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mum wanting to pass property onto kids

Discussion forum for expats moving to or living in Spain.
Subforums: Property for Sale/Rent

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mum wanting to pass property onto kids

Post Posted: Wed May 24, 2017 4:42 am

hi,
my mum is wanting to give her house up near velez malaga in southern spain. As the market is on its ass she has been thinking of just passing it onto us 4 children. She has owned it for 15 years & stupidly has no reciepts from the builder.
i know there are taxes to pay (donation tax) in Andalusia but unsure what else would have to be paid.
ps, she has not got residency
thank you.

 

cookie11
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Re: mum wanting to pass property onto kids

Post Posted: Tue Jun 27, 2017 5:32 pm

Hi There!
This is a tricky, and possibly expensive subject. I strongly recommend that you consult with a lawyer with experience in this field as the inheritance tax (or donation, as you put it) in Andalucia is the highest in Spain. It's not a national tax but a regional one, and each regional authority will charge a different figure. Strangely enough, the cheapest inheritance tax rate in Spain is in Madrid.


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lpgspain
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Re: mum wanting to pass property onto kids

Post Posted: Thu Jun 29, 2017 11:42 pm

We have arranged to leave the property to one child with the agreement of all the others. . They will all meet up and decide what they want to do with the property when the time comes. Then it will be sold , used , rented according to the consensus. All the children know and agree ( in writing ) with this. It seemed to make it the simplest, cheapest option since there are two groups of children and one step child.
The drawing up and signing off of the will itself seemed pretty simple and inexpensive. (interpreter, solicitor and ourselves)

 

hopefull
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