Inheriting a property in Spain
Are you going to inherit property in Spain?
Here you will find 3 useful tips
At some point we are all involved in an inheritance as a cause or heir.
That is why it is important to be informed and to anticipate the succession.
Keep these 3 practical tips in mind:
1. Plan for your inheritance.
First of all, it is important to control a proper organization of the succession and to carry out an efficient management.
In our Firm we have a special department dedicated to advising on inheritance in Spain. But we also specialize in clients of German, Dutch, Swiss, British and French nationality.
In order to inherit property in Spain as a foreigner, it is necessary to initiate some obligatory procedures in order to change the ownership of the deceased’s assets.
In addition, before accepting the inheritance it is necessary to organize mandatory documents to prove the following:
● The death.
● The place of death.
● The nationality of the deceased.
● The existence or not of a will in Spain or in your country of origin or elsewhere
● The ownership of the assets, houses, land, current accounts, in short, all the assets of the deceased.
● Legal information on current accounts, life insurance, etc
2. Calculate the value of the inheritance to know what taxes you will have to pay
When you receive an inheritance in Spain you have to pay the Inheritance Tax as in any transaction, being this one a mortis causa transaction (after death).
However, this varies depending on the place where the properties that form the inheritance are situate
All tax issues are of utmost importance and knowing them before accepting the inheritance can avoid future problems. Sometimes they may not be bearable by the heirs.
This is where the European Certificate of Succession also has to be considered , which must be issued by the authorities of the country that manages the inheritance.
This Certificate only has to be considered in very specific cases. We will inform you in detail.
There is also necessary legal documentation issued by the Spanish authorities and by those of the country of the deceased and the heirs that must be provided to the inheritance necessarily.
Here, too, it will be necessary to sign a deed before a notary. This deed must contain certain documentation and the details of all the new owners, i. e. the heirs.
After the payment of taxes, the deed must be registered in the Land Registry to change the name of the property received in inheritance.
3. Start considering making your will in Spain.
Having inherited assets located in Spain may be a good time to consider leaving the inheritance matters well organized so that these assets will later pass to your heirs.
What should you take into account for arranging your Will in Spain?
The first thing you will need to consider is:
● The legislation of the country of the grantor.
● Spanish legislation
● And the laws where the property is located.
● Inheritance taxation
Several countries may be involved.
This will require a combination of several pieces of legislation, taking into account the tax law of the place where the property is located.
In conclusion, our recommendation is that you organize your succession with a lawyer specialized in inheritance avoiding your heirs difficult problems to solve.
