Mallorca Spanish
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Inheritance Tax on property in Mallorca Spain.?
My wife and I have a property worth about £500,000 in Mallorca.Our Spanish Will states that on either of our deaths the property will be solely owned by the surviving spouse,and on that death it will pass to our two children equally.
I would like to know if Inheritance tax is payable on the death of the first spouse and also on the death of the second.Also is this tax payable to the Spanish treasury and also another levy charged by the UK Revenue and Customs as we are resident in the UK.
I was recently told that it may be possible to set up a UK Company and transfer the property into that company and consequently avoid having to pay Spanish inheritance tax.
Any help or advice would be appreciated.
Yes, Inheritance Tax will be paid to the Hacienda in both cases. It can also cause problems for the surviving partner because your assets and bank accounts are likely to be frozen until probate is finalised.
You CAN register your property under company ownership and issue shares, just as you would do for a business, but you would need to decide whether you would opt for Spanish SL ownership, UK Company ownership , or an Offshore company.
This can be a complex matter and I would strongly recommend that you spoke to an expert on this who would nee moe details from you in order to give you accurate and valuable advise.
This is a link to the company that I would recommend - http://www.tumbit.com/partners/wincham-consultants-limited-tax.html
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