TMT Ep.168: The big day – The Notary. What happends at the Notary when you Buy or Sell your Spanish Villa.
If you have sold your villa or even better if you are completing the purchase of your dream villa, then the chances are you will be sat in the notary office with me on the day of completion. This video will walk you through how Hondon Valley Homes make the process as simple and stress free as possible.
During Easter we will operate the following dates as open/closed.
TMT Ep.167 Spanish Non Resident Tax – All You Need to Know
We know you all love a TAX based episode of TMT…… so who are we to deny your pleasure π This weeks episode is all about Non Resident Tax…… So if you own a property here in Spain and are not a fiscal resident…. This one is for you.
TMT Ep.166 Why are Fixed Price Property Sales So Popular in Spain?
More and more vendors and agents are choosing fixed price property sales as an option when listing their homes for sale. Why is this and what does it mean to buyers and sellers alike? In this weeks episode 166 of TMT we ask “Why are Fixed Price Property Sales So Popular in Spain”?
Our website is full of useful information for buyers and sellers alike. We have information and advice videos, free to download eBooks as well as blogs and articles to educate our buyers and sellers so they make the most informed decisions.
KNOWLEDGEBASE #32 Understanding the Spanish Declaration of Wealth Form 720
What is Form 720?
Form 720, also known as βModelo 720,β is a declaration form introduced by the Spanish Tax Authorities in 2012. Its primary purpose is to encourage the disclosure of previously undeclared foreign assets held by Spanish tax residents. While it initially served as a way to regularize past undeclared assets without penalties, failing to accurately declare assets on Form 720 can now result in significant fines.
Who is Required to File Form 720?
Spanish Tax Residents: If you spend more than 183 days in Spain within a calendar year (from January 1st to December 31st), you are considered a Spanish tax resident. This period includes time spent abroad for work or holidays. Even if circumstances (such as illness or pandemic-related lockdowns) require you to stay in Spain beyond 183 days, you are still considered a Spanish tax resident.
Spouses and Dependent Children: If your spouse and dependent children are Spanish tax residents, the authorities will typically consider you a Spanish tax resident as well unless you can demonstrate otherwise.
When Do You Need to File Form 720?
You must file Form 720 in Spain if your total assets abroad exceed 50,000 Euros in any of the following categories:
Foreign Bank Accounts: Money held in banking institutions abroad.
International Investments: Securities representing equity in foreign entities.
Overseas Real Estate: Property located abroad, including associated rights.
The filing requirements are as follows:
Single Category Over 50,000 Euros: If your assets in a single category exceed 50,000 Euros, you must file Form 720 for that specific category.
Multiple Categories Over 50,000 Euros Each: If you have assets in multiple categories, and the total value exceeds 50,000 Euros, you must file Form 720, including all assets from every category.
Why Is Form 720 Important?
Transparency: Form 720 ensures transparency regarding foreign assets in your tax filings. While the form itself doesnβt incur immediate payment, what you declare impacts your Personal Income and Wealth Tax Returns.
Heavy Fines for Non-Compliance: The Modelo 720 is highly controversial due to substantial fines for non-disclosure. Even if it doesnβt necessarily mean extra taxes, failing to submit the form can lead to penalties.
Detecting Undisclosed Assets: The aim of Form 720 is to identify any previously undisclosed assets or income that may be considered taxable in Spain.
Remember, accuracy and thoroughness are crucial when completing Form 720. Misreporting or underreporting can have serious consequences. If youβre unsure, seek professional tax advice to ensure compliance.
In summary, if youβre a Spanish tax resident with assets abroad, timely and accurate submission of Form 720 is essential. Itβs a step toward financial transparency and compliance with Spanish tax regulations.
As with any fiscal advice this is for in formation only and you should speak to your lawyer or gestor to get information specific to your financial circumstances.
Author: Steven Bromley 27.02.2024
TMT Ep.165 Why nobody Rents their Villas anymore.
It used to be that there was an abundance of rental properties about and you could shop around and look for a bargain….. but times have changed and nowadays it is hard to find good quality rentals and the prices have gone through the roof…… In this weeks episode (#165) of Two Minute Tuesday we take a look into why????
Our website is full of useful information for buyers and sellers alike. We have information and advice videos, free to download eBooks as well as blogs and articles to educate our buyers and sellers so they make the most informed decisions.
TMT Ep.164 Everything You Need to Know about the Spanish Notary
In this weeks, episode of two minute Tuesday, we take a look at the Spanish notary and why they are so important in the real estate process when you buy or sell a property here in Spain. All your questions answered in a couple of minutes.
Our website is full of useful information for buyers and sellers alike. We have information and advice videos, free to download eBooks as well as blogs and articles to educate our buyers and sellers so they make the most informed decisions.
Knowledgebase #31 Keeping Fit in the Hondon Valley
Staying Active in and Around the Hondon Valley: A Variety of Fitness Options
Nestled amidst the picturesque landscapes of the Hondon Valley lies a myriad of opportunities for fitness enthusiasts to keep active and embrace a healthy lifestyle. From serene walking trails to adrenaline-pumping mountain biking routes, there’s something for everyone looking to break a sweat and enjoy the great outdoors.
Walking and Hiking: For those who prefer a leisurely pace while soaking in the beauty of nature, the Hondon Valley offers a plethora of scenic walking and hiking trails. Whether you’re strolling through olive groves or trekking along rugged mountain paths, there’s no shortage of breathtaking vistas to explore. There is even a walking group with guided walks each week.
Cycling and Mountain Biking: With its diverse terrain and winding roads, the Hondon Valley is a paradise for cyclists and mountain bikers alike. From gentle rides through charming villages on dedicated bike lanes or traffic free caminos to challenging off-road trails, cyclists of all levels can find their perfect route to pedal their way to fitness.
Walking Football: Looking for a fun and social way to stay active? Look no further than walking football! This modified version of the beautiful game allows participants of all ages to enjoy the thrill of soccer without the intensity of full-speed running. With regular games and tournaments organized in the area, it’s a fantastic way to stay fit while bonding with fellow enthusiasts.
Gyms and Fitness Centers: For those who prefer indoor workouts, there are several gyms and fitness centers in and around the Hondon Valley offering state-of-the-art equipment and a variety of classes catering to all fitness levels. Whether you’re into weightlifting, cardio, or group fitness, there’s a facility to help you achieve your goals.
Tennis: Tennis enthusiasts will find plenty of courts available for a friendly match or a serious game in the Hondon Valley. With clubs offering coaching sessions, leagues, and tournaments, it’s a great way to improve your skills while staying active and enjoying the sunshine.
Roller Skating and even Ice Skating in Elche: For a change of pace, residents and visitors can head to Elche, where they can enjoyΒ ice skating and there are plenty of quiet areas and smooth tarmac for roller skaters. Whether you’re gliding gracefully on ice or cruising along on roller skates, it’s a fun and exhilarating way to stay fit and active.
In conclusion, the Hondon Valley and surrounding areas offer a diverse array of options for individualsΒ looking to stay fit and active. Whether you prefer the tranquility of nature walks, the thrill of mountain biking, the camaraderie of team sports, or the intensity of a gym workout, there’s something for everyone to embrace a healthy and active lifestyle in this beautiful region. So, lace up your trainers, grab your racket, or hop on your bike β the adventure awaits!
TMT Ep.163 No Cert of Habitation – Not a Problem ???!!!
Not having one of the documents you need when coming to buy or sell a house is not a “game stopper”, this is how the lawyers overcome minor paperwork problems when buying and selling properties.
Our website is full of useful information for buyers and sellers alike. We have information and advice videos, free to download eBooks as well as blogs and articles to educate our buyers and sellers so they make the most informed decisions.
TMT Ep 162 Do these 5 things when you get the keys to your new Spanish villa.
It is really exciting getting the keys to your new Spanish villa, but there are some practical things you should not forget to do when you do. In this video we look at 5 important to remember things to do….. they will save you money, stress and ensure your start to Spanish property ownership goes as smoothly as possible.
Our website is full of useful information for buyers and sellers alike. We have information and advice videos, free to download eBooks as well as blogs and articles to educate our buyers and sellers so they make the most informed decisions.
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