Question  24 : What are the taxes I need to pay when selling a property in Tenerife?

If you’re selling a property in Tenerife there are several important taxes you need to be aware of to ensure a smooth transaction. First, and you are not a fiscal resident, you must pay three percent of the sale price to the Agencia Tributaria, which is a tax applied to non-fiscal residents.

In addition to this tax, you will also need to pay the Plusvalía tax, which is based on the increase in value of the property over time, and the Capital Gains tax, which is applicable on the profit made from the sale. Understanding these taxes is crucial for effective financial planning during your sale.

30 questions in 30 days – 24 – What are the taxes I need to pay when selling a property in Tenerife?

Furthermore, while not classified as a tax, don’t forget to account for estate agent fees, which can vary depending on the services rendered. These costs can impact your overall profit from the sale, so it’s essential to have a clear understanding of all financial obligations involved.

By familiarising yourself with these taxes and fees, you can better prepare for the selling process in Tenerife. If you have any questions or need assistance navigating the real estate market, feel free to reach out. I’m here to help you make informed decisions and achieve a successful property sale.

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