Ibiza property inheritance
 

Hi all my uncle sadly passed on last year and he left his flat to my mum .. I'm hearing that's its quite complicated to sort out and there's tax to pay which seems harsh .. Any advice .. I'm thinking we should just leave it & keep quiet !!

Re: Ibiza property inheritance
 

Welcome to BE.

I think the best forum to ask your questions in is the Spain Forums...maybe someone who posts in there may be able to help you. Perhaps you could give a little more detail...how much is the property worth...where does your mum reside?

Good luck.

Re: Ibiza property inheritance
 

Hi there and welcome to the forum :)

Yes, there's a lot of little nasty wealth taxes in mainland Europe :sneaky: As Jerseygirl said, if Spain is the place where the property is, then take a look through the Spain forum and ask some questions. The folks on there are very helpful.

I suspect that doing nothing might not be the way to go. With a lot of countries, taxes can mount up if you don't pay them. There could be penalties. But do check out with the folks in Spain. Then you can decide what the best course of action is.

Re: Ibiza property inheritance
 

Not so much wealth tax in this case, but Inheritence Tax. In France it can be horrific, depending on what the relationship with the deceased is, and Spain is probably no better...
As suggested, ask on the Spain forum, they are a knowledgeable lot.
(And welcome to the Forum to the OP, by the way!:))

Re: Ibiza property inheritance
 

And Spain normally likes the tax paid inside 6 months or they hit with large penalties...........

Re: Ibiza property inheritance
 

And of course, with things the way they are, inheriting / owning a flat certainly puts you in the "wealthy" category :(

If there is some way you can become legally "not wealthy" then you may be able to avoid the penalties imposed on being "wealthy". Of course, you may need to declare yourself insolvent (that's not considered "wealthy" yet, is it?).

Re: Ibiza property inheritance
 

As Concierge for the Spanish section of BE I would like to say hello and welcome.

BE is a very large expat website, so if you have problems finding your way around we have concierges who will try to direct you. The moderators for the Spanish forums are Mitzyboy and Fred James, moderators are there to ensure that the site runs smoothly within the rules of BE. Problems and complaints should always be addressed to a moderador who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are friendly and helpful with a wealth of knowledge of the issues of living in Spain. At the top of the page you will find a quirkily named thread called Free Beer which is full of important and useful information. Hope you enjoy your time participating in the forums.

Yes there is inheritance tax to pay. My husband died last year, we had joint ownership and a joint mortgage on the house that we lived in here in Spain and I had to pay inheritance tax on the half of the house that I inherited from him.

The amount payable depends on the value of the property and the ìnheritors relationship with the person who has left it to them.

Please let me know if you need any further help.

Rosemary

Re: Ibiza property inheritance
 

That is worrying rosemary, as you are in Valencia prov as well. Here, people whos other halves have died have not paid any inheritance tax .. its when its left to non residents etc that it gets costly

Re: Ibiza property inheritance
 

has Barcenas got to that stage yet??