Are you free to dispose of your assets in Spain?
A conflict between Article 28 of the Spanish Land & Mortgage law and the European Succession Regulation 650/2015 may sound rather dull. However, in practise it could create particular problems for spouses from countries such as England who have free disposition of assets. The majority of people from England who are married with children leave […]
Why you should have an English will
Do you have assets in England or outside of Spain? You should always have a Spanish will for Spanish assets – if this is over 2 years old it is a good idea to get it reviewed due to changes in tax law and succession legislation. It is not a good idea to have a […]
Inheritance tax reductions Andalucia
As a result of recent inheritance tax changes Andalucia is now one of the most attractive places in Europe to buy property. Not only due to its wonderful climate, culture and beaches but also to a very favourable inheritance tax regime. Until relatively recently one of the main disadvantages of buying a property or holiday […]
Brexit – Moving to Spain – the positive approach
There have been a lot of harbingers of doom about Brexit and British citizens buying property and moving to Spain. However, on re-reading the Joint Report of the UK Government and the European commission of 8th December 2017 it is clear that for those thinking of buying or renting property and living in Spain before […]
Inheritance tax reductions – Andalucia
This year 2018 brings good news for family members who inherit property and assets bringing inheritance tax reductions in Andalucia. The regional tax has been reduced, with spouses, children, parents and those registered as partners – parejas de hecho – receiving an increased tax allowance of 1,000,000€ per beneficiary. Spanish inheritance tax is a donee […]
Intestacy
When a spouse or family members dies having left no will in Spain or outside Spain the procedure can be very costly and time consuming. In the UK you can generally notify the Land Registry, the banks etc to transfer property into your sole name and in some cases where the estate is not of […]
Executors or Albaceas in Spanish wills
In the 3 jurisdictions of the UK, England & Wales, Northern Ireland and Scotland the role of an Executor – who often becomes a Trustee – is a personal obligation on the individual and a burdensome role. For this reason, most people either name their spouse or partner or a close family member. Where there […]
Inheritance tax 2017 Andalucia
Inheritance tax in Spain is charged differently in the regions of Spain if you are an EU resident. There have been some very beneficial inheritance tax changes this year in Andalucia. They apply when both deceased and the beneficiaries are resident in a European Union country*. Main home relief If certain criteria are met, […]
Inheritance rules
How often have you heard the phrase he or she “left all their money to the dog’s home.” British people do generally have testamentary freedom and can do this. The 3 distinct legal systems of England & Wales, Scotland and Northern Ireland do adhere to this general principle but there are some variations in their […]
Inheritance tax reductions Andalucia 2017
Inheritance tax reductions for Andalucía The Junta de Andalucía is set to increase the tax free sum before inheritance tax is payable on estates within the region of Andalucía. At present the amount a spouse or direct descendant can receive is 175.000€ before any succession tax is payable. From January 2017 this is set to […]
The new succession regulation – Busting the Myths
This affects the inheritance law which applies to the estates of people who die after 17th August 2015. Most people by now are aware that there will be a change but there is a lot of confusion in respect of who this affects and how. Basically pursuant to Article 21 of the Regulation, as from […]
Reasons to review your wills in 2015
How Modelo 720 affects inheritance tax This is a change in working practice and enforcement of existing law rather than a change in the law. Since December 2012, there has been a requirement on Spanish tax residents to declare all overseas assets to the hacienda (the Spanish tax office), if the value of those assets […]