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Importance of Spanish Inheritance

Whether or whether they reside in Spain, inheritance tax is imposed on all property owners. Even while inheritance tax is unaffected by how or to whom you leave your assets, your heirs will need to pay it when they receive them. The amount they pay varies depending on where your assets are located in Spain because each autonomous territory has a separate rate, which adds another level of complication. There will inevitably come up the subject of inheritance tax which is applicable to foreign residents living in Spain.

Regardless of whether you own property and assets in Spain or in your home country, you should be aware of the tax implications when you draft a will or decide to leave or give money to your loved ones.

You have to pay inheritance tax if a friend or relative leaves you money, real estate, or other assets. In the event that you accept assets as a gift or contribution, taxes are due. The beneficiaries of a family or gift deed have six months from the date of death to make their claim. The inheritance will not be given to the beneficiary until all unpaid taxes are paid. To ensure that your assets are protected and your heirs only pay the correct amount of taxes, get professional legal advice.

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Our services offer unbiased advice on creating a will in Spain and the process of inheriting property. To arrange your free consultation, get in touch with our Spanish inheritance right now.

How does the Inheritance Tax work in Spain?

IHT, which is also known as Impuesto de Sucesiones y Donaciones in Spanish, is a progressive tax that the recipient of assets such as cash, stocks, real estate, and so on must pay. You pay the same tax on assets that are given to you.