Exemption from Capital Gains realised from the sale of a residential property in Spain for reinvestment in a principal private Spanish property for EU, Icelandic and Norwegian residents, where the capital gain was realised from 1st January 2015:
For those taxpayers who are resident in a European Union country, or resident in the European Economic Area, where there is an effective exchange of personal tax data, any capital gain resultant from the sale of what was their principal private residence in Spain may be excluded from taxation whenever such gain is reinvested in a new principal private residence.
When the amount reinvested is less than the amount realised by the sale of the previous property, only that part of the capital gain that was reinvested shall be exempted from capital gains tax. If the reinvestment took place before the tax falls due to be paid, either fully or partially, this will be taken into account at such time as the tax falls due.
According to Art 33.4 of the Ley Impuestos de la Renta de las Personas Fisicas, the exemption from this tax for those over the age of 65 applies to non-residents.