Breathe easily with our help with tax and inheritance
One of the biggest practical challenges when owning property is how to manage share of ownership and the properties themselves after you pass. We can guide you through the Spanish inheritance laws, so that everything is sorted when the time comes.
Dividing inheritance between different heirs can be very complicated – and doing it in another country does not make matters easier. If you are a Norwegian citizen in Spain, your property can in included in a Norwegian will. Still, it might be both more efficient and less costly to set up a Spanish will.
By involving us you can trust that your final wishes will be well taken care of. At the same time, you lessen the strain on your heirs after you pass.
– José Luis Rojas Vazquez, lawyer and partner in Vogt Law
Norway has removed its inheritance tax, however, Spain has not. Therefore, your heirs will have to pay inheritance tax on your Spanish property when you pass, whether you are a tax resident in Norway or in Spain.
These are the three sets of tax and inheritance rules you must follow:
- The formal rules govern how to set up a valid last will
- The material rules regulate how to distribute the inheritance between heirs
- The inheritance tax rules determine the amount of inheritance tax the heirs need to pay
Let us find the best solutions for you
There are many ways in which you can prepare to ensure that you and your heirs get as much use and value out of your property as possible. Not to mention, how to make the inheritance distribution as seamless as possible. Working together with our advisors will enable you to choose the solutions that fit you and your family the most.
You will have to follow Spanish inheritance law, regardless of how the inheritance tax laws in Norway work. This means that if you own a property abroad, your heirs will have to pay inheritance tax to the country where your property is located. In Spain, any inheritance above €175.000 for citizens in EU and EEA is liable for inheritance tax. The amount is the same whether you have set up a will or not. We can help you make the decisions that will make you feel the most secure.
Knowing that your home will be managed according to your final wishes after you pass provides a sense of security. If you are a Norwegian citizen, you can include your property in your Norwegian will. Still, it might be both more efficient and more cost-effective to set up a Spanish will. Contact us for an informal chat, where we can discuss your options.
José Luis Rojas Vazquez
Lawyer // Partner