moving to Spain

[FlippedOut]

Good Morning all,

I'm due to to be moving with my family from Ireland to Barcelona for what could be a few years, and I'm a little confused about a few things that I hope some one could help with.

I understand that I will lose the TRS as the house will not be my Principal Primary Residence Darn!

The rent that I am going to be getting will be covering just the interest on the mortgage, and for the time being we will be slipping onto interest only as my wife is due to lose her job, so we'll be living on one wage for a while.

So,

Will we have to pay any tax on the amount paid by the renters of house home?

Do I have to notify the bank the house is going to be rented out, and if so, what are the implications, as in will the mortgage need to be changed?

We could be back in a year, or it could be a long term move. Just looking for the best options so I don;t get screwed.

Oh, I'll be paid by the Irish Company I work for , and paid to my Irish account, so will be paying my taxes here.

Thanks in advance,

P

 

[Jim2007]

Oh, I'll be paid by the Irish Company I work for , and paid to my Irish account, so will be paying my taxes here.

The normal situation is that when you arrive in Spain you will be required to register at the local police station, if memory servers me correctly. From then on you will then be considered a Spanish resident and as such you can expect to pay income taxes there, regardless of where you are actually paid.

I would strongly suggest that you seek proper financial advice on this before you go. Most employers offer this service to employees, so ask about it.

Jim.