Do you own property in Spain?
Many Norwegians own house or apartment in Spain. In case of a deceased’s estate will then have to pay inheritance tax in Spain , and the calculation of this is not quite what we ‘re used to at home. In this issue we look at a tip in connection with the will and inheritance of property owners in Spain.
High inheritance tax in Spain
In Spain, the inheritance tax is higher than in Norway . It allows for inheritance beneficiary family relationship with the deceased , age, whether the property is inherited beneficiary’s primary residence , etc. Inheritance tax is calculated on the basis of a scale that ranges from about 8% to 34 % , if the deceased and the heir are closely related . By inheritance from distant related to inheritance tax actually reach the 80 %, which we consider to be a very good reason to grab this before any inheritance settlement.
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The basis for calculation of inheritance tax in Spain is somewhere between the tax value and market value and is usually set by the tax office . For a property to a value of 100,000 euros , equivalent to approximately 750,000 million , the inheritance tax amounts to about 15 % , or about 112,500 dollars.
If you have property in Spain, the legal experts recommend that you create a Spanish Testament. The reason for this is that it involves a lot of work for the Spanish government to agree to a Norwegian probate .
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To Norwegian documents in inheritance cases approved in Spain must include translated into Spanish and confirmed by the notary , before they finally be confirmed by the County . All this is avoided by creating Testament. The only document you need to present is as a death certificate . Even though this must be translated and verified, making the work much easier for the survivors than if they have to do all the work yourself . To navigate the paper jungle itself is difficult if you do not know where to turn .
Therefore it is strongly recommended to create a Spanish Testament in order to avoid that any heirs will have problems with this afterwards. The Spanish system is even more bureaucratic than in Norway .
For more tips and advice about buying and selling property in Spain, visit www.eiendomsmeglerspania.no . There you will be able to ask questions about everything buying and selling property in Spain.