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.
In 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.
Malta’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.