If you are planning to build your own house in Spain, you should read this blog post.
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Article copyrighted © 2020. Plagiarism will be criminally prosecuted.
By Raymundo Larraín Nesbitt
Lawyer - abogado
10th of November 2020
I think one of the smartest moves one can make is to build your own house in Spain. It saves considerable money that middlemen usually syphon away. However, that said, you should really engage in hiring professional companies to assist you in this undertaking, such as: architect, project manager, builder, lawyer, accountant etc.
These professionals will assist you to wade through the admin minefield to successfully build your own house saving you hundreds of thousands of euros in the process. Unfortunately, at times some people who arrive in Spain, and become self-developers building their own homes, think they know better and ignore this advice. A high price is paid for this neglect, particularly on selling the property on in the future.
Such is the case we’ve witnessed over the last month. The client literally built their own house a decade ago and sold it recently. As a result of not hiring professionals, they did not keep a carefully record of any VAT invoices, which are essential to mitigate one's capital gains tax on selling. Because of this they have been slammed with a huge CGT bill, which could have been easily avoided had they only sought tax & legal counsel from us beforehand.
In our experience, a vast majority of tax-related issues can easily be avoided if clients seek tax & legal advice BEFORE they act. It is very important to plan ahead carefully, specifically financially, before making any rash decision that carries a significant tax impact.
“If you fail to plan, you plan to fail” – Benjamin Franklin
Benjamin Franklin (1706 – 1790). Founding Father of the United States. Exceptionally gifted statesman, scientist, inventor, diplomat, writer, printer, postmaster, and political theorist. He campaigned from early on for colonial unity, initially as an author and spokesman in London for several colonies. Appointed as the first United States ambassador to France, he exemplified the prowess of an emerging American nation. He was even a politician in his spare time; nobody’s perfect.
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Please note the information provided in this blog post is of general interest only and is not to be construed or intended as substitute for professional legal advice. This article may be posted freely in websites or other social media so long as the author is duly credited. Plagiarizing, whether in whole or in part, this article without crediting the author may result in criminal prosecution. VOV.
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