Transfer of Spanish property

[Bryan]

Hello,
My father-in-law would like to transfer ownership of his Spanish property to my wife. Can you please advise us if this is legal and if so, what costs/taxes are we likely to incur?
Any advice would be welcome, either legal or if a forum member has any experience of this situation.
Thank you in advance.
Kind regards
Bryan

[Patricia]

Hello Bryan,

Your father in Law can either transfer ownership by donation or by leaving his estate to his daughter in his will so she will take ownership after his demise. Generally speaking, IHT is lower than donation taxes so this is the option we recommend, though it is also dependent on other circumstances such as location of the property, age of the heir/beneficiary, value of assets. etc, so a particular study of the case is required, as there are local and regional exemptions.

IHT Taxes for non residents have been recently lowered to be equalized to the taxes a resident in Spain pays, so they have been reduced compared to the taxes that were applied a few months back.

If you wish, you can send us an email using our website contact form so we provide with detailed advice based on the particular case.

Regards,