Contact

News & Insights

Expats Can Take Advantage of Tax Changes in Murcia and Andalucía

The situation in Andalucía

Spouses, parents and children are now exempt from inheritance tax on estates of less than €1 million.

However, inheritance tax will apply in cases of beneficiaries who are not immediate next of kin, with the full liability payable in cases where there is no spousal or blood relation.

The new law means that around 95% of beneficiaries in Andalucía will be exempt from inheritance tax. The law change is likely to affect thousands of expats.

The situation in Murcia

Laws that came into effect on 1st January 2018 have reduced the succession tax burden for most families, including many expats and mean that immediate family members can receive estates largely tax-free, with children, spouses and parents liable for only 1% of a succession tax bill. Gifts will also attract just 1% liability; as long as a “documento public” has been signed and the origin of any cash gifts has been verified.

Murcia’s regional government says that around 15,000 taxpayers will benefit, saving a total of around €75 million.

Need information about finances in Spain? Contact Blacktower today!

Blacktower has four offices in Spain, and our representatives operate right across the country. As an expat financial advice specialist in Spain, we offer tried and tested advice that is built around your personal needs, investment goals and time horizon. Contact us today for more information about how we can help you with succession planning, and more.

Other News

How to get a mortgage in Portugal as an expat

Portuguese TramIn recent years Portugal has become a very attractive prospect for anyone looking to move to sunnier climes. A number of initiatives by the Portuguese government have made it easier for non-European citizens to apply for special visas, which allow them to both live and work in the country. The most famous of these is the so-called Golden Visa, which permits people to become resident based on their making a significant investment in the country, purchasing property, or setting up a business. Whatever your reason for wanting to move, and there are many, getting a mortgage in Portugal is going to be high on your agenda.

Read More

Top tips for financial planning in Malta

Sunrise over Maltese HarbourMalta’s favourable residency schemes are likely to stay in place for some time after Brexit and this has propelled the Mediterranean archipelago to the top of the list for some UK citizens who are considering their options for relocation in the near future.

And it’s not just retirees who find this destination appealing. Career-movers will find a number of growth industries on the island; however, wage levels are fairly low when compared to the cost of living so you may be unlikely to make your fortune on the island if you are an unskilled worker. Financial advice in Malta is essential if you wish to make the most of your income and assets.

To help you make a start, we have compiled a list of top tips for financial planning in Malta if you have recently made the move or you are considering making it your main place of residence.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: