Spanish Inheritance Tax: How much is it?

[Unregistered]

my father died in spain his will has been split 5 ways,son, daughter and 3 nieces plz tell me what percentage of tax my brother and i will pay.

[patti]

Hi my cousin recently passed away and left me his apartment in Majorca. It is valued at 220,000 euros and there is also a car with a value of 2,000 euros. Can you please let me know how long I have before I have to pay the inheritance tax and also how much it is likely to be.
Many thanks

[Patricia]

Hello Liz,

Sorry for the late reply. In order to answer your question and confirm that the 50% of the value of property would be inherited by the children/inheritors upon sale, you need to check what has been declared in the Spanish will. You can e-mail it to me privately if you would like us to interpret it should you have doubts. As per you questions related to the possibility to change the will upon the co-owner´s death, it is not possible.

Best Regards,

[Marta]

Hi Patti,

In principle you have six months in order to pay inheritance tax. With regards to the approximate amount, please let us know if there is a mortgage on the property you are looking to inherit.

[Patti]

Hi Marta many thanks for your answer, there is no outstanding mortgage on the property. Can you also confirm that the property will not be released to me until I have paid the inheritance tax.

[Rachael]

Hello,

I wonder if someone can offer me some advice please.

My parents brought a property in Valencia, unfortunately my dad died in 2006. The property was on the market at the time of his death for €300,000 euros. They have never lived in spain (dad died before they had the chance) .
Mum has not dealt with any of the legal side of the property other than notifying the bank and notary of dads death, a solicitor has informed her that she owes £40,000 in death duties. The property has been on the market since dad died and is now valued at €100,000, from what i have read death duties are calculated on the value of the property at the time of death.
The spanish bank have also started proceedings as she hasnt been able to afford the mortgage so they want the outstanding €93,000 back.
Shes in a real mess and I am unsure of how to proceed, any advice appreciated, many thanks.

[Patricia]

Hello Rachael,

I am very sorry that your mother is suffering from these hard times.

In the event that the mortgage has not been paid accordingly, the bank can start a mortgage execution process, so I am afraid that there is not much that can be done but pay the mortgage if you do not want to lose the property. She can try to negotiate with the bank the mortgage payments in order to avoid losing the property.

As per the inheritance tax due since your father´s death, if your solicitor has confirmed the amount, this should be paid as well. If you are unable to pay it, you will be fined by the Spanish tax authorities, and tin the event that you managed to sell the property, the tax office would retain the due taxes plus interests accumulated.

I hope I have helped clarify the situation.

Regards,

[Rachael]

Thanks for your reply, its helped to clarify some points for me.

I have found her a solicitor so hopefully he can help us sort through what needs to be done.

Many thanks.

[Marta]

Hi Marta many thanks for your answer, there is no outstanding mortgage on the property. Can you also confirm that the property will not be released to me until I have paid the inheritance tax.

Hi Patti, apologies for the late reply. If you are a non resident in Spain, you are not planning to live in the property as your main place of residence and your cousin passed away less than 4 years and 6 months ago, then I am afraid that you will have to pay in the region of 30,000 EUR. We are talking about group 4 and this group has no reductions.

[lkj]

my grandfather passed in jan 2010, he owned an apartment in lanzarote valued at 100000 euro, my uncle and i are the beneficiaries of an equal share. we both paid our taxes i think around 10%, my grandfather was a uk resident but lived in canaries most of the time, neither my uncle nor i are spanish residents

regards and thanks in advance