Inheritance Tax and Wills .
A safe way to protect your property in Spain is to make a Spanish will. Spain will tax you for inheritance tax and donation tax when you die. Inheritance taxes are due in the country of residence. In other words, if you are a resident of Spain, your entire estate including your assets in the US will be taxed in Spain. Without a Spanish will the outcome of probate may be catastrophic.
Taxes need to be paid within 6 months after the deceased died, although there are extensions. If you owned the property for ten years or more, you may deduct 95% of the value of the property if you transfer ownership to the surviving spouse. The best way to protect your assets is to make your will before you purchase real estate in Spain. Legal advise in this matter is strongly advisable.
When you make your Spanish will, you need to make sure that there are no conflicts between your Spanish and your will abroad. You don't want to cancel out other wills in both your wills. If you have no will, Spanish law will decide what happens to your estate.
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All contents are intended as study material and a general guidance. It does not substitute professional legal advise. We advise readers to contact the authorities before making any legal or tax involving decisions.
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