Inheritance tax Mallorca
Aug 29th 2018, 11:33 am
#16
BE Enthusiast
Joined: Aug 2012
Location: Granada Province
Posts: 549
Re: Inheritance tax Mallorca
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/
https://www.spanishsolutions.net/blo...t-uncertainty/
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.
Aug 29th 2018, 11:56 am
#17
Forum Regular
Joined: Feb 2015
Location: Madrid
Posts: 155
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?
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?
Aug 29th 2018, 1:49 pm
#18
Joined: Jun 2006
Location: Granada Costa
Posts: 10,899
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.
Aug 29th 2018, 7:24 pm
#19
Forum Regular
Joined: Feb 2015
Location: Madrid
Posts: 155
Re: Inheritance tax Mallorca
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 pm.
Aug 29th 2018, 9:42 pm
#20
Joined: Jun 2006
Location: Granada Costa
Posts: 10,899
Re: Inheritance tax Mallorca
Yes she will.
