inheritance of the Uk assets for a spanish resident

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    • #216501
      amarafie
      Participant

      Hi there,

      Could you please explain the two cases for an inheritor and applicable tax for a Spanish Resident more than 10 years in Almeria, Andalucia.

      1- If the inheritor is a Spanish Resident then what tax will be payable on cash/property receiving in Spain from the deceased from a close relative in Spain who was not Spanish resident?

      2- If the inheritor is a Spanish Resident then what tax will be paybale on cash/ property receiving in Spain from the deceased from a close relative in the UK and who was not Spanish resident?

      Appreciate your help and thank you.

      Regards,

      AM

    • #216525

      Morning Amarafie,

      This is explained in my article Changes to Spain’s Inheritance and Gift Tax Law – 21st February 2015.

      In both cases the inheritor is liable for Spanish Inheritance Tax. More on this tax in my articles:

       

      I. Inheritance Rules

      a) Deceased is non-tax resident. If the deceased was resident in a Member State of the European Union or else in the European Economic Area (non-tax resident in Spain) the beneficiary will now benefit from:

      • The regional tax allowances where the majority of the assets of the deceased are located in.
      • If there are no assets in Spain, the rules of the Autonomous Community where the beneficiary lives apply.

      b) Deceased is tax resident and beneficiary is non-tax resident. If the deceased was resident in Spain and the beneficiary is resident in a Member State of the European Union or else in the European Economic Area (non-tax resident) he will benefit from:

      • The regional tax allowances where the deceased lived.

      Regards

       

    • #216634
      amarafie
      Participant

      Many thanks Raymundo for your reply and helpful information.

    • #216672

      You are welcome Amarafie.

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