Re: Inheritance tax Mallorca
 

Fred,

Brilliant as usual. Thank you very much for the update. Be a load off a lot of people's mind after Brexit for sure. There was huge issues otherwise as I saw it.

Much obliged.

Re: Inheritance tax Mallorca
 

The cited article states:

In Feb­ru­ary, the Judge­ment by the Span­ish Su­preme Court de­clares now that non-EEA and EEA cit­izens should be taxed the same, so the­or­et­ic­ally from now, non-EU res­id­ents re­ceiv­ing an in­her­it­ance or gift in Spain, should also get the tax breaks.

Not sure if that means only if the gift or inheritance originates in Spain or if it also applies to assets outside the EEA. An American friend has recently inherited assets from her parent in the USA. Any speculation on her situation?

Re: Inheritance tax Mallorca
 

If an asset is outside Spain and left to someone who is not tax resident in Spain, there is no IHT anyway.

Re: Inheritance tax Mallorca
 

Fred, my friend is a Spanish tax resident of Madrid. Do you think she will receive the Madrid discount, which is currently 99%, on the assets in the USA?

Incidentally I have another colleague who is Venezuelan. Her problems are incredible as her assets / inheritances are valued at the official rate of the Bolivar which has no relation to reality. We are lucky to have our UK assets in a 'relatively' stable currency.

Re: Inheritance tax Mallorca