Tax deadline is looming for non-resident property owners

The clock is ticking for all non-resident owners of property in Spain to pay their annual taxes, even if they do not generate income by renting their villa or apartment out. Failure to stay up to date with this annual obligation can result in fines, current account embargoes, and serious complications with the Spanish tax authorities.

An estimated 1 million British nationals have invested in holiday homes across Spain, including the popular holiday islands such as the Balearic and Canary Islands. However, many remain unaware of this fiscal liability.

Even though these non-resident owners don’t receive any rental income from their second home in Spain, they still have to pay an annual tax on the property called the Modelo 210 non-letting tax, as the Spanish authorities deem the property to be an asset that could be rented out in the future.

The deadline for these Modelo 210 submissions is now looming, as returns and payments must be completed by December 31st.

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What Happens If I Don’t Pay?
Failure to pay the Modelo 210 non-letting tax can lead to complications with the authorities in Spain, especially when owners come to sell their properties.  Whilst in some instances, fines have been issued and embargoes imposed, with the Spanish authorities extracting taxes owed directly from non-resident bank accounts.