please can you give us some advice regarding a property my husband has just inherited in Spain . We are uk citizens resident in New Zealand . My husbands step mother died leaving him small house in Spain . She had not been resident in Spain for 6 years and we didn’t even realise she still owned the house so it’s a bit of a shock to us especially now it seems we have to pay tax and we don’t have the money to do this . His father and step mother paid about 80k euro 10 years ago for the house.
I am wondering do we have to accept the inheritance as we don’t want it .
Hi Debbie. I have no idea about the IHT laws in Spain, but on a practical level, have you thought of googling a local agent near to the house who speaks English and asking if they can sell it cheaply. IF for example IHT rates are 40% (no idea if they are), then you would only need a sale of more than that to make some money, cover the tax bill and have this headache gone.
Please note Spain has 17 different Regions and they all have their different allowances on death Taxes to the Beneficiaries of a Spanish property in that Region, some Regions less favourable than others.
The €175,000 exemption stated by Barbara is for the Andalusia Region when inheriting your main home in the Andalusia Region.
What is the Region of Spain where the Spanish property your Husband is to inherit ?, or where is it located in Spain so I can help confirm the Law in that particular Region for yourselves.
Please also note the Spanish Tax Office Taxes the Beneficiaries on blood line of the person passed away, as you say it is not your Husbands direct Mother he is inheriting from but his Step Mother, this means he may be classed as a Group 4 Beneficiary in Spain so his Spanish Inheritance Tax may be higher than inheriting from his direct family.
This website uses cookies to improve your experience. If you continue to use the website you agree to our use of cookies. You can find out more here. Accept
Cookies
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.