The implications of inheritance tax in Spain

Is your Will exposing loved ones to a large inheritance tax bill?

The inheritance tax system in Spain for non-residents is very complex.  Unlike the UK, it is a tax on the beneficiaries and not on the deceased persons’ estate.  Any tax owed is dependent on the relationship of the beneficiary to the deceased, the age of the beneficiary, and even the beneficiary’s current wealth in Spain.  The inheritance tax has to be paid before beneficiaries can gain their share of the property.

Most non-residents buy and jointly own a Spanish property with their spouse.  It’s usual when purchasing a property to be informed that you need a Spanish Will and most people will therefore leave their share of the property to their spouse or possibly their children.  There is a lack of professional advice available to non-residents, and creating a Will without any knowledge of the inheritance tax rules in Spain can expose beneficiaries to a significant tax liability upon the death of you or your spouse.

Many owners are under the impression that inheritance tax will only apply in the UK, but this is not the case.  And inheritance between husband and wife in Spain is not tax free as it is in the UK.

How Numerological can help

At Numerological we provide a comprehensive inheritance planning service, taking the time to understand your circumstances and calculate your potential exposure to inheritance tax.  We can help you:

If you’re concerned about inheritance tax then take advantage of our extensive experience and call us today.