Thursday, June 14, 2007

Oh Oh Antonio !! he gone away

Spanish tax authorities to blitz real estate fraud

A failure to declare or pay property-related taxes is one of the biggest sources of tax evasion in Spain. This could have a significant impact on foreign buyers.

Posted by chris @ 03:17 AM (476 views)
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One thought on “Oh Oh Antonio !! he gone away

  • This has been going on for years, but now the asking prices are so high the effect is much greater. Put simply, as there is a ‘VAT’ charge on property sales it has been common practice for the deposit paid by the buyer to be a cash payment not declared for tax purposes. This is ‘negro denaro’ black money, that can then only be used in further cash-non declared transactions, it seems to support a lot of the economy. Big problem for the trusting (greedy?) Brit or other non Spanish buyer is that when the fraud comes to light and the seller is long gone, it is the buyer that will be billed for the tax and the penalty.
    PS Spanish tax men often have guns!

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