Mortgage tax relief in Spain
The Spanish tax authorities grant a 15% tax relief on the investments used during any year for the acquisition of the primary residences. This amount is deducted on the calculations of Income Tax.
This is not applicable to non resident individuals and not enough of an incentive to become resident, or at least not the only one.
Our British friends see in this relief a reminiscence of the MIRAS, (mortgage interest relief at source) which was in place in the UK years ago.
The limit of allowable amounts paid is 9,015 Euros, to which 15% is applicable. Therefore the maximum tax relief available will be 1,352 Euros.
