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Inheritance tax Mallorca

Inheritance tax Mallorca

Old Aug 28th 2018, 11:33 pm
  #16  
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Default Re: Inheritance tax Mallorca

Originally Posted by Fred James
That rule has recently (February 2018) been overturned by the Spanish Supreme Court. It should become law soon.

https://www.spanishsolutions.net/blo...t-uncertainty/
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.
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Old Aug 28th 2018, 11:56 pm
  #17  
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Default 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?
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Old Aug 29th 2018, 1:49 am
  #18  
 
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Default 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.
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Old Aug 29th 2018, 7:24 am
  #19  
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Default Re: Inheritance tax Mallorca

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

Last edited by Mustard; Aug 29th 2018 at 7:26 am.
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Old Aug 29th 2018, 9:42 am
  #20  
 
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Default Re: Inheritance tax Mallorca

Yes she will.
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