Whether to inherit a property in Mallorca or to give it as a gift? A question of cost …
Transferring your holiday property wisely can save a lot of money, as in extreme cases the tax levied on inheritances or gifts in Spain can be more than 70 per cent. It can, however, also be done much more cheaply and to that end, we would like to provide an overview and explain where traps lurk and where the opportunities for non-residents can be found.
Anyone who owns a property in Mallorca must sooner or later ask themselves the question - what will happen to my holiday property when I am no longer alive? Is giving it as a gift during my lifetime the right step or would a normal inheritance be a better way? When transferring real estate in Spain a number of legal regulations have to be considered, and it makes sense to deal with these issues well before the transfer takes place. It c...