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| Costa Blanca Lawyers - Inheritance Laws in Spain - advice in English from English Lawyers |
Each individual’s circumstances are different,
and the tax can only be calculated on the day
because circumstances and the law may
change in the future as may your Estate
It is important to note that there is tax relief
on inheritance for those resident in the
Valencia region. This was introduced in 2007.
The relief means that for those deemed to be
resident in the region Inheritance Tax can be
reduced drastically. Unfortunately, for many
ex-pats their beneficiaries often live in other
countries and as a result are exempt because
they are not resident. Or, they do not fall into
the categories where the allowance is
permitted.
Unmarried couples and same sex couples do
not benefit and more worryingly the tax
payable is much higher. It is intended to keep
assets within the blood family.
There are ways to protect your estate and
reduce Inheritance Tax. It takes thought and
planning and each situation is different. In
Spain there is the possibility of using a
“Usufruct” - a life long interest in a property.
It is also worthwhile considering purchasing in
the name of your children. No inheritance tax
would be payable upon death because they
already own the property, however great care
is needed to do this correctly. For help call us
and the tax can only be calculated on the day
because circumstances and the law may
change in the future as may your Estate
It is important to note that there is tax relief
on inheritance for those resident in the
Valencia region. This was introduced in 2007.
The relief means that for those deemed to be
resident in the region Inheritance Tax can be
reduced drastically. Unfortunately, for many
ex-pats their beneficiaries often live in other
countries and as a result are exempt because
they are not resident. Or, they do not fall into
the categories where the allowance is
permitted.
Unmarried couples and same sex couples do
not benefit and more worryingly the tax
payable is much higher. It is intended to keep
assets within the blood family.
There are ways to protect your estate and
reduce Inheritance Tax. It takes thought and
planning and each situation is different. In
Spain there is the possibility of using a
“Usufruct” - a life long interest in a property.
It is also worthwhile considering purchasing in
the name of your children. No inheritance tax
would be payable upon death because they
already own the property, however great care
is needed to do this correctly. For help call us
Spain has obligatory Heirs - What happens on your death needs specific plans
Plan your affairs so
that you benefit from
Spanish Inheritance
laws to the best
advantage
Don’t give your hard
earned cash to the
tax man
Think carefully about
what you leave and to
whom you leave it
under Spanish law
Planning ahead can
reduce the amount of
Tax payable
Avoiding double
Taxation takes good
planning
Be aware of the tax
due and how and by
whom it may be
payable
Don’t forget it is the
beneficiaries that pay
the Tax not the estate
and this can cause
much hardship in
some circumstances
that you benefit from
Spanish Inheritance
laws to the best
advantage
Don’t give your hard
earned cash to the
tax man
Think carefully about
what you leave and to
whom you leave it
under Spanish law
Planning ahead can
reduce the amount of
Tax payable
Avoiding double
Taxation takes good
planning
Be aware of the tax
due and how and by
whom it may be
payable
Don’t forget it is the
beneficiaries that pay
the Tax not the estate
and this can cause
much hardship in
some circumstances
Inheritance in Spain is accepted as a family
way of life. Passing assets directly to children
is law. However, for many expats this is not
their wish. Often there are extended families
that need to be considered as well as the
relationship between couples. For married
and same sex couples there is often the belief
that on death assets will pass to each other.
In Spain this is absolutely not the case and
requires careful planning and well thought out
Wills to ensure your loved ones benefit.
Everyone works hard for their money and
for those moving to Spain to retire where to
put their money and pensions is often an
issue, particularly bearing in mind the
Inheritance Laws in Spain. These vary
between the autonomous regions and
whether or not there are residency issues.
One key difference between Spanish and
English Inheritance Laws is that whilst in
England there is a tax free allowance
(£300,000) in Spain it is each Inheritor who
has an allowance. This starts at just under
16,000€ per person. The amount of
inheritance tax payable depends upon a
number of factors. Where the beneficiary
lives, what relationship they have with the
deceased and their own wealth. It is
therefore, impossible to give general figures
for the amounts of tax payable because
way of life. Passing assets directly to children
is law. However, for many expats this is not
their wish. Often there are extended families
that need to be considered as well as the
relationship between couples. For married
and same sex couples there is often the belief
that on death assets will pass to each other.
In Spain this is absolutely not the case and
requires careful planning and well thought out
Wills to ensure your loved ones benefit.
Everyone works hard for their money and
for those moving to Spain to retire where to
put their money and pensions is often an
issue, particularly bearing in mind the
Inheritance Laws in Spain. These vary
between the autonomous regions and
whether or not there are residency issues.
One key difference between Spanish and
English Inheritance Laws is that whilst in
England there is a tax free allowance
(£300,000) in Spain it is each Inheritor who
has an allowance. This starts at just under
16,000€ per person. The amount of
inheritance tax payable depends upon a
number of factors. Where the beneficiary
lives, what relationship they have with the
deceased and their own wealth. It is
therefore, impossible to give general figures
for the amounts of tax payable because
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