Question: I have heard that if I buy a property in Spain I have to leave it to my children. Is this correct?
Answer: If you are Spanish this is correct. However, if you are not Spanish then generally you are allowed to leave your property in accordance with the law of your own nationality. If you are British then your national law essentially means that you can leave the property to whoever you wish. Having said that, there can be good reasons for leaving property in Spain as if you were a Spanish national – mainly due to tax savings.
It is important that you take individual advice on this subject as the cost of inheritance tax changes depending on who you leave the property to and leaving the property to the “wrong” people can end up costing thousands of pounds more in tax.
The International Law Partnership LLP
Solicitors & International Lawyers
The Vaults
193-197 High Holborn
London
WC1V 7BD
© The International Law Partnership
|