Inheritance Tax: IMPUESTO SOBRE SUCESIONES Y DONACIONES

INHERITANCE MATTERS AND DEATH DUTIES FOR BRITISH PASSPORT HOLDERS LEAVING PROPERTY IN SPANISH TERRITORY   The main difference between British and Spanish rules is that Spain does not accept the concept of the “estate” of the deceased being taxed, in Spain the BENEFICIARIES of the deceased are individually taxed and importantly NONE OF THE DECEASED PROPERTY CAN BE DISPOSED OF UNTIL THE TAX IS PAID. This is a complicated process and you may well decide to appoint a professional to help rather than try and deal with the matter yourself. We can help with the entire process from start to finish …

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What type of “residencia” residence document should I have?

Below are the basic requirements for adult EU citizens in Tenerife Spain. Bear in mind that now the UK has left the EU, British Citizens have to apply for a third country Foreigner’s Identity Card. The details of this procedure are here (TIE): BUT it is important to stress there is no obligation for those British people who already hold the green residency certificate (either credit card sized green paper or A4 version) to exchange it for the TIE. Both documents will be valid in demonstrating residency status and rights under the Withdrawal Agreement, even after the end of the Transition Period …

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Reclaiming 3% Retention Held back from Property Sale

If you are a fiscal resident in Spain and can produce a certificate of fiscal residence from the Spanish tax authorities the gain you make on the sale of a property will be taxed and included as part of your anual declaración de la renta. However if you are a NON fiscal resident in Spain an amount of 3% of the sale price of your Spanish property will be witheld and paid to the Spanish tax offce regardless of whether you have made a profit or not! If you have made little or no profit you may be able to …

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