WILLS AND INHERITANCE TAX

As a general rule, Spanish law states that inheritance law is ruled by the national law of the deceased at the time of his/her death. Therefore, a Spanish national must leave part of his estate to his children but a UK citizen is allowed to will his assets according to UK law.

 

Although not legally necessary to make a Spanish will (your UK will is sufficient), it is wise to have a Spanish will reflecting your wishes only for your assets in Spain. This will save time and money later as your British will have to be translated, apostilled, probate obtained etc

 

Inheritance tax, however, is subject to Spanish law. Each inheritor has a "tax-free” bracket which in the Valencia region for example is now 100,000 Euros.

 

So for example in this case, if you leave an asset of 600,000 Euros to 3 inheritors, each would have an inheritance of 200,000 Euros. From that each one deducts 100,000 Euros which would leave them with a total of 100,000 Euros each. On that they would pay the corresponding taxes.

 

The amount of tax due in inheritance tax depends on the amount inherited after the corresponding reduction and the relationship the beneficiary has with the deceased.

 

 
Pleasecontact usif you wish to obtain more detailed information.