Transfer of primary residence for persons over 65 years of age or in situations of severe dependence or major dependence.

You do not have to declare the capital gain derived from the transfer, whether for valuable consideration or for profit, of your primary residence:

• if you are over 65 years of age

• if you are a person in a situation of severe or major dependency in accordance with the Law for the promotion of personal autonomy and care for people in a situation of dependency.

The profit exemption applies whether the primary residence is transferred in exchange for a capital sum or in exchange for income, temporary or for life. The exemption also applies to the transfer of bare ownership of the primary residence by its owner over 65 years of age, with the latter reserving the lifetime usufruct on said dwelling.

In contrast to the above, when the full ownership of a property is divided between the bare owner and the usufructuary, neither of them will be entitled to the exemptions provided for on the transfer of the property, even if it is their primary residence.

For the exclusive purposes of applying this exemption, it is understood that the taxpayer is transferring their primary residence, when it constitutes their primary residence at that time or it had this consideration up to any day in the two years preceding the transfer date.