I’d be grateful for some advice please. As a non resident of Spain living in the UK I am exploring the possibility of gifting a property in Tenerife to my aunt or selling the property to repay a loan she gave me. My Aunt is also a UK resident
If I gift the property (approximate value 120,000 Euro), what would be the costs incurred in Tenerife given the new legislation and the fact the gift would satisfy group 3 criteria due to the relationship? What are the tax implications and costs for both parties in Tenerife and UK? Are there any long term stipulations attached to gifting after the transaction has been completed in Tenerife such as surviving for 7 years or paying more tax?? Are there any restrictions on her selling the property if she wanted to.
If I was to sell the property how would the costs compare?
Thanks for your help with this, I would appreciate some insight.