Spanish inheritance problems
#1
Spanish inheritance problems
Hi folks,
My friends parents, who own a property in PilAr de Horadada, and have owned it for many years, have both sadly died within 12 months of each other.
They were both tax resident in the uk and were domiciled in the uk as their principle residence was in the uk.
They were both over 65 years old.
The father died first about 18 months ago, the mother 6 months ago.
They are all (4kids) Spanish virgins. They have come to me as the spanish owner for years, with a reasonable knowledge of the tax system in Spain for info.
Sadly my knowledge runs to, most people in their situation sell up before any deaths to stop/preempt the bureaucratic tax hungry Spanish authorities.
The parents chose to do nothing, I believe they had wills leaving said house to each other in Spain and have Uk wills.
So I can pass on the “good” news what in your esteemed opinion are they are likely to face in terms of solicitors, demands for tax money etc.
They all live in the uk.
I thank you in advance
Regards
Al
My friends parents, who own a property in PilAr de Horadada, and have owned it for many years, have both sadly died within 12 months of each other.
They were both tax resident in the uk and were domiciled in the uk as their principle residence was in the uk.
They were both over 65 years old.
The father died first about 18 months ago, the mother 6 months ago.
They are all (4kids) Spanish virgins. They have come to me as the spanish owner for years, with a reasonable knowledge of the tax system in Spain for info.
Sadly my knowledge runs to, most people in their situation sell up before any deaths to stop/preempt the bureaucratic tax hungry Spanish authorities.
The parents chose to do nothing, I believe they had wills leaving said house to each other in Spain and have Uk wills.
So I can pass on the “good” news what in your esteemed opinion are they are likely to face in terms of solicitors, demands for tax money etc.
They all live in the uk.
I thank you in advance
Regards
Al
#2
BE Enthusiast
Joined: Jan 2020
Posts: 660
Re: Spanish inheritance problems
You need to know price of property first. Then divide by number of children. The region is Valencia so look at the threshold for gifts ( probably 100.000). If each receives less than 100.000 then no IHT. However, the death needs to registered ( in 6 months) and probate needs to be done plus some other stuff. So a lawyer is needed. All children will need NIEs and Spanish bank account
#3
Re: Spanish inheritance problems