TALKING LEGAL

with Costasea legal advisers

Inheritance Tax Planning

Making plans for when you die isn’t easy however it Is important to ensure that your property and assets pass to those you care about.

There are many differences in the laws of succession and inheritance tax here in Spain than those of your home country.

A key difference in Spain is that all beneficiaries must declare their inheritance and surprisingly to many inheritors, especially where property is concerned, the tax must be paid before a property can be sold.

However, it is not just the property that’s taxed, it’s also monies held in bank accounts, motor vehicles and any other assets. A main reason to plan ahead is to avoid additional charges to the inheritance tax calculation. The inheritance tax declaration must be made within six months and if not a levy of 5% is charged for every three months up to a maximum of 20% on top of the bill.

In Spain the taxes vary depending on which autonomous community your property is located. Another factor on tax levels is your relationship to the deceased.

In short, if you have assets in Spain, you need to plan ahead to make sure your plans are tax efficient for your beneficiaries. Here at Costasea, we are more than happy to help you make those plans.

With Costasea Legal Advisers

Your trusted legal service

Have you got an INHERITANCE TAX PLAN regarding your assets in Spain? Are your beneficiaries here in Spain to inherit your assets? We can help you with all of this.

OUR WILLS ARE ONLY €99 WITH NO HIDDEN CHARGES

Make an appointment with us and keep calm. We are specialists in inheritance law and inheritance taxes

C/La Purisma, 22 03158 Catral +34 966 843 946 info@costasea.com www.costasea.com

The Expat Centre - Calle de Villena 12 03170 Ciudad Quesada +34 865 668 596 info@theexpatcentre.com www.theexpatcentre.com