Spanish Inheritance Tax: Advantages of Making a Will in Spain

[Peter j k]

We bought an apartment in javea alicante in 2004. We are non residents living in the UK. We have two sons over 21 years of age! The apartment is worth approximately 300,000 euros. Could you tell me what inheritance tax would we have to pay if either my wife or myself died. Also if we both die what tax would our two sons have to pay? Also as my wife and myself are retired and considering moving to Spain would that alter the inheritance tax situation. Thank you

[Unregistered]

Dear BeLegal,

I have spent some time reading your very clear and comprehensive article on inheritance of Spanish property, thank you for making it easier to understand.

I need your help and guidance. My parents and I own a villa to the value of 100keuro in the Valencia region( all3 names are on the deeds). We are Irish but I live, work and pay my taxes in Netherlands. They have no other property in Ireland or any other country only the one in Spain. They are non residence, spending ~80 days a year there. I have a mortgage ~50% of the value on the property. As they are getting older I want to look at the best course of action meaning, can they transfer the property over to me, if so what taxes would I be liable for? Should I buy them out as a cheaper option?, should I do nothing? We all have Spanish wills drawn up. Mine is left to my wife. My parents left to each other. Additionaly I have other brothers and sisters in Ireland who would not contest the house.

Please advise!

Best regards.

Dutch Irish.

[Patricia]

Hello Dutch Irish,

Our recommendation is that you wait until it´s time to inherit and not take any action now.

The IHT in the Communitat Valenciana is exempt up to the 100K € if the beneficiaries are first grade relatives ( children, spouses, parents ). As you indicate the property is not valued in more than 100k €, you would be, in principle, exempt of IHT.

If the beneficiaries are under 21 years the exemption is raised to assets valued up to 156.000 €.

Please feel free to contact us by email should you wish to discuss the particular case further.

Regards,

[A-F-W-]

Dear BeLegal,

Could anyone here possibly advise my family on this probate/will matter.

My mother passed away Feb 2014 while living in Spain (since 2001) and we did not know the contents of her will or if she even had one. Her legal matters were handled by a Spanish lawyer and under Spanish Law as far as I know. Her husband inherited everything and stated at the time of her funeral that it was her wish to leave a percentage of their house in Spain, when sold, to the children (of which I am one) and grandchildren. We spent an afternoon at a local UK solicitor as he said we would have to provide documentation to the Spanish lawyer as proof to who we were in regards to this matter but in the end nothing was actually needed at the time and we heard nothing more, presuming that when the house was sold it would be relevant.

The house was sold in late 2014 and when asked about the money we were told there was no money for the family and none of the former issues mattered. We presume she had never legally documented her wishes and because of that he was not going to proceed per her wishes.

Would there be any possibility of recovering the % of money that HE personally stated she wished the children and grandchildren to have ?

[A-F-W-]

It would appear no one can help then?

Could anyone here refer a Spanish lawyer in the UK then who could help me with this question? PM me please if so.

Thanks.