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 [...]
Why make a will in Spain is important
Have you been living in Spain Orihuela Costa or surroundings for a while and have you decided that you want to spend the rest of your life in this country? Make sure that your inheritance is valid both in your country of origin and in Spain to avoid creating a problem in your family later.
In order to save time and avoid legal issues to your inheritors, it is highly advisable to make a Will in Spain that explicitly states that it only affects your assets in spanish territory and not other assets or properties in a different country. Simultaneously, you should sign another Will for assets outside Spain clearly declaring that it only applies in the country where it is drafted, because, as a foreign national, Spanish inheritance Law will not apply to you and you would be able to pass your estate to the person or persons of your choice.
You will not be, notwithstanding, excluded of paying inheritance
taxes, as fiscal residents in Spain could be charged with a 95% tax
contribution when passing assets to their inheritors.
Since you will make a Will in Spain besides a Will outside
Spain, the transfer of assets there will be dictated by the law of your nation
and not the Spanish tax law. Not making a Will in Spain or lacking inheritors means
that, in the worst of cases, your property could be reverted to the Spanish
Estate.
As there are in Spain three different types of Wills (open will,
closed will and holographic will), if you contact ABC Solicitors, we will be
pleased to give you an in-depth summary, presenting to you the best options and
saving you any worries about all these complicated issues.
Do you need legal advice to make your inheritance legal in Spain Orihuela Costa? Our English speaking lawyers wil be happy to help you.
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If you are in need of legal counseling, please, contact us and we will gladly assist you.