Last updated on March 19th, 2020 at 02:04 pm
Nobody is really prepared for a bereavement, but unfortunately all legalities need to be completed within a certain time limit.
In our country there is no transfer of ownership from deceased to inheritor automatically upon decease, on the contrary in Spain it is necessary to sign a new title deed where the estate registered in the name of the decease is transferred to the proved as legal inheritor.
The inheritance process needs to be completed within six months since the date of death. A new Title Deed for the Spanish assets, in the inheritor’s name, must be signed in the presence of a Public Spanish Notary.
Before this new ownership can be registered at the corresponding Authority, as the Law stands, there is an obligation to declare Inheritance Tax (even though this might be 0 depending on individual circumstances) and Plusvalía tax.
When delaying the tax declaration later then the above indicated six months this will have as a consequence a penalty fee and late payment interest on the Tax that will vary depending on how long you delay the Tax Declaration. After six months from the decease starts counting the period when you are applied extra fees, every three months will be applied a 5% extra on the amount due to be paid up to 20% payable if there is a delay of a year, since then the current legal interest of money will be applied.
Therefore it is essential to contact us to start with the Inheritance process with time enough, in order to avoid further complications in such a difficult moment.