At La Boutique Canary Real Estate we differentiate ourselves by providing an exclusive service, from start to finish.

One of the most common doubts that arises is not only the valuation of the home but the expenses that must be paid in the Canary Islands for the sale of a property.

Taxes when selling a house in Gran Canaria

Municipal taxes

In Spain, national and local taxes are paid. In the case of housing, every year we pay the IBI (Real Estate Tax) in our town hall.

When we sell a home this tax must also be paid. The IBI must be paid by the owner of the property on January 1. For this reason, in many house sales it is negotiated that the buyer is the one who assumes it or even 50% each, depending on the date of sale of the house.

Municipal capital gain

It is a tax that depends on each city council. It is calculated with the cadastral value of the home and the number of years that we have owned it.

Every year, when May approaches, residents in Spain must make the Income Declaration. In the personal income tax, all the benefits obtained during the year are declared: salary, investment performance, shares, sale of cryptocurrencies, and sale of real estate.

Income tax exemptions

There are some occasions when sellers are exempt from paying Personal Income Tax.

• If you are over 65 years old and you sell your usual home.
• If you are under 65 and you reinvest the profit to buy another habitual home.
• If the purchase price was higher than the sale price and you have suffered a capital loss.

If you want advice throughout the buying and selling process, come to La Boutique, entrust your home for exclusive sale and you will only have to worry about handing over the keys and receiving the money in your account. Call us.