It is very important for property owners in Spain to make a Will and Testament, so their assets are distributed correctly in the event of a bereavement. Spanish succession laws are very different to other European countries, it is essential to write a Spanish Will to comply with all rules and regulations.
Spanish inheritance laws are different to other European countries. We can ensure that your Will meets your needs and requirements – with as little stress as possible.
Our team of professionals will ensure your beneficiaries do not incur high expenses due to penalties from the Spanish Tax office for late payment of inheritance tax. Access to funds deposited in bank accounts are frozen until inheritance taxes are settled with the Spanish tax authorities, our team ensures that inheritance taxes are paid in time so as to avoid this.
Once the Will and Testament has been signed, the details are sent by the Notary who witnessed it to the Central Registry of Last Wills in Madrid for safekeeping. Your beneficiaries will therefore always have access to a copy.
We recommend that our clients make a Spanish Will if they own a property in Spain. It makes things a lot easier as Spain has very different succession laws to the UK and rest of Europe.
Yes, it is possible for you to leave your beneficiaries a Spanish property in the Will you made in your home country. However, this can increase the amount of inheritance tax that your beneficiaries will be liable to pay.
Yes. For residents, Spanish inheritance laws are construed to protect the heirs in the deceased’s family. Therefore, restrictions are placed on the testators freedom to dispose of his estate. Residents in Spain are also subject to the same taxes on their worldwide assets. We recommend making a Spanish Will as you will be able to have more control over these taxes.
For non-residents, their national law is applicable when making a Will. Non-residents are still subject to pay Spanish inheritance taxes, which can be very high when left by non-residents to non-relatives.
The amount of inheritance tax that your beneficiaries are liable to pay is dependent on the value of their share. The current fiscal value of a property is deducted by any charges against it, to then show the net value of the property. To cover contents and such, 3% is then added to this figure.
Spain does offer tax allowances for spouses, parents, children and other close family members.
Yes, we can offer advice on how individuals can reduce the amount of inheritance tax their beneficiaries will have to pay. Inheritance tax can be very high in Spain, so it is important to seek advice from a professional when making a Spanish Will.