Shared ownership of a property

Post reply   Start new thread
:: New - Old :: Old - New

Pages: 1 |

Forum home :: Latest threads :: Search forums
The Comments
31 May 2013 12:11 AM by Feeg Star rating. 35 posts Send private message

Can anyone tell me if two or three people can buy a property together without having to form a company and issue shares?





Like 0      
31 May 2013 8:29 AM by I_Love_javea Star rating in Gibraltar / Morocco .... 125 posts Send private message

 Yes they can



_______________________

Shiny happy people - where?




Like 0      
31 May 2013 9:06 AM by johnzx Star rating in Spain. 5255 posts Send private message

I was talking to a lady just yesterday who was living an apartment jointly owned by her four children (but  paid for by her). 

 Although she is resident,  as the children are non-resident, they have to pay the non resident property owners tax. 





Like 0      
05 Jun 2013 3:01 PM by mariadecastro Star rating in Algeciras (Cadiz). 9354 posts Send private message

Legal Questions? Speak to Maria Direct

Yes, of course they can.

And property shares can be adjudicated to differet people without needing to form a company. 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 0      
24 Jul 2013 10:56 AM by Feeg Star rating. 35 posts Send private message

On a shared 50% property, both wanted to give each other lifetime occupation rights on either death, but have been told that to do so would result in tax liabilities etc. If either one dies, can the surviving spouse continue undisturbed by heirs?





Like 0      
24 Jul 2013 11:22 AM by elaineG Star rating in Spain . 409 posts Send private message

The heirs would still have to pay the inheritance tax., and thus would be part owner/s.  They of course could allow the surviving 50% share holder to live there but equally they could make waves





Like 0      
24 Jul 2013 12:31 PM by Feeg Star rating. 35 posts Send private message

A "usufruct" was proposed to cover any "waves" but was discouraged? I would have though this usufructo" was a way to prevent a surviving spouse to have security of tenure?





Like 0      
24 Jul 2013 12:56 PM by elaineG Star rating in Spain . 409 posts Send private message

Yes but a usufruct involves taxes too. (it has been mentioned in other posts).  I believe it amounts to the difference between the person given the right’s age minus 80. That is the percentage tax of the value of the property involved (in this case 50% of the total value). But I am sure others will correct this point.





Like 0      
24 Jul 2013 5:52 PM by mariadecastro Star rating in Algeciras (Cadiz). 9354 posts Send private message

Legal Questions? Speak to Maria Direct

 If the deceasor leaves to you lifetime usufruct on the property, you would just own the half that was originally yours and the other one will be owned by heirs after probate. Nevertheless, and by virtue of usufruct rights, no one could force you to leave the house while you are alive.



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 0      
24 Jul 2013 6:50 PM by elaineG Star rating in Spain . 409 posts Send private message

Maria as an expert, could you explain the tax position for Feeg ?





Like 0      
29 Jul 2013 10:53 AM by mariadecastro Star rating in Algeciras (Cadiz). 9354 posts Send private message

Legal Questions? Speak to Maria Direct

Regarding taxes in the usufruct for widow scheme:

On a shared 50% property, both wanted to give each other lifetime occupation rights on either death, but have been told that to do so would result in tax liabilities etc. 

Legal tip 944. IHT on my usufruct as widow? 
10 May 2013 @ 17:40 
 

 

Usufruct heirs has a tax liability on the share he is inheriting ( as usufruct). That share is calculated by substracting your current age to 89. That is the percentage which, applied to value of assets, will determine the value of your share.

For instance:

If the two properties value is 200.000 euros, and you are 65 yeards old. The value of your usufruct is calculated:

89-65 equals 24. ( it always needs to be between 10%-70%)

24% of 200.000 is 48.000€

So, ownership heirs will have to pay taxes on 152.000 € and you will have to pay taxes on 48.000€.

If taxes are not paid by heirs, the AEAT might start an enforcement procedure on any free assets owned by debtor heirs.

P1030200.JPG

"P1030200.JPG", by jtatam, at flickr.com



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 0      

Pages: 1 |

Post reply    Start new thread


Previous Threads

TRADING IN SPAIN FROM MY MOBILE CATERING TRAILER - 5 posts
moving to spainandneedong ileostomy supplies ? - 1 posts
Minimum income - 9 posts
NIE certifcates - 2 posts
Would you rely on your "European Health card" in Spain and travel without Insurance ? - 61 posts
Recommendation for car hire company at Almeria airport - 4 posts
Borrador de Delcaracion Pendiente de Confirmar - 5 posts
Incapacity Pension - 0 posts
Economy Car Rentals - 4 posts
Model flying clubs near torrevieja - 1 posts
Residency and UK / Spanish car query - 6 posts
Apple Store in La Cañada - 8 posts
Bank help needed , please - 10 posts
Amazing Bar And Club In Denia partner / investor sought - 4 posts
Need advice on renting properties and costs of living in Fuengirola Area - 0 posts
Buying a car in Spain, new NIE Number - 5 posts
robert boyd - 2 posts
paying into the spanish social system - 2 posts
swimming pool cleaners - recommendations - 0 posts
time to buy in Spain?? - 23 posts
Has Spain "lost its way" in Tourism ? - 9 posts
Easyjet new hand baggage rules... May 2013 - 7 posts
Air Conditioning unit for sale, good price - 2 posts
Song - 0 posts
Spanish ''song'' - 3 posts

Number of posts in this thread: 11

DISCLAIMER:  All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants or agents.


1 |
Our Weekly Email Digest
Name:  
Email:
   


This site uses cookies. By continuing to browse you are agreeing to our use of cookies. More information here. x