Spanish inheritance tax rates 2019
If you have a property in Spain it is very advisable to seek qualified professional advice to find the best solution that suits both you and your family. That’s why it’s so important to know what the Spanish inheritance tax rates 2019 are.
What you should know about the inheritance tax rates 2019
The laws of Spain protect the heirs of the family to the extent that the freedom of the testators is restricted in order to designate their property to whichever person they choose. A citizen who is not Spanish can make a Spaniard inherit his assets if he wishes to do so under the law of his own country.
Wills abroad are always valid in case of inheritance in Spanish, although it is always advisable to have a will in Spanish for assets in the country. This avoids possible complications and high costs during the inheritance process.
When a will is made in Spanish, you must make sure that in your will abroad you exclude Spain and that any other will that is made in another country, cannot replace the provisions of the Spanish will.
With regard to the calculation of the inheritance tax, it must be remembered that this tax is applied to the inheritance of the spouse, children or any other party that receives the assets of the deceased in Spain.
There is a tax free allowance of €15,956.87 when left to spouse and children; €7,993.46 for siblings, uncles, nephews. There is no tax-free subsidy for fourth-degree relatives or friends.
It must be remembered that the value of the property that needs to be declared will be the minimum value of the property accepted by the Tax Agency (fiscal value). It can be a complex issue that can change from one moment to the next. That is why it is so important to have the advice of the most experienced professionals.
Other news related to inheritance tax:
- Inheritance tax rebate in https://conveyancingslawsolicitors.co.uk/inheritance-tax-rebate/
- The new EU inheritance law in this URL
- The regulations and fees related to the spanish inheritance tax
- Professional advice to minimise Spanish inheritance tax
- What you should know about the spanish inheritance tax for non residents
- A calculator for inheritance tax in Spain
- Professional help to make an inheritance in Spain
- What assets does an inheritance cover? Click here