Because of this it is worth seeking the advice of professionals. That doesn’t mean that everything will always go smoothly, but usually at least you have a method of complaining if it doesn’t. The variety of professionals available to help can also be rather confusing. Here we’ve compiled a little glossary to help you with the titles of the legal and financial people that you might need to use. Abogado – The abogado is a Spanish lawyer - a trained professional who can check the legal status of your documents, carry out inheritance instructions and complete the usual kinds of tasks you would expect of a solicitor in the UK. Notario – The notary is a public official who does not act on … [Read more...] about Who’s who in the Spanish property buying minefield
inheritance tax in spain
An important decision – making your will
In Spain there are four levels at which ISD (inheritance tax) is paid: Level 1 = Children and grandchildren (including adopted) under the age of 21 Level 2 = Children and grandchildren over the age of 21, spouses and parents Level 3 = Other relatives such as brothers and sisters, in-laws, cousins, aunts and uncles Level 4 = Everyone else including unmarried partners If you are not married, your partner is relegated to the ‘any other person’ level of inheritance tax. Being Spain, it does vary for residents between autonomous regions. So, for example this rule applies in Valencia but not in Murcia. It is certainly worth establishing what rules apply to you as it affects both the … [Read more...] about An important decision – making your will
Proving you’re a fiscal resident in Spain
Civil residency (the green residency certificate) is, in fact, pretty useless when it comes to financial matters. For example, when there’s capital gains or inheritance tax due. If you can’t prove you are a fiscal resident then you can end up paying non-resident taxes and there are big differences between the two. For example, if you are a married couple with a house valued at €94,000 and have both names on the deed when one of you dies. If the remaining spouse can’t prove fiscal residency then they will be charged €2,375 in inheritance tax. If they can prove fiscal residency then the tax is zero. To be exempt from inheritance tax as a fiscal resident you have to have lived in Spain … [Read more...] about Proving you’re a fiscal resident in Spain