If you own property, have a bank account, a car or other assets in Spain, you need to write a Spanish Will. It does not matter whether you are Non-Resident or Resident, it is important to have a separate Will. This is a Will prepared and registered in Spain, covering just your assets in Spain.
How much is death duty in Spain?
The Spanish inheritance tax rate payable starts at 7.65% and is banded on the amount gifted up to a top rate of 36.5%. Further multipliers on the tax due apply depending on the beneficiaries pre-existing wealth and their relationship to the donor.
Where does an inheritance in Spain take place?
A non-tax resident beneficiary of a deceased’s Spanish estate followed the general state law on inheritance and the inheritance was directly dealt with from Madrid (centrally as opposed to regionally in the case of tax residents).
Do you need a NIE number to inherit property in Spain?
If you are not a resident of Spain you will need a Spanish NIE number to inherit a property and register the title deed in your name. In order to register a property you inherit in your name you will first have to pay Spanish Inheritance Tax (IHT) to the corresponding tax authority.
How does inheritance and gift tax work in Spain?
When one of the parties is non-tax resident in Spain the above-mentioned changes will bear a dramatic impact on the beneficiary’s taxation; significantly decreasing or even suppressing the tax altogether providing the estate is located in one of the Autonomous Communities outlined above with generous allowances on inheritance and gift taxation.
What are the four groups of inheritors in Spain?
According to Spanish inheritance law, there are four groups of inheritors: Children and grandchildren under the age of 21. Children and grandchildren over the age of 21, parents, grandparents and spouse. Brothers, sisters, uncles, aunts, cousins, parents-in-law, daughter/son-in-law.
