Spanish Inheritance Tax has to be paid by the heirs or beneficiaries of the deceased, in contrast to countries like the United Kingdom, where Inheritance tax is paid out of the estate of the deceased.
If you inherit a property in Spain you will need to pay Spanish Inheritance Tax within six months of the date of death, unless you request an extension of six months within five months of the date of death. If you do not meet the deadline for paying tax you will be charge interest and penalties.
Inheritance tax in Spain is a complex matter, especially if you do not live in Spain, or if you have heirs who do not live in Spain. It requires fiscal and legal expertise in different jurisdictions to avoid paying too much tax, or getting fined for not paying on time.
Whether you own a property in Spain and need Inheritance Tax planning to ensure your loved ones are not left with a big and expensive problem when you pass away, or whether you have just inherited a property in Spain and have to navigate the waters of probate and paying inheritance tax, you will need the best legal help you can get. Check out the lawyers offering an Inheritance Tax service in the service directory of trusted professionals.