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If
you are non-resident in Spain, my advice for you is to have a Last
Will & Testament made to distribute your Spanish assets
in the event of your death.
The Spanish Laws on Inheritance state that, on your death, your
estate will be shared amongst the heirs according to the rules of
the country of origin from which you originate.
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Most European
nationalities (heirs of the Napoleonic Civil Code), with the exception
of the British (Common Law System- Anglo-Saxon), that, as per their
countrys Laws of Inheritance, the children have an automatic right
to a part of the Estate on your death, even if they are not expressly
mentioned in your Last Will and Testament. |
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Your children will
have a share on your Spanish properties by virtue of the probate
of your foreign will in Spain, of course, if they do not wish to
claim their Spanish legal share of the Inheritance, they can, renounce
their right in front of a Spanish Notary, and the estate will then
be shared amongst whomever you may have designated in your Last
Will. (This institution is known in Spain as the Legitimate: portion
of inheritance reserved by Law (especially Napoleonic Law) for spouse
and children or, failing these, to descendant and ascendant relations)
British owners (country with a different Law System: Common Law)
should also note that, although Spanish Law states that British
Law applies in the event of your death, British Law states that
it is the Law in the country where the asset is situated, i.e. Spain,
which determines the legal heirs.
To hasten the international private law procedure and bureaucracy
after death it is, therefore, advisable to prepare a Spanish Will
relating to their properties in Spain. This can easily be prepared
for you by your lawyer. Once your decision has legal form, you will
have to testate before the Notary (who gives faith of your identity,
the authenticity of your will, and your capacity to testate…).
The approximate costs of this legal document are 60 to 80 euros
for a simple one.
If you have properties in more than one country, is advisable to
have wills in each country in order to avoid complicated translations,
certifications and procedures for your family after your death.
Obviously, it is much simpler to keep the Spanish estate separate
from any other assets and to rely on a local professional to handle
the formalities.
You can also make a secret will and have its envelope sealed and
notarised. These also can be registered in Madrid.
Should someone in your family die without, to your knowledge, leaving
a will, you can check with the "Registro Central de Actos de
Última Voluntad" – where you can find out if there
is a will, if more than one, and which was the last ( valid) one
and the name of the Notary and Notary Office in Spain where it is.
Handwritten wills are not advisable as they must be certified as
authentic before they can be executed. Spanish inheritance tax accrues
six months after death. After this date penalties are incurred.
Unlike in Britain, there is no exemption from inheritance tax between
husband and wife. A tax form must be completed and the taxes paid.
In Spain it is the heir who is taxed and not the estate. Tax will
be calculated on the relationship of the heir to the deceased, the
amount of the inheritance he/she receives and existing wealth.
All assets will be taxed bank accounts, property, cars, golf shares
etc. Property will usually be valued at the valor catastral the
value as calculated by the Town Hall, or rateable value.
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