Spanish Inheritance Tax
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Por favor can someone please tell me what the IHT rate is? my wife and `i are thinking about buying an appartment there . We shall have assets in the UK as well so it would also be good to know in which country we would be liable for IHT We intend to spend some time in the UK some in Spain and some just travelling around. Presumably the likes of CGT, IHT and income tax would be liable in the country of our main residence. Muchas gracias.Ustedes son muy amable
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I google all the time but its often much quicker to hope for a reply from someone who already knows about the subject matter and is well familiar with appropriate websites Thanks anyway.
Anyway having read that link my conclusion is that not only is the Spanish system horrendously complex but unfair too. Why tax the spouse? This line particularly alarmed me :
"An individual resident in Spain is liable (by way of obligación personal) to ISD on receipts by him of assets (etc) sited anywhere in the world." Assuming our assets amounted to( in n the UK and Spain), say, 800.000 Euros then the spouse would be liable to 50% of that @25% making a grand total of E80k tax .Which would be almost as much as we would have paid for the property in the first place. Its becoming more and more unattractive. Unless I am misunderstanding something
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Spain is unfair in many things, why not buy in Cyprus. No IHT.  Drive on left side same as UK. 
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I am thinking France now. No IHT between spouses now . Tax rates for the retired look better too, Trouble is i would have to learn le Francais, Argentina would be another option
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Everyone speaks English (pretty much) in Cyprus & they do a great meze. 
Ok, Donmaico, I'll say goodnight to you.
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I saw this in HERE Weekly Report 08.02.08
Inheritance Tax virtually eliminated in Canarias
From this month, Inheritance Tax has virtually disappeared in the
Canary Islands, due to a decision by the regional government to grant a reduction of 99.9% in the tax rate for inheritance between close relatives (parents, children, spouses and family partners). This decision brings the
Canary Islands in line with most of the Regions, e.g. Madrid, Valencia and Murcia. We shall provide further details in the chapter on Inheritance Taxes in our Tax Update 2008.
I seem to recall Maria de Castro commenting though I can't remember if it helped us much.
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You will find that this does not apply to non domiciled inheritors ,the only safe way is to invest the property into a UK limited Company and you eliminate the problem entirely , Maria de Castro can tell you how to do this and can introduce you to a UK company that can provide you with the full service
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Malcolm D Roach MICM
Consultant in Company ownership of Spanish Propert...
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** EDITED - Please respect terms of posting **
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