What happens when you inherit in Spain?
When you inherit in Spain assets you will have to register them in your name before you can sell them to a third party.
The steps you need to undertake in order to become the registered owner of the assets you have inherited as a beneficiary are the following:
- Firstly: Acceptance of the Inheritance before a Notary Public in Spain. You will need to gather different documents and bring them to the Notary Public. These will include for example the original Death Certificate. Also you will need to undertake a search at the Last Will’s Registry in Spain to find out if there is a Spanish Will that belongs to the deceased and do an Inventory including all the assets that belonged to the deceased.
- Secondly, you will have to pay the taxes and costs.
- Thirdly: Make sure the Land Registry receives the Acceptance Deed of Inheritance together with the liquidated taxes and do the follow up to make sure the ownership of the assets is changed. Apart from the taxes there are other costs to be considered, as for example, the Notary and Registry fees.
Spanish Inheritance Tax
The Spanish Inheritance tax in Spain for non-residents in the European Union is the same that for residents in Spain. The non-Europeans pay more. The tax varies depending on the Autonomous Community.
Plusvalia Tax in Spain: it is a local tax that is paid to the Town Hall.
Roser explains it for you in this video:
AvaLaw can help you with your inheritance in Spain. Read more about our Will and Probate services here.
If you want to find out more about the reason for having a Spanish Will, please read our previous post. Our Custody service can also be helpful, find out how.