Category: Wills and Probate
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How to calculate the Inheritance tax in Spain for non-residents
Quite often I am asked how much is the tax payable on a Spanish estate. My first answer to that question is that the tax is not paid by the estate but is paid by each beneficiary on the basis of what he or she inherits. My second reply is that the Inheritance tax is calculated on a…
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DEATH, BANK STATEMENTS AND TAXES IN SPAIN
When the Spanish estate is not only made of properties When inheriting assets in Spain, the first thing that comes to mind is property but the truth is that assets also involve bank accounts, shares and other type of properties such as a car or even a boat. We have…
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Can I renounce to an inheritance in Spain?
In most occassions, inheriting from a dead relative or friend comes associated with an increase in wealth. The heir or beneficiary inherits the assets or money that the deceased had and once the inheritance tax is paid, which sometimes can prove very expensive, the heir is left with…
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Lets talk about gifts
In this space I have talked about wills and inheritances very often but never, as far as I can recall, about gifts. Is it generally a good idea to gift assets in Spain? The answer is also generally no. Why? For one simple reason: taxes. A gift will always be subject to gift tax…
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Daddy, where is my money?
This week a Spanish national from Castilla but living in England for many years came to see me for advice on wills. In fact I was the second solicitor to be consulted. The other one recommended him, without taking into account his national law, to grant an English will and leave everything to the…
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Wills, wills, wills…
As one of the few Spanish lawyers living and practising in this country, I often come across international probate matters where the deceased had assets both in Spain and in the UK. In certain occasions, the deceased is a Spanish national who moved to the UK for work and ended up owning assets in this…
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To value or not to value? That is the question.
The other day a client was in the process of filing an Inheritance tax form and he asked me which value he had to give to a Spanish property he had just inherited. In England the answer is quite simple: you must use the open market value. This generally means getting the property valued.…
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Mistakes made when granting a Spanish will- Part IV
This is my last article on the topic that I started some weeks ago. I could write about wills for weeks as this is a subject that I enjoy quite a lot but I am aware that this would make my blog quite boring and repetitive. I have therefore decided to conclude with an…
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Mistakes made when making a Spanish Will- Part III
This week I will talk about a mistake that is made after making a Spanish Will. I am talking about marriage. Obviously, I am not saying that marriage is a mistake (although some of my divorced friends may have something to say in this respect…). It is what happens with the marriage what worries me.…
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Mistakes made when granting a Spanish will – Part II
About two weeks ago I started a series of posts on the most common mistakes made when granting a Spanish Will. Now is time for another post. In my previous post I made mention to the tax aspects of leaving the property or a share on a property to the surviving spouse. This time I…