Spain Explained

A guide for foreigners on every aspect of safe property ownership in Spain

Posts filtered by Wills, donations and inheritance

Spanish Inheritance tax near to disappear in Andalucia

Until recently residents and non-residents inheriting property in Spain were treated differently when it came to inheritance tax. However, following pressure from the European Commission a modified law was passed on the 28th November 2014. This meant that for all inheritance transactions and donations after January 1st 2015, non-residents could not be discriminated against when […]

Read more

Making the decision – inheritance tax vs gift tax

Making sure your loved ones benefit from your hard-earned money is a priority for the majority. You can’t take it with you but it’s nice to have control over who you’re leaving it to. For some, ‘gifting’ their property seems like the best option. It means the process can be completed during your lifetime and […]

Read more

How much might the inheritance tax be?

If you have property in Spain you will be keen to ensure that your inheritors are not burdened with a large Spanish inheritance tax bill when you die. Leaving property in Spain brings different tax requirements to what you might be used to in your home country. It’s important that you know what these are […]

Read more

Donating property in Spain is still a good option

We have written before about the benefits of donating or ‘gifting’ your assets rather than bequeathing them when you die. ‘Donación de bienes’ is an alternative way of handing over your property which has a number of benefits. Arranging this handover sooner rather than later means you can be sure that you are avoiding inheritors […]

Read more

Have you thought about giving it away?

Making sure your loved ones benefit from your hard-earned money is a priority for the majority. You can’t take it with you but it’s nice to have control over who you’re leaving it to. For some, ‘gifting’ their property seems like the best option, particularly now when you can benefit from certain tax advantages in […]

Read more

How to cope with Brexit – finding tax-wise solutions

Most of our British clients are worried about the implications of Brexit. In this article we look at some possible tax consequences in Spain; helping you take matters in hand and provide peace of mind for you and your family.   Have you ever considered donating your Spanish assets to your children? Donation is a […]

Read more

Brexit implications for donation and inheritance

As speculation continues into the implications of severing ties with Europe, there are some emerging realities that we should already be contemplating. The impact on donation and inheritance tax in Spain is one. There are many imponderables when it comes to considering what the implications of being out of the EU will mean for British […]

Read more

Ask Ábaco about inheritance

Two changes within Spanish law have meant that our inheritance department has been very busy this year. In our question and answer section we try to address some of the queries that we have been receiving.  I would like to donate my property in Spain to my daughter. We are both non-residents. What tax implications […]

Read more

Changes to inheritance tax in Spain

Inheritance in Spain works very differently to how it works in many other countries. For example, even between spouses there is no automatic transfer of ownership. If one of you should die then the remaining spouse does not automatically inherit the deceased spouse’s share of the property. First you must make an inheritance tax declaration […]

Read more

Changes to donation tax in Spain

Some people make a choice that they would rather donate their property in Spain to family or friends rather than pass it on as inheritance when they die. Taking this decision needs careful consideration. However, if it is your preference then it can be done for property in Spain through making a ‘Donación de bienes’; […]

Read more

Your will in Spain – should you make a new one?

A new inheritance law has been causing lots of discussion amongst foreigners living in Spain.  The Regulation (EU) No. 650/2012 and the creation of a European Certificate of Succession has raised many questions about the validity of existing Spanish wills covering property in Spain for those who are resident here. The new law was made […]

Read more

Changes to legislation affecting inheritance and donation tax

Since the summer of 2014 there has been a lot of coverage in the media regarding the EU ruling affecting Spanish inheritance and donation tax. The existing tax law in Spain was considered to be discriminatory against non-residents. Therefore, the European court established that Spain had to modify its laws in order to coincide with […]

Read more

Purchasing Spanish property in the name of a company

Inheritance tax for non-residents has traditionally been much higher in Spain than for residents.  This has been drawn to the attention of the European courts and Spain has been told to change its practices. No doubt, in due course they will. In the meantime inheritance tax legislation in Spain remains the same and people continue […]

Read more

Spanish succession law and its implications

When you are living in a country that’s different to the one you were born in, many variations in the law can pass you by. Succession law in Spain is one of those that can take foreigners living here by surprise. Recent EU legislation relating to wills means that it is even more important that […]

Read more

Inheritance tax for non-residents in Spain – is it time to claim?

In some countries, inheritance tax applies to only the wealthy – those with estates worth an amount out of the reach of most ordinary people. This is not the case in Spain. Spanish inheritance tax applies to most people when they bequeath their property and there can be a sizeable percentage to pay, particularly if […]

Read more

Do I need to make a new will in Spain?

It can be difficult to plan ahead when it comes to wills in Spain and Spanish inheritance. It’s a subject we tend to avoid. However, not making the necessary arrangements and talking them through with those people who it will affect, can have repercussions for those we care about. Spanish inheritance tax can be hefty […]

Read more

The importance of making a Spanish Will

We recommend to all our clients that at some point they make a will in Spain to cover the bequeathing of their Spanish assets. In theory, a will made in their home country covers their world wide assets already. However, if you have only made a foreign will then there are implications for your inheritors. […]

Read more

The Spanish will registry – a bureaucratic success

When you first buy a Spanish property with your partner, husband, wife or even friend, you have no idea what might happen in the future. In the excitement of making the purchase your thoughts are to the here and now and not the ‘what might be’. Unfortunately the unthinkable does sometimes happen. People split up, […]

Read more

Inheritance in Spain – a summary

People do find talking about inheritance difficult. It evokes all kinds of emotions and can be a subject we avoid until it is too late. You need to consider carefully whether you make a will in Spain and how you are going to distribute your property as there are a number of differences in the […]

Read more

New EU legislation affecting your Spanish will

You may already have heard about the changes to inheritance legislation and Spanish wills in Spain. There are important changes taking place that may affect you if you are an EU citizen and a resident here. New EU inheritance legislation The Regulation (EU) No. 650/2012 states: EU citizens habitually residing in Spain (Residents) will be […]

Read more

Putting your Spanish will in order

Different countries have different rules about inheritance. For example, Spanish succession law requires that when someone dies two-thirds of the total inheritance must go to the children. They are the ‘legal beneficiaries’. This then only leaves one third of the estate to be disposed of according to the deceased’s wishes. In the UK and Ireland […]

Read more

Clearing up worries about Spanish inheritance

One of the questions that’s most frequently asked in our offices is – how much Spanish inheritance tax will I have to pay? We receive enquiries every week from the recently bereaved who are not only coming to terms with the death of a close relative but also the fact that inheritance in Spain can […]

Read more

Avoiding double inheritance in Spain

Spanish inheritance often catches people unawares. Partly because it’s still something we’re uncomfortable in discussing and also because it can be quite complicated in Spain.  The rules are different, particularly in relation to Spanish inheritance tax and it often takes people by surprise that there is no automatic transfer of property and belongings between spouses. […]

Read more

Different rates of Spanish inheritance tax

In Spain, the amount of Spanish inheritance tax to pay is determined by three things: the relationship of the inheritor to the deceased whether the deceased and inheritor(s) are resident or non-resident the autonomous community in which the property is located Depending on these factors, the amount of Spanish inheritance tax to pay can vary […]

Read more

Inheriting assets in Spain

The main item that any inheritor is likely to inherit is property. Spanish property is probably the biggest factor in the majority of Spanish inheritance cases. However, there might be other items to be received by heirs too. Other significant assets might exist such as cars and boats and money might have been left in […]

Read more