FREQUENTLY ASKED QUESTIONS

Everything you need to know about tax and accounting in the Canary Islands

FREQUENTLY ASKED QUESTIONS

Everything you need to know about tax and accounting in the Canary Islands

I’m not a resident in Lanzarote, do I still have to pay tax here when I sell my property?

Unfortunately, yes, you’ll have to pay a capital gains tax within three months of the sale and a “Plus Valia” tax.

The capital gains tax is 19% of the profit made from the sale of the property.

You can deduct a few expenses though, including all expenses related to the purchase and sale of the property and any extensions you’ve done on it. We can use these to file a return that helps you keep more of the proceeds in your pocket.

The “Plus Valia” tax is related to the increase in value of the property over the years you’ve owned it. This tax is payable to the town hall and we can calculate it for you and guide you through the process.

Still stuck?