Inheritance taxes in Spain
If you inherit property in Spain, inheritance taxes will be paid in Spain.
First of all we would like to warn you that you will not be able to pay inheritance taxes in your home country.
This is one of the most recurrent doubts of our clients.
They say they want to pay taxes in their home country, but this is not possible because the assets they inherit are located in Spain.
Therefore, the Spanish tax legislation is applied which takes into account in particular the relationship between the deceased and the heir, in coordination with the value of the assets to be inherited.
However, different applications of Spanish law come into play here: national and regional, and some problems that have arisen in the past discriminating against residents and non-residents when they are all European.
All of this can be confusing, so it is important that you seek the advice of an Inheritance lawyer.
How to calculate Inheritance taxes in Spain
In order to calculate taxes, it is essential to know two things:
● The degree of kinship between the deceased and the heir.
● The value of goods.
When is the inheritance tax paid?
There is a period of 6 months from the death of the deceased to pay the inheritance tax.
The inheritance procedures must be carried out within this period.
You should also bear in mind that there are exceptions, exemptions and special rules applicable on a case-by-case basis.