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.
Posted: Thu Feb 17, 2022 6:41pm
Super helpful member
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.
Posted: Thu Feb 17, 2022 7:12pm
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Posted: Thu Feb 17, 2022 10:55pm
Very helpful member
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.
Posted: Fri Feb 18, 2022 2:16pm
Super helpful member
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.
Posted: Sat Feb 19, 2022 12:49am
Helpful member
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...
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... 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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