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Thread: Spanish Inheritance Tax: How much is it?

  1. #101
    Ofelia
    Guest

    Default Spanish Inheritance Tax: How much is it?

    Hi, I live in the United States and attained Spanish Citizenship by applying under the rights that my father was born in Spain.
    I own properties and have other business related wealth; all in the United States. My question is do I have to have a will in Spain? Would I owe inheritance tax in Spain? Would my trust and pour over will in the USA suffice to assign all my worldly goods to my wife?, I am married to her in the State of Massachusetts where Gay marriages are legal. Thank you so much in advance for you advice and guidance.

  2. #102

    Default

    Hello Ofelia,

    You mention that you have Spanish nationality, residing in the US. However, as you are an American resident and all your assets are in the USA, we recommend you to ask an American attorney if the American Law applies to those assets in USA, considering that even if your nationality is Spanish, you have no assets in Spain.

    Initially, in the event that you passed away in Spain, the Spanish Law would apply in relation to the legitimate interests and distribution of the assets. However, again, you still need to ask an American Attorney if a will made in Spain would be valid in the States. In any case, making a will in Spain in relation to your US assets is absolutely possible. If there were any taxes to be paid for Inheritance tax, it would definitely be paid in the States, and not Spain. The American attorney will be able to let you know what Law would be applied on your assets in the event you passed away in the States; That is, if your National Law ( Spanish) or the American one would be observed.

    Regards,
    Patricia Martin
    Immigration Consultant at Lawbird | Contact Me
    Check My Profile

  3. #103
    Sharon
    Guest

    Default Spanish Inheritance Tax: How much is it?

    Hi there, my father passed away in October 2011, I would be grateful if you could advise me whether my Mother has to personally go to Spain to deal with my late fathers 50% of their property in Torrevieja. She has been told that she has only 6 months after his death to deal with the IHT and to transfer the property to sole ownership if she fails to do this the property cannot be sold for 7 years. Also how much tax is she required to pay if the property is valued at 70,000 euros. Kind regards. Sharon.

  4. #104
    Dawn.
    Guest

    Default Spanish Inheritance Tax: How much is it?

    Hi, I have been living in Spain for the last 12 year, and I used to look after an old man for 10 year. He died 3 weeks ago. And in his Spanish will he has left me 140,000 euros. I'm told I have to pay 40,000 IHT. Would that be about right. And is it true I have to find this 40,000 before I can receive my inheritance. And how long would I have to wait.
    Kind Regards. Dawn.

  5. #105
    Patrick
    Guest

    Default Spanish Inheritance Tax: How much is it?

    Can you help, my sister died 12mioths ago in Las palmas, without a will, she was residnt for 15 tears, her only daughter inherits 50% and her father 50%.
    he has now died and left 8.5 % of his share to a cousin.
    The daughter wishes to sell the two properties , can the cousin stop the daughter from selling if she does not want to.
    Accepting that she will recieve the appropiate value against the proprtion left.

  6. #106

    Default

    Hello Dawn,

    It is certainly true that you have to make payment of the due IHT before you inherit that amount. I am unable to confirm if the amount you have been quoted is correct as I would require to check the related documentation first. However, it could actually be a correct figure.

    Please feel free to send me more details on the matter and a copy of the will by email on Patricia at Lawbird.com so I can advise further.

    Best Regards,
    Patricia Martin
    Immigration Consultant at Lawbird | Contact Me
    Check My Profile

  7. #107
    hetty
    Guest

    Default Spanish Inheritance Tax: How much is it?

    dear lawbird lawyer,
    what can i do if i am not able to pay the iht? i have just inherited 25% of a property valued at one million euros but i have no assets or available funds. also i had a friend pass away fourmonths ago and he told me he was leaving something in his will for me. he didnt tell me what exactly.and i havent heard from any lawyer or notary. how can i find out what he left me?
    thank you

  8. #108
    Cecilia
    Guest

    Default Spanish Inheritance Tax: How much is it?

    Hello. My mother passed away in January. My father is still alive and living in Spain. We have had to pay 6,500 euros for the IHT as myself and my two brothers are not Spanish residents. We have been told that we could either receive the inheritance money or just let it roll over for my father. I don't know what to do.

  9. #109
    Louise Buttenschøn
    Guest

    Default Spanish Inheritance Tax: How much is it?

    Dear Sirs

    My parentes have both died within two months and left my sister, brother and I an erstatte/house in Torremolinos. We are all danish residents. We are the only heirs/beneficernes and theres is no testament. The value of the house is apx. 250.000 € and theres no depth in the house or any other complcations.
    We have contacted a lawer in Spain and asked for the lawers fee. The price is 3.500 € including 12-15 workhours plus 6 - 8 secretary hours incl. tax. Then there"s an additional Price of 3.000. € for all occicial fees and paynents.
    As we have never had to hire a lawer abord before - we have no idea if this fee i reasonable or not?
    I know it's difficoult, but can you PLEASE give us an estimate of the general lawers fee for this inherrentenc / exchange of erstatte ?
    We are really not sure of the Price we have been given!?

    Think you very much

    Sincerament Louise

  10. #110
    Senior Member
    Join Date
    Oct 2008
    Posts
    139

    Default

    Hello Louise,

    The quote you have been given seems appropriate, but the supplement does not seem clear to me. At the same time, there is not mention of taxes, and how these may have been calculated. I also believe that the hour count is incorrect because this work would not attract 24 hours of work, even though the fee may be correct (it would take into account the professional responsibility of drafting up the inheritance deeds correctly, calculating the taxes accordingly (this is important as savings can be achieved here) and duly registering the property with the Land Registry.

    Finally, the fee quoted can be improved, considering the value of the property.

    You can write to me directly if you wish, and I will clarify matters.

    Quote Originally Posted by Louise Buttenschøn View Post
    Dear Sirs

    My parentes have both died within two months and left my sister, brother and I an erstatte/house in Torremolinos. We are all danish residents. We are the only heirs/beneficernes and theres is no testament. The value of the house is apx. 250.000 € and theres no depth in the house or any other complcations.
    We have contacted a lawer in Spain and asked for the lawers fee. The price is 3.500 € including 12-15 workhours plus 6 - 8 secretary hours incl. tax. Then there"s an additional Price of 3.000. € for all occicial fees and paynents.
    As we have never had to hire a lawer abord before - we have no idea if this fee i reasonable or not?
    I know it's difficoult, but can you PLEASE give us an estimate of the general lawers fee for this inherrentenc / exchange of erstatte ?
    We are really not sure of the Price we have been given!?

    Think you very much

    Sincerament Louise
    Antonio Flores
    Abogado/Lawyer
    Lawbird Legal Services | Contact Me
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