Are you going to inherit assets in Spain?
Here you will find 3 helpful legal tips.
At some point in our lives, we are all involved in an inheritance, either as heirs or as testators. If you are a foreigner and have inherited a house, land or other asset in Spain, it is essential to be well informed and act with legal caution.
Here are three key tips if you are going to inherit a property in Spain:
1. Plan Ahead
Proper succession planning is essential to avoid legal and tax complications.
At our law firm in Jávea, we have a department specialising in inheritances and successions in Spain for Spanish and foreign citizen.
If you are Spanish citizen or reside abroad or are a foreign citizen and are going to inherit real estate in Spanish territory, you must initiate a series of legal procedures to be able to change the ownership of the assets that form the inheritance.
Before accepting an inheritance in Spain, it is essential to obtain official documents that prove:
- The death of the property owner.
- The place and date of death.
- The nationality of the deceased.
- The existence or not of a Will in Spain or in the deceased’s home country.
- The ownership of the assets: houses, land, bank accounts, vehicles, etc.
- Legal and tax information on life insurances, current accounts and other assets.
Our legal team advises you throughout the process, ensuring a safe and hassle-free succession.
2. Calculate the value of the inheritance and your taxes
In Spain, all inheritances are subject to Inheritance and Gift Tax, which varies depending on the Autonomous Community where the inherited assets are located. In the case of inheritances in the Comunidad Valenciana, where Jávea is located, the tax conditions may be more advantageous depending on the relation with the deceased and the value of the estate.
Having specialised tax advice will allow you to know in advance whether or not you will be able to assume the costs of the inheritance.
It may also be necessary for foreign citizen to apply for the European Certificate of Succession, a key document in certain international inheritances, which must be processed in the country where the deceased had his official residence.
Once all the documentation is complete, it will be necessary to sign a Deed for the Acceptance of the Inheritance before a Notary in Spain, which includes the details of the new property owners. Then, you must proceed with the payment of the corresponding taxes and the registration of the assets in the Land Registry.
3. Consider making a Will in Spain
If you own property in Spain or have received property or assets in Spain through inheritance or donation, it is the ideal time to think about leaving your succession organized by means of a valid Will in Spain.
What should you consider when making a Will in Spain?
- The applicable law of the home country of the person that signs the Last Will.
- Spanish inheritance regulations.
- The laws of the place where the assets are located.
- The taxation that will affect the heirs.
In many cases, different legal frameworks will need to be coordinated. Our team of lawyers will be in charge of analysing your situation and advising you on how to draft a Will in Spain that is legal, effective and tax efficient.
Lawyer Experts in inheritances of properties in Jávea
In our office, we help to carry out all the necessary proceedings to inherit properties in Spain safely and in accordance with current regulations. Whether you need legal advice to accept an inheritance, pay the relevant taxes or draft your Will in Spain, we are here to help.
Rely on lawyers specialising in international inheritance law and with wide experience in the field.
Avoid hard-to-solve problems. Anticipate and manage your inheritance in Spain with legal security.
