CGT Implications
 

HI, I want to ask about Capital Gains Tax in Spain,

We are both retired and looking at ways of freeing up some of our money.

Firstly, if we sell our house and then rent a place, will we pay any CGT ?

Secondly, if we choose an equity release plan, I need to know tax implications

E.G.

Villa bought for €400,000. Now worth €1m

A bare ownership company might offer us 70% of the value at 70 year old and let us carry on living there.
So 70% is €700,000. So a profit of €300,000.
Would any CGT be applied here ?
On the full valuation ? On the profit?

Thanks in advance :)

Re: CGT Implications
 

Are you tax resident in Spain? Is it your primary residence, and how long have you lived there?

Re: CGT Implications
 

Yes, resident Lanzarote 10 years. And is our only/primary residence.

Re: CGT Implications
 

Since you are over 65 and it is your main residence, it is exempt from CGT.