Inheritance tax advice for residents

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20 Mar 2014 10:55 by manzanal Star rating. 4 posts Send private message

I am looking for an advisor for inheritance tax issues for residents in Spain. Can anyone help? 





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20 Mar 2014 12:08 by johnzx Star rating in Spain. 5247 posts Send private message

Be helpful if you said where in Spain





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20 Mar 2014 12:35 by manzanal Star rating. 4 posts Send private message

Madrid and Andalucia



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20 Mar 2014 12:39 by baz1946 Star rating. 2216 posts Send private message

I am looking for an advisor for inheritance tax issues for residents in Spain. Can anyone help? 

What about a Solicitor, they probably have a tax specialist in the office that only does Spanish tax, cant they help you?





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20 Mar 2014 12:57 by Roly2 Star rating in Almeria. 648 posts Send private message

Well - I hesitate to say this, but I would look at Irwin Mitchel.   I know they pulled out of Spain last year but they maintain a presence in Madrid and on the costas.  They work largely through a Spanish group now,     but they  will always have someone who speaks English, should you need it, and they will understand both systems.  Just have a look at their website :   www.irwinmitchell.com/personal/international-services

They are not the cheapest, but they are very sound (in my opinion) and should be upfront about any fees.   





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20 Mar 2014 13:03 by johnzx Star rating in Spain. 5247 posts Send private message

Madrid and Andalucía

Well that limits the area to a potential of at least several thousand Abogados, Gestors, Accountants etc.

 

"The region of Andalusia has a surface area of 87,268 km² and represents 17.3% of Spain. It is, on its own, larger than countries like Belgium, Holland, Denmark, ... "

 


This message was last edited by johnzx on 20/03/2014.



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20 Mar 2014 14:01 by manzanal Star rating. 4 posts Send private message

Thanks for the geography lesson johnzx. I don't really mind where they have their offices, I just want the best advice.



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20 Mar 2014 14:22 by johnzx Star rating in Spain. 5247 posts Send private message

Well I was trying to give you the best advice.  The problem in Spain is that almost all professionals are not up to the job.

    If you were looking in the area where I live then I could give you two names, one, an accountant, a lot more expensive than the other, a gestor. 

  However, it would be probable that you would need to visit the offices, thus where you are would have a significant  bearing.

 

 


This message was last edited by johnzx on 20/03/2014.



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20 Mar 2014 14:31 by nigel188 Star rating in Estepona. 626 posts Send private message

Look at these websites for more information. Costaluz Lawyers who advertise on EOS are very good.

http://costadelsol.angloinfo.com/information/money/general-taxes/inheritance-tax/

http://www.eyeonspain.com/sitesearch/results.aspx?q=legal%20tip:inheritance%20taxes

Sorry do not know any advisors in Spain.

 

 



_______________________

Nigel




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20 Mar 2014 14:47 by johnzx Star rating in Spain. 5247 posts Send private message

 The Inheritance tax laws vary within Spain.  Thus I would suggest you take advice in the Region where you are resident, as that will affect all your assets in Spain. 





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20 Mar 2014 15:14 by camposol Star rating in Camposol. 1408 posts Send private message

It will affect all your assets WORLDWIDE, if you are a resident.

Depending on which region you are in you will probably be advised to do consider the following:

Leave your assets to several people to minimise IHT

Put it in your childrens' names

Invest your property in a UK company

Don't register the death for 41/2 years - not a good idea, and illegal!

Get Spanish compliant bonds with your savings

All the above have serious drawbacks, and not suitable for Mr and Mrs Average with a property and modest savings

If you live in Murcia the best answer is to move-only the pitiful state allowance there-regional allowances abolished  last year

Just to be clear, the above is not MY advice-it's the sort of thing one might see in posts, articles, ex pat press etc

 

 


This message was last edited by camposol on 20/03/2014.


This message was last edited by camposol on 20/03/2014.



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20 Mar 2014 15:48 by johnzx Star rating in Spain. 5247 posts Send private message

Camposol, a 'health warning' should have been added to your post 

Just in case anyone is inclined to follow it !!!!!

 


This message was last edited by johnzx on 20/03/2014.


This message was last edited by johnzx on 20/03/2014.



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20 Mar 2014 15:59 by camposol Star rating in Camposol. 1408 posts Send private message

Everything mentioned in my post has been mentioned many times in ex pat press, books, forums etc.Other posters must have seen similar advice too.

If there was a decent, fair system in place there wouldn't be the need for any such advice





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20 Mar 2014 16:21 by johnzx Star rating in Spain. 5247 posts Send private message

Everything mentioned in my post has been mentioned many times in ex pat press, books, forums etc.Other posters must have seen similar advice too.     That does not make it legal nor advisable.

 

Put it in your children’s' names.           That would be a gift and thus taxable, also there would be all the transfer taxes, property registrations etc. to pay, plus possibly CGT, and if tragically the child died before you, then there were would be IHT to pay.

Don't register the death for four and a half years  not a good idea, and illegal!

 

 

 


This message was last edited by johnzx on 20/03/2014.



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20 Mar 2014 16:27 by camposol Star rating in Camposol. 1408 posts Send private message

Which is why I stated that all methods mentioned have serious drawbacks!





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20 Mar 2014 20:53 by mariadecastro Star rating in Algeciras (Cadiz). 9336 posts Send private message

Legal Questions? Speak to Maria Direct

We are preparing a guide on IHT, region by region....

Soon out!

Maria



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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20 Mar 2014 22:06 by floella Star rating in SE Spain. 779 posts Send private message

Because IHT is causing a BIG problem , especially so in Murcia , I mentioned it to my Spanish friends who are aesorias and they are now going to hold a seminar, in a few weeks time, on the subject for Brit residents in my area. For FREE.

Something that hasn't been mentioned..anywhere..is that age of the deceased also come into the equation.

I will report on what they say when I have the details.
It will be interesting then to compare what my friends say with Maria's guide on IHT in Murcia.
Hopefully they both be saying the same thing and one will no longer be panicked by certain advertisments.



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20 Mar 2014 22:39 by JohnKath Star rating. 157 posts Send private message

Hola Maria how will we get a copy of your new guide when I it is finished?



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21 Mar 2014 13:31 by camposol Star rating in Camposol. 1408 posts Send private message

Floella- that sounds interesting.Is the seminar for discussing ways to reduce IHT or is it about what the Murcia regional government is going to do to rectify the situation they have created?
Maria's guide will be useful, especially to those deciding where to live,but it won't alter the facts about Murcia abolishing the regional allowance. Of course advertisements from solicitor s in the ex pat press are there so that you will use their services, but the facts about IHT are still true.
I read in the CBN today there there is a possibility of f the state allowance going up to 20-25,000 euros. Big deal, whoopee doo! Add a nought to that and we might be getting somewhere!



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21 Mar 2014 13:49 by floella Star rating in SE Spain. 779 posts Send private message

As I understand it the seminar will be about how IHT is calculated and what, as individuals and residents in Murcia, we might be expected to pay , as the law stands to date.

The adverts never tell the whole story which is why panic ensues and why my friends are going to hold this event.

As I previously stated, apparently, the more mature in years brings extra savings plus IHT is based on the catastral value...which will certainly be different than the perceived market value. Hopefully less.

It maybe the case that owners of multiple properties and " loads of cash" in the bank might be better opting for the Ltd company option.

In a few weeks we should have some answers, hopefully.





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