One of the most frequent questions we are asked by our clients, whether permanent residents or non residents alike, considering a move to Spain from their home country or even looking for a holiday home, relates to the financial ramifications of owning property in Spain, and specifically inheritance tax (el impuesto de sucesiones). Of course, we don’t offer specific financial advice ourselves and have trusted partners we can recommend who are Spanish tax experts. What we can give is general guidelines and in particular highlight a recent change in the Andalusian law that is great news for inheritors.
The most significant change to take place is that as of 1st January 2018, inheritors will not be taxed on sums less that €1million. That is to say, direct relations – spouses, children, grandchildren and parents will now benefit after the limit was raised from €250,000 minimum. Also good news is that the tax is per inheritor, therefore should an inheritance of €2 million be split equally between two children, for example, neither will pay tax on their share of €1million each. This is also subject to the inheritors not having previously benefitted from an inheritance of a minimum of €1million – this also being raised from €402,678.11.
Should you have any doubts or questions, we are always keen to talk and can give plenty of advice based on our wide experience in this area. Should you wish to get more detailed, specific information regarding taxation and legal issues, we have trusted advisors with whom we can put you in contact.
We are your trusted point of contact for all property-related matters and can help you find your dream home here in Sotogrande. Contact us for further details about the great variety of new developments and resale property we have currently listed.
By The Holmes Team ·