Released on = January 10, 2007, 8:06 am

Press Release Author = Principal International

Industry = Real Estate

Press Release Summary = The new tax cuts for non Spanish residents that have changed
to give us a huge reduction in capital gains tax from 35% - 18% in line with Spanish
residents has no negative impact for Brits buying abroad.

Press Release Body = The new tax cuts for non Spanish residents that have changed to
give us a huge reduction in capital gains tax from 35% - 18% in line with Spanish
residents has no negative impact for Brits buying abroad. The dual tax arrangements
that meant we used to pay 35% capital gains tax to the Spanish Government were seen
as unfair and have been bought in line with the current residents tax of 18%. This
means that instead of paying 5% to the UK Government we pay 22%, but the overall
figure of 40% remains the same.

The new legislation takes place with effect from 1st January 2007 following a
European Court ruling upholding that the discrimination was unfair, and so for the
800,000 Brits living in Spain already be it permanent or temporary, this is
fantastic news as they will now only have to pay 18% to the Spanish Government.

As the tax for UK residents is only payable on the second home the keen investor
looking to move to sunnier climes will make a huge saving.

Those Brits living or working in Spain and not having to pay UK capital gains tax
will make a huge saving going forward, this only serves to further endorse the
Spanish property investment market for the UK investor, whether you're thinking of
moving now or investing for the future.

If you are looking for your Spanish investment property then see our selection at
www.principalinternational.co.uk or contact us on 0800 038 0000.

Principal International has been created by investors for investors with links to
mainly UK based developers. Principal International offers overseas investment
properties in Australia, Barbados, Bulgaria, Cyprus, Dominican Republic, Dubai,
Portugal, Spain, Thailand and Turkey.


Web Site = http://www.principalinternational.co.uk

Contact Details = Shaun Woodward
6 Chertsey Road
Woking , GU21 5AB
$$country

+448000380000
press@principalinternational.co.uk
http://www.principalinternational.co.uk