Inheritance tax solicitor –
Inheritance tax in Spain can be a conundrum because three different laws might be involved: your home country, your residence country (Spain) and the Spanish region where the assets are located. Each Spanish region or Comunidad autónoma (Andalucía, Valencia-Alicante, Murcia…) has its set of rules that modify the exemptions for bequests and gifts during lifetime.
Many Spanish regions give for instance between 90-99% reduction upon the taxable base when your children are inheriting.
Also, “common residence” (where you live more than half of the year) usually enjoys tax benefits when transferring.
We help draft wills. Disposing of assets located in Spain can be bequeathed in a will executed in your home country. However, it is preferable, for the sake of smooth asset transfer, to draft a will in Spain for the portion of your assets therein located.
Also bear in mind that Spanish law provides only 6 months to pay the corresponding inheritance taxes (following the date of death).