Spanish wills

Hi Mike 

first of all, are you resident? Brexit hasn't changed whether you will pay CGT on your UK home, that differs on yes or no to residency. If you are a UK resident then yes you need Uk wills to determine your wishes regarding UK assets as your Spanish will is regarding Spanish assets only. However if resident (Spanish) selling a UK home that is no longer your primary residence will cause CGT to be paid in Spain. If you gained residency in the first half of the year you are a fiscal resident from the beginning of that year, but if you gained residency in second half then you become fiscal resident from the following January. If you sell UK home in first half of year then gain residency second half you would not pay any CGT. That's the perfect solution if it can be done when sometimes life gets in the way to thwart your plans.! Hope this helps. 

Regards 

Pauline 

Thank you for your help I'm resident here for a dozen years. I heard that you now need a UK will but you say not thank you

Mike do you have assets in Uk anyway? As Spanish resident your will should have all assets worldwide covered in your Spanish will as that's where you fiscally reside. Only non residents need wills in both places as inheritance tax in UK will not be applicable to you as no longer a UK resident. 

Regards 

Pauline 

Hi Pauline,

I've been resident for over 5 years and that's the exact opposite of what my Spanish lawyer advised.  We have a Spanish Will, written with English law prevailing, that covers our Spanish assets only - the purpose of this is to ensure that English inheritance succession is respected, rather than Spanish, where the children inherit before the spouse.  We also have an English Will which covers only our UK assets.

Kind regards,

Kim

Hi Kim

When we were setting up our Spanish will we discussed the both wills with the notary and asked many questions regarding inheritance as we were contemplating residency and he said if we did become residents all our worldwide assets would be covered by the Spanish will as we would have already declared our assets that we owned when submitting our taxes. As non residents we knew we were only doing Spanish wills to ensure our Spanish property did not get processed by the Spanish law of succession and still needed our UK one for the UK assets. Sometimes differrent people give differrent answers, but that's what he told us. 

Regards 

Pauline