Imont Legal & Taxes, in collaboration with the Chamber of Commerce of Alicante, orchestrated a significant business event on November 24, 2023, focused on the Residential Tourism sector in Finestrat. The event served as a platform to present key measures implemented by the Valencian Community government, spanning infrastructure, promotion, and taxation for the year 2024. These measures carry substantial implications, particularly for the burgeoning real estate sector in the Alicante province, propelling the Costa Blanca into a prominent position as the leader in residential tourism in Spain.
Infrastructure Costa Blanca 2024:
Responding to a notable surge in demand for specific destinations in recent months, the expansion of flights from Alicante and Valencia airports is underway. In addressing the needs of our international visitors, plans include resuming flights from Alicante to major German cities. Furthermore, direct flights to the United States will be facilitated from Valencia airport.
Promotion Costa Blanca 2024:
A groundbreaking development for companies in the real estate and residential tourism sectors is the newfound opportunity to participate in international second-home fairs, endorsed by the Chamber of Commerce of Alicante. Additionally, reverse trade missions are set to attract companies and investors to the Costa Blanca.
Fiscal Measures Costa Blanca 2024:
Elimination of 99% of Inheritance and Gift Tax: Investors opting to reside in the Valencian Community will benefit from significant advantages in the transmission of family wealth. A noteworthy proposal entails a 99% reduction in Inheritance and Gift Tax (ISD) for descendants, adopted children, spouses, and adopters of tax residents of the Valencian Community at the time of their demise. Inheritances and property donations will incur only a 1% tax.
Substantial Reductions in Property Transfer Tax (ITP):
Rehabilitation, construction, and acquisition of homes receive appealing discounts, reaching up to 50% in municipalities at risk of depopulation and 99% for collaborative housing. Likewise, the purchase of homes as corporate headquarters will be eligible for significant incentives.
Tax Incentives in Personal Income Tax (IRPF):
The installation of renewable energies and the enhancement of the quality and accessibility of the main residence will receive tax incentives for homeowners in the Costa Blanca.
Aid for Young Homebuyers:
Individuals under 35 seeking to purchase a home up to €180,000 will benefit from a tax reduction, mirroring the assistance provided to the majority of Affordable Housing (VPO) buyers.
Construction of Affordable Housing (VPO):
A commitment from the Valencian Community government involves the construction of 10,000 Affordable Housing units over the next 4 years.
Real Estate Sector Development:
The highly anticipated measure of abolishing the Right of First Refusal and Redemption Law in specific areas of the Valencian Community ensures the peace of mind for international buyers.
For detailed information on all presented measures, please refer to the dossier:
Fiscal Benefits in Costa Blanca 2024
For further inquiries or detailed information on the fiscal benefits in Costa Blanca 2024, feel free to contact Imont Legal. Our team is dedicated to assisting you.
