If you have Spanish assets then upon death and depending on how you own these assets and where they are located, Spanish Inheritance Tax is payable and at different rates. Our team can help in mitigating your Spanish Inheritance Tax liability and preparing your Spanish Estate so that when the time comes, it will be easier and cheaper for your loved ones to inherit from you.
Inheritance Tax is a tax paid on your property and belongings (also known as, your Estate) when you die. It has to be paid before your inheritance is released to your beneficiaries, and can take a sizeable slice out of the wealth you wish to leave your family particularly if no thought is given to tax and estate planning.
The taxable base is the total value of the assets at the time of death. The rate varies considerably, as in Spain there are 17 different tax regions, each of which has its own tax rules and rates. In addition, the applicable regional inheritance tax will vary depending on how far removed the beneficiary is from the deceased – for instance, a son or daughter will pay less taxes than a niece; and a niece will pay less taxes than a friend who inherits.
Certain UK documents will need to be legalised by the Foreign & Commonwealth Office in the UK or, in the case of Ireland, by the Irish Department of Foreign Affairs.
Getting probate in Spain can take between 2 and 4 months, in most cases. However, it is important to note that the Inheritance Tax bill should be paid within six months from the date of death if one wishes to avoid paying fines and penalties. Under certain circumstances, one can apply for an extension but you should discuss the particulars of your case with a Solicitor as soon as possible if you think you will need to delay the payment of the taxes applicable.
At DRM Abogados we can help you plan in advance to reduce your inheritance tax bill when the time comes and to help you understand what are the tax implications of the various alternatives that may be available to you. Please feel free to contact us without obligation in order to discuss the particulars of your case.
We are also always happy to receive copies of either UK or Spanish Wills in order to review them free of charge and provide you with our advice on the best possible course of action. During the first telephone call or meeting, we will talk you though how we can assist and provide you with a quotation for our services.
Please also note that our probate service is typically provided on a fixed fee basis, which provides clients with clarity and ensures there are no surprises.
If you would like to talk to us about your plans for future and your potential inheritance tax liability or if you are the beneficiary under a Will and need further advice, please call us today on (+34) 952 78 04 54 or contact us online for a free consultation without any obligation and we’ll get back to you as quickly as possible.
When there are Estates with assets located in multiple jurisdictions it is important to work with specialised lawyers in those countries. At DRM Abogados, we regularly work with lawyers and individuals around the world assisting them to administer international Estates and effect the dispositions in a Will.
If you would like to talk to us about your situation and check whether your inheritance tax liability can be minimised, call us today on (+34) 952 78 04 54 or contact us online for a free consultation without obligation and we’ll get back to you as quickly as possible.
Inheritance Tax is a tax paid on your property and belongings (also known as, your Estate) when you die. It has to be paid before your inheritance is released to your beneficiaries, and can take a sizeable slice out of the wealth you wish to leave your family particularly if no thought is given to tax and estate planning.
The taxable base is the total value of the assets at the time of death. The rate varies considerably, as in Spain there are 17 different tax regions, each of which has its own tax rules and rates. In addition, the applicable regional inheritance tax will vary depending on how far removed the beneficiary is from the deceased – for instance, a son or daughter will pay less taxes than a niece; and a niece will pay less taxes than a friend who inherits.
Certain UK documents will need to be legalised by the Foreign & Commonwealth Office in the UK or, in the case of Ireland, by the Irish Department of Foreign Affairs.
Getting probate in Spain can take between 2 and 4 months, in most cases. However, it is important to note that the Inheritance Tax bill should be paid within six months from the date of death if one wishes to avoid paying fines and penalties. Under certain circumstances, one can apply for an extension but you should discuss the particulars of your case with a Solicitor as soon as possible if you think you will need to delay the payment of the taxes applicable.
At DRM Abogados we can help you plan in advance to reduce your inheritance tax bill when the time comes and to help you understand what are the tax implications of the various alternatives that may be available to you. Please feel free to contact us without obligation in order to discuss the particulars of your case.
We are also always happy to receive copies of either UK or Spanish Wills in order to review them free of charge and provide you with our advice on the best possible course of action. During the first telephone call or meeting, we will talk you though how we can assist and provide you with a quotation for our services.
Please also note that our probate service is typically provided on a fixed fee basis, which provides clients with clarity and ensures there are no surprises.
If you would like to talk to us about your plans for future and your potential inheritance tax liability or if you are the beneficiary under a Will and need further advice, please call us today on (+34) 952 78 04 54 or contact us online for a free consultation without any obligation and we’ll get back to you as quickly as possible.
When there are Estates with assets located in multiple jurisdictions it is important to work with specialised lawyers in those countries. At DRM Abogados, we regularly work with lawyers and individuals around the world assisting them to administer international Estates and effect the dispositions in a Will.
If you would like to talk to us about your situation and check whether your inheritance tax liability can be minimised, call us today on (+34) 952 78 04 54 or contact us online for a free consultation without obligation and we’ll get back to you as quickly as possible.