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Thread: Spanish Inheritance Tax: How much is it?

  1. #11
    Mike
    Guest

    Default Spanish Inheritance Tax: How much is it?

    My father has passed away. he owns a apt. in spain. I am 45 and my brother is 49. The property is paid for. We live in the USA. what should I do now?

  2. #12
    Senior Member
    Join Date
    Oct 2008
    Location
    Marbella
    Posts
    1,095

    Default

    Dear Sir,

    You need to retain a lawyer and porceed with the transfer of the Spanish estate to the appointed beneficiaries, presumably yourself and your brother.

    To have the property transferred over to your name a legal procedure must be followed.

    Firstly a Grant of Probate must be obtained. Following that a Deed of Acceptance and Declaration of Heirs has to be done before a Spanish Notary public. Following that death taxes have to be calculated, paid and filed. Only then will the property be lodged under both of your names.

    We offer you our legal services should you be interested (please click on the blue link):

    Estate Transfer to Heirs

    This service is intended for those who are inheriting the Spanish assets of a deceased person, whether as the legal heir to an estate or by means of a Will.

    The Estate transfer to heirs service includes:

    • Requesting copies of the Death Certificate, in the event that the death took place in Spain.
    • Requesting of a Will Certificate information and location from the Central Registry of Wills in Madrid.
    • Obtaining of the Will from the Notary Public where it was signed / Estate Heirs Statement (in those cases where there is no will)
    • Drafting and signing of the Deed of Inheritance Acceptance
    • Partition of the inheritance according to what the will states, or, where there is now will, to the desires of the inheritors .
    • Inscription at the Land Registry of the new owners of the Estate inherited.
    • Cadastral modification of new owner
    • Arrangement, calculating and payment of the applicable Spanish Inheritance Tax.
    • Arrangement, calculating and payment of the applicable Plusvalia Tax.

    If you're interested in this legal service, please contact us.

    Yours faithfully,
    Raymundo LarraĆ*n Nesbitt

  3. #13
    Peter Rayner.
    Guest

    Default Spanish Inheritance Tax: How much is it?

    Catalunya changed the law on adopted children last year and now they are treated the same as any direct descendant..

  4. #14
    L. Sanderson
    Guest

    Default Spanish Inheritance Tax: How much is it?

    My partner and I are not married, but we have joint ownership of our property. We are both tax residents in Spain. Would it benefit us to get married with regards to inheritance tax?

  5. #15
    Senior Member
    Join Date
    Oct 2008
    Location
    Marbella
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    1,095

    Default

    Dear Madam,

    It would greatly benefit both of you fiscally, yes.

    There's a national tax allowance on IHT form one surviving spouse to another of 95% of the taxable base if you are tax resident in Spain.

    Yours faithfully,
    Raymundo LarraĆ*n Nesbitt

  6. #16
    Ellena
    Guest

    Default Spanish Inheritance Tax: How much is it?

    My husband died unexpectedly after living in Spain together for 25 years, and having permanencia. Having reached pension age and retired, our only assets are our home valued approx 300.000 euros and in joint names, other than that we lived on our pension. What sort of money is it going to cost me to have the house transferred to my name so that I can sell and downsize?

  7. #17
    Ellena
    Guest

    Default Spanish Inheritance Tax: How much is it?

    Sorry..me again..if I cannot afford the inheritance tax to claim my husbands share of our joint owned property....is there any reason that I couldn't sell my half in order to raise the funds to pay the inheritance tax....I'm feeling quite desperate, and never imagined that at 70, I would be left in this situation....we did everything legal, and both thought that each other would be fairly safe.

  8. #18
    Diane MCkAY
    Guest

    Default Spanish Inheritance Tax: How much is it?

    Mr step daughter mother died three days ago just as she was to sign the sale of her apartment and return to the UK. She made an english will leaving everythink to her daughter. Am I reight to assume she as to have a lawyer in Spain and one in England. Will the English will be accepted.Can the sale go ahead and what needs doing. The Spanish laywer dealing with the sale as the deeds as she died the night befiore she was due to sign and in fact they investigated why she did not turn up .and called the police to break in. My step daughter is quiet fragile and is fearful she will will be ripped off.

  9. #19
    Senior Member
    Join Date
    Oct 2008
    Location
    Marbella
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    Default

    Dear Ellena,

    If you've been living in Spain for the last 25 years I take for granted you are resident here.

    State law rules that surviving spouses are entitled to a 95 p.c. tax exemption from the value of their property on inheriting in Spain from their spouses. You have to be resident in Spain and have lived in that property for at least the the 3 previous years and be able to prove it.

    Regional laws have even more lenient tax allowances and exemptions wich may bring down the IHT tax bill to zero.

    Depending on where your property is located in Spain (in which of the 17 regions or autonomous communities) these regional laws are applied.

    Moreover, if you do have to pay IHT you can request to differ it or even pay it in installments over a five year period.

    If you had a whole life insurance this will normally pay off the average IHT tax bill comfortably.

    Please read carefully my article which may help to clarify issues for you:

    Spanish Inheritance Tax: Advantages of Making a Will in Spain - 3rd September 2009

    You can try to sell your half of the property but I doubt you will find a buyer. I think you ought to hire a priofessional such as a lawyer or a tax expert to give you an estimate of your IHT liability. From what you derpict on your post you may be pleasantly surprised on finding your IHT bill considerably lower than what you were led to believe.

    There are plenty of unscrupulous companies preying on British and Irish misselling them financial and legal services to waive Spain's IHT when the reality is that many beneficiaries are in no real need of them. This may be your case. Take advice and request an estimation of yout tax liability.

    Yours faithfully,
    Raymundo LarraĆ*n Nesbitt
    Last edited by Lawbird Lawyer; 05-31-2010 at 09:37 AM.

  10. #20
    Senior Member
    Join Date
    Oct 2008
    Location
    Marbella
    Posts
    1,095

    Default

    Dear Ms McKay,

    An English will is prefectly acceptable and legal to bequeath a Spanish estate. However it is impractical for a number of reasons which are explained in detail in my article:

    Spanish Inheritance Tax: Advantages of Making a Will in Spain - 3rd September 2009

    The sale cannot go through until IHT is paid and the property is registered under your stepdaughter's name at the Land Register.

    The problem with English wills on bequeathing Spanish estates is that they take on for ever. The Grant of Probate normally exceeds one year so the beneficiary will attract all the penalties for late payment of the IHT.

    Which is why Spanish lawyers always recommend foreign clients to have to wills in place, one in your home country ruling on your assets there and a second one specific for your Spanish assets.

    Yours faithfully,
    Raymundo LarraĆ*n Nesbitt
    Last edited by Lawbird Lawyer; 05-31-2010 at 09:39 AM.

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