This topic contains 1 reply, has 2 voices, and was last updated by Mark Roach – Spanish Tax Consultant & UK Limited Company Director 1 year, 3 months ago.
- July 28, 2016 at 8:12 pm #192064
I got divorced last year and the joint owner Spanish house is to be transferred in to my ex wife’s name as she is to keep the house and I get 10% of the value as ruled in a U.K court of law.We now live in the U.K separately of course. I have just had an email from her Spanish solicitor for an invoice for 200 Euros for an Extiction condominico So she has obviously started proceedings. I’m concerned about costs mounting as my 10% only amounts to £6000 and also as I have agreed in theory to pay half the cost of ownership transfer excluding her solicitor fees I need to know how much an Extincion condominico costs as I only have an invoice to go by.Also I would like to know roughly what the total cost of ownership transfer will be. Thanks.Jonathan.
- July 31, 2016 at 6:11 pm #192113
One suggestion to keep your Spain costs down would be for all the property owners including yourself to place the Spanish property into a UK Limited Company. Once this is done you could then pass on in the UK the percentage of the UK Company shares representing your property percentage value to your Ex Wife.
This would then leave the entire Spanish property in a UK Company that also protects your ex Wife’s future Beneficiaries from Spanish Inheritance & Wealth Taxes, and any Spain Property Transfer Tax on your specific Spain transaction.
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