Inheritance of property in Spain.
This is a very important aspect, especially if you are planning to buy property in this country.
– inheritance rules; inheritance rights in Spain are governed by civil law, which applies to citizens and those who own property in the country. Spain has a “forced portion of inheritance” rule, which stipulates that a certain portion of the property must be passed on to close relatives (children, spouse or parents). This means that the property owner does not have full freedom to dispose of the entire estate in a will.
– wills; property owners in Spain should consider drafting a Spanish will. This simplifies the inheritance process, as wills written in other countries may require additional legalization and translation. Drawing up a will in Spain aloows you ti better comply with local inheritance laws and can simplify procedures for your heirs.
– inheritance and gift tax; there is such a tax in Spain and its amount depends on the value of the inherited property, the degree of relationship between the heir and the testator and the region where the property is located.
– residents vs. non-residents; residents are taxed on the entire inheritance, regardless of where the property is located. Non-residents pay tax only on assets located in Spain. It is worth noting the double taxation of inheritances that can occur if the heir lives in another country. However, Spain has double taxation treaties with many countries.
– the importance of legal consultation; due to the complexity of Spanish inheritance law, consultation with a lawyer in Spain is crucial. This will help you understand the specific obligations and options your heirs have and minimize the risk of unexpected problems.
Knowledge of Spanish estate inheritance law is crucial for owners to ensure a smooth and lawful transfer of assets to future generations.
