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Inheritance tax in Valencia region

Posted: Thu Feb 17, 2022 6:32pm
5 replies279 views7 members subscribed
shivji99

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I am thinking of buying a property but I am concerned about inheritance tax implications upon my passing.Are there any exemptions?Anyone who has had experience on these issues? Is there anything one can do to minimise inheritance tax liability.

killjoy

Posted: Thu Feb 17, 2022 6:41pm

killjoy

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Posted: Thu Feb 17, 2022 6:41pm

The inheritance tax depends much on the heir's personal cicumstances and has also a free allowance. Best off are direct heirs, i.e. parents and children, the spouse also inherits a part. Impossible to explain in detail w/o having all the details. Set up a will at any notary public for some 50,-. No common wills. It cannot be beaten or appealed, only modified by yourself. 

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Peter3473

Posted: Thu Feb 17, 2022 10:55pm

Peter3473

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Posted: Thu Feb 17, 2022 10:55pm

I am on the understanding anyone resident in a town or municipality in the province of Alicante Valencia, Inheritance tax on the first 100,000 Euro are exempt from paying taxes, the rest above that amount pay a very little percentage. Even when there is no need to pay any taxes, you need a lawyer to arrange for tax forms, Inventory, Notary and Registry. 

killjoy

Posted: Fri Feb 18, 2022 2:16pm

killjoy

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Posted: Fri Feb 18, 2022 2:16pm

Important: Any inheritance tax reurn must be filed not later than 6 months from the date of death. Late fees and fines apply even if thre's nothing to pay.

vinnybear

Posted: Sat Feb 19, 2022 12:49am

vinnybear

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Posted: Sat Feb 19, 2022 12:49am

Peter3473 wrote on Thu Feb 17, 2022 10:55pm:

I am on the understanding anyone resident in a town or municipality in the province of Alicante Valencia, Inheritance tax on the first 100,000 Euro are exempt from paying taxes, the rest above that amount pay a very little percentage. Even when there is no need to pay any taxes, you need a lawyer...

... to arrange for tax forms, Inventory, Notary and Registry. 

Yes this is correct. Example on the death of a spouse a 500,000 euro property, split 250k @ 250k. 250k less 100k = 150k Inheritance tax to pay on 150k approx. 8% equalling approx. 11,500 euros ( obviously scale this up or down according to property value )       Please note this is for a married couple, if partners only, more complex. Always have a Spanish will ( even with dual nationality )approx. 90 euros per person and 60 euros lawyer costs. very straightforward process. This is approx. figures but not too  excessive figures to worry about..

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