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According to Spanish law, natural persons that are non-residents who own urban buildings in Spanish territory, used for their own use rather than for economic activity, or vacant, are subject to non-resident income tax for the income obtained from these buildings. The Taxable base will be calculated without deducting expenses of any kind.
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Spanish Inheritance Tax is applied to all Spanish assets upon the owner´s death. If you have a Spanish will the process is less complicated and your inheritors will know what to expect. Don’t forget that by leaving a Spanish will you can help your inheritors at the time they need it most. A will is one of the most common legal necessities. We understand the need to preserve and protect your assets and those of your family. If you have just purchased or already have a property in Spain, we strongly recommend you to make a Spanish will in order to facilitate the distribution of your Spanish assets.
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Buying a property in Spain must be a long and well organized project. There are many aspects to consider and if you fail or make the wrong decision it can be a real headache. We have an experienced team including Lawyers, Economists with a large knowledge of all aspects involved in the purchase process (legal, fiscal, administrative, etc).
We can advice you throughout the process from the initial thinking, during the purchase and even when you sell the property or it is inherited.
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If you have inherited a property in Spain, you have probably have paid much more inheritance tax than you should have. In fact, you shouldn’t have paid almost anything. Spanish Government has fixed an Inheritance tax with no exemptions for non residents, when for most of the cases, Spanish nationals have tax exemptions around 95%, depending where the property is located.