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Wills and Estate Planning in Spain – Caught Between a Rock and a Hard Place? Image

Wills and Estate Planning in Spain – Caught Between a Rock and a Hard Place?

May 11, 2021

Are you born in the UK? Have you formally exited the UK for tax purposes? Are you now tax resident in Spain?


Did you know that UK inheritance tax is based on domicile rather than tax residency? Has anyone told you that in Spain succession tax is based on tax residency. Whilst there is a Double Taxation Agreement between the UK and Spain it does not cover inheritance tax so potentially you could be exposed to inheritance tax in two different jurisdictions.


To complicate matters Spain has forced heirship rules unlike the UK where you can freely dispose of your worldwide assets to beneficiaries as you please. And if that wasn’t enough in the UK the IHT liability is paid by the estate whereas in Spain it falls on the beneficiaries who have to pay the tax liability first before getting your hands on any inheritance monies. Sounds complicated doesn’t it? It is.


We specialize in financial planning advice for expats in Spain. We provide a safe pair of hands guiding you through the inheritance and estate planning maze to give you complete peace of mind that your legacy is being protected. Speak to one of our UK qualified financial advisors in Spain about your tax and succession planning needs. Give us a call now +44 207 998 0570 or e-mail enquiries@fwm.gi to book your free, no obligation consultation. 


More about how we can help you with your financial planning see here: https://www.financialplanningspain.com/what-we-do/our-services/independent-financial-advice 


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