Talk Quesada forum

does anyone have personal experience on the 3%retension on sale of property . How long does it usually take to be refunded, I hear it can be up to a year ?

We finally got it after nearly 3 years. They did give us interest, though.

2-3 years seems to be the going rate my mate,s was just over 2years so don'thold your breath

What is redemption tax and how does it work

Dave c wrote:What is redemption tax and how does it work

If you are a non-resident and you sell your property, 3% of the selling price is retained to cover any capital gains tax that may be due. If no CGT is due then the 3% is returned to the seller. It should be returned within 6 months but many solicitors or agents do not apply in time or the seller has closed the bank account they have registered for the refund. The tax people will only try once to repay the tax and, if the account is not there, they will not contact the seller or the agent about it.
This does not apply to residents as you will have another address in Spain for them to get you if you owe CGT.

How long has this been in place sold property in 2007 can't remember getting any money back.

At least 5 years so you may have missed it. And you've have seen on your bill of sale if anything had been retained. You'd have got the selling price less 3%.

Dave c , if you made a profit on your house which may have been the case back in 2007 ,then you would have made a capital gain anyhow and paid it rather than the retention being kept. Possibility ?? X