Expats Can Take Advantage of Tax Changes in Murcia and Andalucía
2018 has brought good news for many expats tackling the idiosyncrasies of finance in Spain and, especially for those who want to manage their legacy planning successfully.
This is because British and other EU citizen expatriates in Spain have received a boost in relation to succession tax laws.
Under the Spanish regional system, expats in Spain (but not those from outside the EU or EEA) can avoid costly Spanish state succession rules on passing; instead they are able to take advantage of kinder regional laws, such as those just implemented by Murcia and Andalucía.
In these areas, if you have Spanish assets but have not quite yet become a fully-fledged expat or indeed if you have Spanish property but still reside full-time in the UK; your heirs, wherever they may live, are entitled to the full range of succession tax reliefs offered by the region in which your assets are invested. Sometimes this may be as much as 99% succession tax relief or, in some cases, total exemption.