You may or may not know that a European regulation has been approved to regulate questions of jurisdiction, applicable law and enforcement of all successions where the deceased has passed away on or after the 17th August 2015 (Regulation No. 650/2012 of the European Parliament and of the Council of 4 July 2012).
This regulation can cause difficulties for those foreigners who have not made certain provisions regarding their last Will and Testament, especially for those habitually resident in Spain.
A new tax form was approved in Spain in 2013 by way of Order HAP/72/2013 (Tax form 720). The purpose of this is for the Spanish Tax Authority to collect information on any assets or rights of residents (mainly, although not exclusively) located abroad. This measure was adopted as a means of combating tax fraud by establishing a certain level of control over those with assets abroad. Continue reading
INHERITANCE AND GIFT TAX
Impuesto Sobre Sucesiones. This tax has to be paid whether you live in Spain or not, and there are certain differences in the procedures if you do not live in Spain.