Can we do this?

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This topic contains 6 replies, has 3 voices, and was last updated by Profile photo of Anonymous Anonymous 9 years, 11 months ago.

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  • #52519
    Profile photo of Anonymous
    Anonymous
    Participant

    We are planning to buy a property and re-locate to spain. We are both over 65 years and would like to put the property in our daughters names.

    Before we employ a lawyer has anyone else done this. Advice would be appreciated.

  • #68121
    Profile photo of Anonymous
    Anonymous
    Participant

    What would happen if one of them got divorced in the future? Wouldn’t their share of your property be classed as an asset? Just a thought.

  • #67921
    Profile photo of Anonymous
    Anonymous
    Participant

    What would happen if one of them got divorced in the future? Wouldn’t their share of your property be classed as an asset? Just a thought.

  • #68123
    Profile photo of Anonymous
    Anonymous
    Participant

    Which property do you meam to put in your daughters name Uk or Spanish one ?

    In addition to Natalie comments (sad but such is the times that we live in) Your daughter/daughters spouces will have a claim on it as matrimonial assets.

    It may however may/may not apply in your case as I feel that you will be taking the funds from UK, thus buying in your daughters name would be considered for Inheritance Tax purposes as a life time gift.

    However if you buy in your names the serviving spouse is not subject to Inheritance tax this may not apply if you spend more than 184 days in a Tax year in Spain as you will be a Tax resident in Spain the tax rules of Spain will apply and as per my last reading the inheritence tax/or spanish equivelent is not that generous.

  • #67923
    Profile photo of Anonymous
    Anonymous
    Participant

    Which property do you meam to put in your daughters name Uk or Spanish one ?

    In addition to Natalie comments (sad but such is the times that we live in) Your daughter/daughters spouces will have a claim on it as matrimonial assets.

    It may however may/may not apply in your case as I feel that you will be taking the funds from UK, thus buying in your daughters name would be considered for Inheritance Tax purposes as a life time gift.

    However if you buy in your names the serviving spouse is not subject to Inheritance tax this may not apply if you spend more than 184 days in a Tax year in Spain as you will be a Tax resident in Spain the tax rules of Spain will apply and as per my last reading the inheritence tax/or spanish equivelent is not that generous.

  • #68132
    Profile photo of Anonymous
    Anonymous
    Participant

    Thank you for your comments. We plan to sell our house in the u.k. Buy in spain and invest the surplus. for an income. Neither daughters are married, and are financially sound, we were only thinking of doing this to avoid them paying spanish inheritance tax when we pop our clogs.

  • #67932
    Profile photo of Anonymous
    Anonymous
    Participant

    Thank you for your comments. We plan to sell our house in the u.k. Buy in spain and invest the surplus. for an income. Neither daughters are married, and are financially sound, we were only thinking of doing this to avoid them paying spanish inheritance tax when we pop our clogs.

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