TAXES/ EXPENSES FOR OWNERS RENTING OUT
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If you own a property in Marbella, Spain that you plan to rent out, you may be responsible for paying the following taxes and costs:
- Income tax: If you receive rental income from your property, you will need to pay income tax on that income. The rate of income tax in Spain varies depending on your income level.
- Value-added tax (VAT): If you are in the business of renting out properties, you may be required to charge VAT on your rental income. The current rate of VAT in Spain is 21%.
- Property tax: As a property owner, you will be required to pay property tax on your property. The rate of property tax in Spain is based on the value of the property.
- Maintenance and repair costs: As the owner of a rental property, you will be responsible for maintaining and repairing the property as needed.
- Insurance: It is a good idea to have insurance for your rental property to protect against potential damages or liabilities.
It is important to note that these are just some of the taxes and costs that you may incur as a property owner in Marbella. It is a good idea to consult with a lawyer or a tax professional to get a more complete understanding of the specific taxes and costs that apply to your situation.