What are the benefits of making a donation in Spain?
Is it better to make a donation to my children or leave it for the inheritance?
The reality is that it depends on each specific case.
Here is the most important thing to consider when making your decision.
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Donation in Spain or inherit?
Inheriting and donating in Spain are very similar acts in some aspects.
The essential difference is that in a donation there is no death but the simple willingness of one person to donate property or rights to another during they are still alive.
In the case of free donation, there is no payment between donor and recipient, but sometimes there is a higher tax burden than an inheritance.
Therefore, with the donation the taxes can be higher than with the inheritance.
As in the case of inheritance, the value of the goods and the degree of kinship between donor and recipient are taken into account when calculating the tax.
Before you donate, get information about the fiscal effects of the operation.
Before you get ready to make a donation, you should take into account a proper fiscal advice about how much it will cost you to donate.
It will also be necessary to notarize the deed and then register it in the Land Registry in Spain.
