February brings about the implementation of two significant changes in the Spanish tax system, specifically aimed at non-resident property owners. These updates simplify the declaration and payment procedures for the Income Tax for Non-Residents (Form 210) and reduce administrative burdens
1. Simplification of rental income declaration: The new regulation allows non-resident owners to declare their rental income annually, replacing the previous quarterly requirement. This measure, implemented by Order HAC/56/2024, takes effect for the fiscal year 2024, setting the declaration period from January 1 to 20, 2025, and will continue in the same way in the following years.
Due to this change, our fees for the preparation of the annual tax form will be updated to €250 per year, instead of being billed quarterly. If a property has more than one owner, each must file a tax form. Also, please note, a tax form must also be filed for each rented property. Our fees for additional statements (whether for a second owner and/or a second property) will have a 50% discount per tax form.
2. Facilitation of tax payment through SEPA accounts: This reform, approved by Order HFP/387/2023 and effective from February 2024, permits non-residents to use SEPA bank accounts to pay their taxes in Spain. This change eliminates the requirement for a Spanish bank account to make the Income Tax for Non-Residents payment, offering more convenience and flexibility to owners across Europe.
Please do not hesitate to contact Borja if you have any questions.
