Ownership of Spanish Property

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Bedlam

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What is the position when you have a husband and wife with joint ownership of a property in Spain when one dies, what are the tax implications and what is the position regarding a will shoul dit be made in Spain.

Thanks


Bedlam
 
You probably need professional advice on such a cross jurisdictional tax matter to be honest.
 
Spanish Inheritance Tax (IHT) is payable depending on a number of factors: the inherited amount, the relationship between the parties involved and the level of current wealth before receiving the inheritance. Spanish IHT rates vary from 7% - 34%.
You certainly need legal advice on the matter and if you require a good solicitor in Spain, I can provide you with my solicitor's details. She is a also a barrister and is very good.
 
Hi there,

Once you own a property in spain you really need to make a will in there this will speed up the whole process of probate. If you don't make a will in spain and I'm presuming you live in Ireland - it will be a long drawn out process. In the eventuality of one or the other of you dying while owning a spanish property the probate process can be done in a couple of months - they have a central registrar in Madrid for wills and this is where your will is lodged. Regarding the tax end of things I can't advise but like the previous poster I have a good solicitor who I deal with and have no problems with. By the way the tax implications of owning a property in spain generally are that you have to pay a wealth tax to the spanish govermnent because you own a property there - there is a % per sq foot - I pay in or around E800 per year. If you rent your property you pay 25% of the rent which is regarded as income tax. You also pay a SUMA tax which is like a council tax - this is for bins etc - I pay around E150 per year or there abouts. Each region I'm sure is different. A very good website to ask questions on is www.spanishpropertyinsight.com and they have a forum on there.
 
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