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.

Related News

Nowhere to Hide: Modelo 720 and Common Reporting Standards

The process of sharing information across the planet has never been easier or simpler, thanks to constant upgrades and improvements being made in the field of information technology. These advancements have led to the implementation of the Foreign Account Tax Compliance Act (FATCA) in the US, and the Common Reporting Standards (CRS) over on this side of the pond.

Read More

Yet another Corona post

BlacktowerOn one level or another we have all been affected by this virus. Some financially, some emotionally or physically. Thousands have lost their job or are on partial income, many are bound to stay home, have not seen loved ones in months; others have even lost family members or friends. 

Whatever your personal circumstances, we all have been affected mentally. 

Despite our best efforts to make use of this time to finally do everything we wanted to do, clear out the cellar, take care of the tax return, sort out those pensions, work out more or finally learn to cook, for many this has not happened. Why? 

Read More

Select your country

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

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.