Brexit and Inheritance Tax in Spain
The Brexit is a subject that has been talking for a long time, something that can affect the British living in Europe. In Spain, Brexit may have tax consequences for Britons who are not resident in our country but have real estate properties, which will affect their Inheritance Tax in Spain.
What are the British who have properties in Spain exposed to?
Although they can lose enough tax benefits in Spain when the United Kingdom leaves the EU, the tax on inheritances and donations is one of those that can affect them most.
In this case, regional governments have the capacity to regulate this tax, something that has the consequence that taxes can vary greatly depending on the region, and can be expensive for an important economic difference between them.
Non-residents will be subject to the national law, which is less favorable than the regional law. In spite of this, those who live in an EU Member State, such as Iceland, Liechtenstein or Norway, can choose the application of the law that is most favorable to their situation. In the case of Spain, this privilege is not available.
Therefore, the British will lose the right to request regional law. This will complicate the situation more when it comes to having to pay taxes, among which is that of Succession, which could be increased significantly, something that will feel like a jug of cold water to property owners in our country.
It is very important to emphasize that the matter is very delicate and you have to have all the necessary information, always up-to-date, something that can be provided by professionals like a team of lawyers specializing in real estate and taxes nationwide. The professionals always have completely updated information on these aspects. Therefore, it is so necessary to have their help.
Other news related to Brexit:
- How can Brexit affect the European Visa? Read this
- Article that talks about how the purchase of a property in Spain could affect after the Brexit