Good news! Normally the tax is 19% but as a resident of the island, you’re entitled to tax relief if you’ve lived in your property for three years or more and you can prove it’s your main residence. What does that mean? If you purchase another property within two years of the sale, you’ll get relief based on the amount reinvested. We can calculate what this relief will be.

You only pay tax based on the profit you make, so if your new property is purchased for more than the price of the one you sold, you won’t owe any capital gains tax at all.

You can also offset costs related to both properties, the sale and the purchase, for example, notary and lawyer fees. If you made any extensions to the property you sold and have invoices, you can offset those costs as well.

If you’re over the age of 65 when you sell your property you won’t pay capital gains tax at all.