and when you are in Spain.  If you stay more than 183 days in Spain in a tax year ie Jan to Dec you become tax resident.  So best to sell your house first and then stay less than 183 days in that tax year to avoid CGT in Spain.  

Tanya03

Posted: Fri Aug 5, 2022 11:23am

Tanya03

Original Poster

Posts: 46

5 helpful points

Location: Huércal-Overa

Joined: 26 Mar 2022

Posted: Fri Aug 5, 2022 11:23am

MaggieB wrote on Fri Aug 5, 2022 11:14am:

Depends when you sell and when you are in Spain.  If you stay more than 183 days in Spain in a tax year ie Jan to Dec you become tax resident.  So best to sell your house first and then stay less than 183 days in that tax year to avoid CGT in Spain.  

Oh that's a wonderful help!! That's fantastic!!

DarioMartin

Posted: Fri Aug 5, 2022 11:27am

DarioMartin

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Posted: Fri Aug 5, 2022 11:27am

Tanya03 wrote on Fri Aug 5, 2022 11:07am:

Thank you so m7ch for that. We were very unsure. It's going to be change I know, just trying to get stuff right. We have Irosh passports and travel with them always

Your Irish passports certainly make life soooooooo much easier for you, that’s for certain.

Your original post said “relocating” to Spain so I take that to mean you are moving here permanently … well, you’ll certainly notice the weather is better 😂😂

Jokes aside, whilst there are tax implications on settling here, they are not so burdensome as to offset the fabulous increase in quality of life and much lower cost of living you will gain and enjoy.

Whereabouts are you thinking of moving to?

Tanya03

Posted: Fri Aug 5, 2022 11:46am

Tanya03

Original Poster

Posts: 46

5 helpful points

Location: Huércal-Overa

Joined: 26 Mar 2022

Posted: Fri Aug 5, 2022 11:46am

DarioMartin wrote on Fri Aug 5, 2022 11:27am:

Your Irish passports certainly make life soooooooo much easier for you, that’s for certain.

Your original post said “relocating” to Spain so I take that to mean you are moving here permanently … well, you’ll certainly notice the weather is better 😂😂

Jokes aside, whilst there are tax implications on settling here, they are not so burdensome as to offset the fabulous increase in quality of life and much lower cost of living you will gain and enjoy.

Whereabouts are you thinking of moving to?

That's so nice and reassuring to hear. Its always great to hear real people telling us their experience and advice. Yes, we are relocating for a better life. We are going to Almeria region. Open to ALL advice about the region. We don't want an urbanisation,  but more a rural property. All that is slowing us down is the sale here. We have had very bad luck as it sold twice and fell through. So very very disappointing. 

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