inheritance tax

j40lar

New Member
My husband and myself intend to live in Ibiza. Doe's anyone know about inheritance tax we have been told if one of us dies by Spanish law we will need to pay this tax which can be anything from 40%-80%. Some people have had to sell property to pay the tax. Doe's anyone have any info or web site i can view. Thanks
 
sounds like you've been watching one of those holiday homes abroad disaster stories that itv is so fond of showing. like in most countries, inheritance tax is a complicated affair. basically what happens here is that when you die and leave your estate to someone they are taxed. the closer they are realated to you and the younger they are the bigger the amount of tax free allowance before the tax rate kicks in. it's a sliding rate based on the size of the estate so you pay a higher rate of tax on a million euro villa than a studio in figueretes. finally, the ultimate test is the wealth test on the person who inherits, the richer he is, the more tax he pays.

so, tips.
buy your property in joint names and get a spanish will. don't leave it to roman abramovich unless he's your only son.

there are lots of websites which deal with this subject, just google spanish inheritance tax

of course, you could just get yourself a lawyer who works for spain's partido popular and you'd end up with the government paying you 80% when you die! (allegedly)
 
Talk to a Spanish / Ibbi tax adviser here before you sign / complete on your house, It will cost you €€€€ after to change the deeds (escitora)
But there are many ways of keeping your liability down 8)
Have a good one
Tim
 
Or if you have children get them NIE numbers and put the house in their name straight away with you as tennants. Depends how old you guys are wether its worth going down that route.
 
or give your children a tax free gift of cash each year so that they get their inheritance on the drip. Less of a lump sum to tax when the estate is settled.

Iv already started giving my daughter €1 a month.................
 
Iv already started giving my daughter €1 a month.................
Wow... Good thinking. At that rate, by the time she's 18 she'll just about be able to afford to take you out for a nice thank-you dinner! ;)
 
inheritance tax is a serious pain in the arse in Catalunya

+ there's nowhere to hide anymore... the days of sneaking off to Andorra are long gone
 
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