SPANISH WILLS AND INHERITANCE
The inheritance in Spain, for a Spanish citizen, if it is by Testament, is divided in three parts; one is free to be transmitted to a person of your choice, two others are compulsorily transmitted to children (one of these two can go to only one of your kids), and the husband or wife obtains the use of the three parts for life. But if there is no Will, and this is applicable to Spaniards and foreigners, the property will always be for the children, and, for the surviving husband or wife will only be the use of the estate for life. But, according to the European law, if you are not Spanish, you can make a Will in Spain but using your own national law, i.e., you can make your Spanish Will with the dispositions that your law allows you to do without respecting the hard Spanish regulations. So, it is essential to make a Spanish Will for your assets in Spain. Regarding the inheritance tax, in our Valencian community, tax residents have reductions on inheritance tax; by kinship, if any handicap, habitual residence and some others. But, if the heir is a non-resident, he will have to pay taxes based on the value of all that is inherited, but, according to EU regulations, if the heir is a first-degree relative, said basis of calculation will have a reduction of 100,000 euros, i.e., that the value of what is inherited is reduced in 100,000 euros and the tax is calculated on this resulting amount. Inheritance tax is not a percentage, it is calculated with a special table, and the property value is not the market value, it is also calculated with a special table.
• To make a Spanish Will for your assets in Spain.
HOW TO MAKE A SPANISH WILL?
• If you contact us, we will send you a question sheet and with your answers we will prepare a double column Will; one in your language and one in Spanish.
IT IS VERY EXPENSIVE?
• No, the preparation of the Will in two languages, our fees for translation on paper and at the notary, and the notary fees are around 300 euros. For this amount, you save several thousand euros to your heirs.
Please contact us at email@example.com for more information, consultations are free and if you decide to work with us, 25% discount for the Blog readers.
Lawyer nº5936 ICALI
RAYMUNDO & LUNDKVIST EXPAT AND LEGAL SOLUTIONS.