Newsletter January 2020|The purchase of property in Spain, if planned, leads to less inheritance tax for your partner and heirs.
Inheritance tax varies by Spanish autonomous region (there are 17 of them!). And you also pay Flemish inheritance tax on your property in Spain. Therefore, inheriting in Spain can be very expensive.
It is therefore recommended that you think about the possibilities before buying.
Consider, for example:
- a usufruct construction;
- Buy in the children's name;
- buy with your Belgian company;
- …
Or you can also buy in your own name with a Spanish will. Another option is to donate later. The choice depends on your personal wishes and local rules. For example, gifting in the Balearic Islands is much more expensive than in Andalusia.
Here you can find more information about inheritance in advance:
Would you like more information about buying in Spain? Then feel free to make an appointment.
News: tax increase in Canary Islands
In 2019, the Canarias a new government led by Ángel Víctor Torres of PSOE. His government plans a 12% increase in social spending in 2020. To finance the budget, some taxes such as the IGIC (similar to VAT) and personal income tax will be increased.
The Inheritance tax and gift tax increase. Yet the Canarias still low taxes.
Read more about the tax increase.
Do you need a Spanish will?
A Spanish will is not compulsory. But it does ensure a quick and easy settlement of your estate. This will save your partner and heirs a lot of costs and administrative hassle.
Confianz will help you draw up a will in Spain. Please feel free to contact on.
Read more about the benefits of a Spanish will.
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