Spanish crackdown on 'black money' - 8th July 2008
According to recent media reports, Spain’s tax office is to introduce new computer software which alerts it immediately to the sale of any property in the country, allowing it to check if the sale price has been under-declared.
It’s part of a long list of measure the authorities are taking to put an end to tax fraud in Spain.
Spain has seen many cases of property sellers asking potential buyers to declare that they’re buying the house at a reduced price, and then pay them the difference ‘under the table’ in cash. They do this to reduce their capital gains tax and it’s known as ‘black money’
Laws now force buyers to declare whether the property is bought with cash or mortgage cheque in the purchase paperwork. This means that tax officials can check the seller’s and buyer’s bank accounts to verify the amount paid.
Simon Conn, Sales & Marketing Director at Conti Financial Services, says: “This can only be good news. I’ve seen cases of British buyers losing out on their dream home because they quite rightly didn’t want to get involved in under-declaration. I always advise people to choose a reputable estate agent and to ask for their company and tax registration number. This should help to avoid black money situations, but, if you’re not completely happy, you must be prepared to walk away from the deal, however stunning the property.”
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