Page 27 - Spanish Insight - August 2019

10 IMPORTANT INHERITANCE ISSUES TO TAKE INTO

ACCOUNT IF YOU ARE AN EXPAT IN ANDALUCIA
(A FOREIGNER LIVING PERMANENTLY IN ANDALUSIA - SPAIN)

1) If you live in Andalucia for more than relatives when anything happens to automatic and it is also compulsory
183 days a year, you should be a tax you. to carry out some complicated
resident in Spain. 5) The signed Spanish will will be 100 % Legal and tax paperwork, (e.g.:
2) The residence of the deceased person respected as long as it complies with - get certificate of last will, sign
and the beneficiary are key points your national laws. It is important to the inheritance deeds in front of a
which decide where the inheritance seek advice when drafting your will. public notary, file the inheritance
taxes should be submitted i.e. at 6) If you receive an inheritance, and are a tax returns, etc), in order to acquire
the Andalucia Tax office (in case tax resident in Spain, the inheritance ownership of the inheritance. It is
of residents in Andalucia) or at the taxes, (if any), should be paid in highly recommended that you seek
Spanish Inland Revenue in Madrid Spain; even if the assets inherited advice and professional assistance
(in case of being non-residents). are situated outside of Spain. from a solicitor.
3) The inheritance laws to be applied 7) In Andalucia, when the inheritance 10) When receiving an Inheritance in
to an inheritance (regarding the transfer takes place between Spain, it is not only the estate of the
distribution and disposition of direct relatives (spouses and deceased person that is inherited,
assets) would be the ones of the children) there are allowances of but also their debts. Therefore,
nationality of the deceased person. up to 1,000,000€ per heir. This is this matter should be checked out
i.e. if you are British, the British laws applicable to Andalusian residents before accepting an inheritance so
will apply to your inheritance. and Europeans. Therefore, in most that it does not turn into a nightmare.
4) If you have assets in Spain (i.e. cases there is no inheritance tax to The debts could be higher than the
real estate property, funds in bank be paid. assets !!!!!
accounts, shares, vehicles, etc) it is 8) The tax return for an inheritance
recommendable to make a Spanish must be filed within 6 months from
will only for the distribution of the the date of the death.
Spanish assets. It will make things 9) Transmission of ownership of the
easier, cheaper and quicker for your assets of the deceased person is not

up to

40% SAVING

vs Other Law Firms

Legal and Tax Excellence combined with Deep local knowledge and expertise

Tel. 952 901 225 · mail@axarquiasolicitors.com

www.axarquiasolicitors.com · Offices in Nerja and Velez-Malaga

August 2019 Spanish Insight 27