|As far as the buildings are insured in a communal ownership policy, one should ensure that:
- the own four walls of the building are insured and not only that only that of the communal property
- the insurance policy covers all possible dangers
- the insurance value covers the restoration of the property sufficiently
- all central payments are transferred/paid in accordance with the regulations
Household goods: In principle the total recovery value is considered, which includes the contents stowed in drawers and cupboards. Local contracts will generally demand an itemised list of individual objects which exceed the value of Pts. 500.000,- (abt. DM 6000) per item. These items are considered valuables. Claims: In case of a claim, ensure that the insurance policy covers the value of the claim sufficiently.
- that there is no base for anyone to prove an under-insurance.
- that contracts are closed with agents, who will be specialised to provide requested service in case of a claim & with whom one is able to discuss nuances of the coverage. Income tax/Appreciation tax for the sale of a property in Spain by a non-residents (I.R.P.F./Retención en la adquisición de immuebles a No Residentes). If one (as a non-resident) wishes to sell one's property in Spain, the buyer is obliged to pay 5% of the title deed value over to the Inland Revenue as a lump-sum or paid as a possible profit. Should the tax value be less than the lump sum held back, Inland Revenue will pay out the difference (if applied for). Should one be in the owner of the property of over 10 years however, this tax falls away. The general sales profit tax rate is now 18%.