Hi All
At last!!
Pam and I are now retired and we are coming over for 31 days next Friday :) :)
We are non-resident, own a property in Costa Calma and have a UK will leaving everything to each other and eventually to our only son.
As far as I can see on the Forum we need 2 x Spanish Wills to cover out Costa property and that currently there is an option to pass our property onto our son now with the stipulation that we have exclusive use of it for the rest of our lives. This seems to get over the Inheritance Tax issue.
Any thoughts or advice is most welcome.
Many Thanks
Keith Edwards
Morning Keith,
We're you instructed to get a Spanish will when you bought the property ?.
Yes , we have mirror wills , then if anything happens after that , it goes to our daughters !
I might be wrong , but I don't think it will interfere with inheritance tax !
I believe that unless you pay full rent to your son, the transfer will be a gift with reservation. As such it will count as part of your estate, and not escape Inheritance Tax. You need good UK tax advice on this.
Perhaps the advice we given was because my husband isn't a UK tax payer !
It is advisable to have a Spanish Will as it causes major complications for the surviving spouse or family and nothing to do with inheritance tax.
I agree with Davew. You could find the estate locked up (including Spanish current bank account) for years if you dont have a spanish will. Also major issues for non-tax residents regarding inheritance tax. it is much more complicated than UK. we just sorted ours - get in touch with Antonio Garcia (antoniotaxadvisor@gmail.com). He will sort out your Spanish wills and give you professional advice regarding inheritance tax. Good Luck.
We were advised on completion of our property purchase bu our solicitor to take out spanish wills in order that there is no complication when we die. We have got these in place . Not sure if the gift in reservation rule applies in Spain as it does in the UK , this was something that was used in the UK and people tried to get round it with what was called a peppercorn rent however this was stopped and unless full market rent is paid it is deemed a gift with reservation and does not help with inheritance tax, however as said previously not sure if this is the same in Fuerteventura .
Thanks for all your helpful advice.
2 x Wills it is then 8) 8)
Cheers
Keith and Pam
This thread should be called SPANISH WILL FOR IRISH, DANISH, BRITS AND NON-EU.
As from aug 17 2015 all other eu members may determine that their will must be executed within europe following the laws and rulings of their country.
So all the italians french dutch germans etc reading this forum: you have no need for a spanish will but be sure you have made the right choice in your will.