Author Topic: Inheritance (Succession) tax in The Canaries  (Read 1407 times)

Offline TamaraEnLaPlayaTopic starter

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Inheritance (Succession) tax in The Canaries
« on: June 26, 2016, 23:00:03 pm »
Janet Anscombe has published a link to a new guide from Blevin Franks:

http://www.janetanscombe.com/news/inheritance-succession-tax-in-the-canary-islands.html
 
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Offline Sir Real

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Re: Inheritance (Succession) tax in The Canaries
« Reply #1 on: June 27, 2016, 17:00:46 pm »
Thanks for this post.  If I've understood:

When you become resident in FV, you have to declare all your assets

If you have the bad luck to kick the conical receptacle, your worldwide estate is subject to Spanish succession tax

If your successors live in a non-EU country (ie the UK in a couple of years) they get no allowances on succession tax.

Seems like a massive tax hit compared to the UK
 

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Re: Inheritance (Succession) tax in The Canaries
« Reply #1 on: June 27, 2016, 17:00:46 pm »

Offline TamaraEnLaPlayaTopic starter

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Re: Inheritance (Succession) tax in The Canaries
« Reply #2 on: June 28, 2016, 01:11:36 am »
Forgive me for not confirming or denying your assumptions - this area is complex and highly individual and best discussed with a qualified person. You can't afford to make a mistake with these matters. In my opinion it is well worth a 50€ (guide price) consultation with an assessoria, many of who speak good English.
 

Offline Sir Real

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Re: Inheritance (Succession) tax in The Canaries
« Reply #3 on: June 28, 2016, 12:52:18 pm »
Thanks Tamara
I'm currently in the UK, so don't have access to an Assessoria, unless any work online.  I'm also working on projections (guesses?) about disposing of current assets - my home - and acquiring a home in FV (as well as it's future value).  Would a professional work with such projections?
 

Offline Sir Real

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Re: Inheritance (Succession) tax in The Canaries
« Reply #4 on: June 28, 2016, 14:14:40 pm »
Thanks for this post.  If I've understood:

When you become resident in FV, you have to declare all your assets

If you have the bad luck to kick the conical receptacle, your worldwide estate is subject to Spanish succession tax

If your successors live in a non-EU country (ie the UK in a couple of years) they get no allowances on succession tax.

Seems like a massive tax hit compared to the UK

Fortunately, I think I got that wrong.  The declaration of worldwide assets is for information only.  The Spanish tax authorities don't use it to claim hegemony over your entire estate.  UK estates left to UK residents are subject to UK Inheritance Tax rules.  These are rather less onerous!  As 80% of my estate would remain in the UK, (as would my successors), it would be a significant difference.  Good!