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Hoping someone may know this. If I were to buy a property in Spain ( ie the purchase is funded by me), can the ownership/title deeds be put in my sister’s name?
I would particularly like to hear from anyone who has done this. Is it difficult or complicated to do? Are there any pitfalls to be aware of? Finally would there be substantial legal fees involved? Many thanks, Michael.
Why not just give your sister the money to buy the property? Or am I missing something?
If you bought it then handed it to your sister you, or she, might become liable to gift tax. The gift tax exemption in the Valencia region does not apply to siblings, just parents, spouses and children.
Posted: Sun Feb 18, 2024 5:26pm
marcliff wrote on Sun Feb 18, 2024 5:05pm:
Why not just give your sister the money to buy the property? Or am I missing something?
If you bought it then handed it to your sister you, or she, might become liable to gift tax. The gift tax exemption in the Valencia region does not apply to siblings, just parents, spouses and children.
I understand why you ask that. If I just gave her the funds, then that would also be classed as a gift & she would have to pay tax on that here in the UK.
I’m thinking now that whichever of those options I was to choose, it will almost certainly incur taxes (either in Spain or UK).
I guess the question is which of the 2 op would be least expensive.
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