Your Guide to Spanish Inheritance tax.
A Guide to Spanish Inheritance tax,
You may be aware of this already, but it’s something many people who own property in Spain don’t know.
It’s about the taxes payable when an owner of property in Spain passes away.
If you have ever wondered about the details of inheritance tax, it’s simply this:
Your hard earned legacy may have to be sold off to pay crippling tax bills when you pass away?
Spanish Inheritance tax, death duties , legal fees - up to 40% .
So, right now, can you be absolutely sure that those you leave behind will have the money to cover those costs?
Of course we would all prefer our children and grandchildren to enjoy the property we’ve worked so hard to own, and not be forced to sell it to cover onerous tax demands.
Equally as worrying, did you know that in the UK system of IHT, a husband or wife is usually an exempt beneficiary?
But in the Spanish system...
Your husband or wife will not be exempt from Spanish Inheritance Tax.
It's a sobering thought, isn't it?
For a Fuller explanation