Background:
My father (age 82 years) owns an apt in Tenerife.
He and I are both tax resident in Ireland.
The Spanish apt value is c. EUR200k.
There is no mortgage outstanding.
He intends to transfer ownership to me ultimately (and is looking for the most tax-efficient option).
I believe if he Gifts to me now (vs. in Will & Test):
-- I pay Spanish gift tax of 21.25 market-value
-- I avoid Spanish inheritance tax of 34%
-- I avoid additional Irish inheritance tax of 20%
Does my father become liable to any Spanish tax by transferring now?
Would Irish Revenue tax me/him additionally (ie. Gift tax from me)?
We both want to minimize tax exposure and presume it is better to do this now and avoid inheritance but are not sure. Our feeling is that the best time to do this is when market values are at an all-time low.
Appreciate opinions or names of advisors who would give advice.
We are also looking for an expert to handle the transfer.