[Anonymous]

I own a property on the Costa Blanca. Can I now set up a usufructo with my children whereby they would then own the property but I could live in it and they would be liable for less inheritance tax and if so is it expensive to set up
John Hadley

[Anonymous]

@john hadley wrote:

I own a property on the Costa Blanca. Can I now set up a usufructo with my children whereby they would then own the property but I could live in it and they would be liable for less inheritance tax and if so is it expensive to set up
John Hadley

The way is to sell the “nuda propiedad” (the property without the right of use), and you will keep the right of use for a life.

You should pay a tax (7% of the official reference value), and the fee to the Notary and Land Registry. The costs are related to the value of the property.

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