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Inheritance in Andalucia, Exempted From Taxation for Values Below EUR 1 Million

Inheritance-in-Andalucia-Exempted-From-Taxation-for-Values-Below-EUR-1-Million.jpgInheritance in the region of Andalucia, Spain, will be exempted from taxation for properties with a market value below EUR 1 million. The new regulation represents the most important tax reduction applicable to inherited assets in the last 35 years and it is available to certain categories of family members. The legislation was adopted at the end of September, 2017, and it is also applicable to persons who are citizens of the European Union (EU) and European Economic Area (EEA), as long as they are related to a Spanish national. Our team of lawyers in Spain can provide legal assistance on the legislation related to Spanish inheritance in the region of Andalucia, as well as on other Spanish regions
 

Main changes of the Andalucia inheritance tax 

 
The regulation related to the Spanish inheritance tax refers to two main changes. One is aiming at the tax-free inheritance for assets with a value below EUR 1 million, while the other one refers to the gift tax
 
Under the new policy, the gift tax will be exempted from taxation for the same value, in specific conditions. The main criteria in this sense refers only to gifts exchanged between close family members (parents and children), and the other aspect refers to the development of the Spanish business market
 
More specifically, the gift tax will not be applied as long as the respective assets are used for the following : 
 
creating new jobs on the local market;
setting up a company
 
Our team of Spanish lawyers can assist with in-depth legal advice on the employment regulations available in a specific region of the country, as well as on the legal procedures for opening a business in Spain
 

Main beneficiaries of the Spanish inheritance tax 

 
According to the inheritance legislation in Andalucia, the main beneficiaries of the new policy are the following types of persons: 
 
adopted children of Spanish citizens;
spouses
 
Inheritance in Spain is regulated under the Spanish Civil Code, but autonomous regions are allowed to adopt specific rules of law. Thus, the inheritance regulations in Spain can vary depending on the region in which the inheritance procedures are held. Persons who are entitled to Spanish inheritance are invited to contact our law firm in Spain for further information on the legislation applicable to the Andalucia region.  
 

Comments

  • Brigitte 2017-10-04

    I live in France at the moment and my parents are Spanish citizens (I am also a French citizen). I would like to find out further details on the procedures that are to be completed in this case. Thank you!

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