The Spanish government has passed a Regulation mainly aimed at clearing the accumulation of real estate properties repossessed by banks which declares exempt from CGT 50% of the gains from the future sale of Real Estate Property which may be acquired from the 12.05 till the 31.12.2012.
This decision will certainly push those potential purchasers who may be discerning on purchasing property in Spain to finally carry out their investments. Although the main decision factor that a purchaser will bear in mind when purchasing a property will be to enjoy same and experience the culture and way of living in this unique part of the world, the 50% exemption on Capital Gains Tax when they sell the property gives an added value to his investment.
The circumstances could not be better for those thinking about purchasing a property in Spain: property prices are at possibly the lowest level since the last recession, therefore the perspective to have a good return in the investment after enjoying the property for a few years is more than real and in addition 50% of the Capital Gains Tax exempted.
Please note the information provided in this article is of general knowledge only and is not to be construed or intended as substitute for professional legal advice.