After one’s loved one passes away, his or her heirs have the right to accept the inheritance or reject it. In the case of acceptance, the following documentation must be obtained in order to grant your Acceptance of Inheritance Deed in front of a Spanish Notary:
– Death Certificate, issued by the Civil Registry of the place of the deceased.
– Certificate of Record of Acts of Last Will. This document states whether the deceased granted a Will. In order to apply for it, it is necessary to have the Death Certificate.
– Will, if applicable.
– NIE (fiscal identification number for foreigners) of the heirs.
– Purchase Sale Title Deed granted when the property in Spain was acquired.
– Bank certificate proving the balance of the account on the date the deceased passed away.
Once the Acceptance of Inheritance Deed has been signed, the next step is to proceed with the payment of Inheritance Tax. This must be paid within a period of six months from the date the deceased passed away.
To calculate the tax, the following factors will be taken into account:
- Relationship to deceased person. The following reductions will apply:
– In the case of descendants and adopted heirs under the age of 21, a reduction of €15,956.87, plus €3,990.72 for each year less than 21 shall be applied, with a limit of €47,858.59.
– In the case of descendants and adopted heirs of 21 years of age or more, spouses, ascendants and adopters, the reduction will be €15,956.87.
– When the heirs are brothers, uncles or nephews of the deceased, the applicable reduction amounts to €7,993.46.
- When the property inherited is the permanent home. In this case, a reduction of 95% will be applied when the heirs are the spouse, ascendants or descendants, or collateral over 65 years of age who lived with the deceased during the two years before the deceased passed away, with a limit of €122,606.47. It is necessary to maintain the home for 10 years.
In Andalucía, when the value of the assets and rights does not exceed €250,000, the Inheritance Tax will be zero, provided that the following requirements are met:
- a) The heirs are descendants, adoptees, spouses or partners registered in the Registry of ‘Registro de Uniones de Hecho’ of the Community of Andalusia, ascendants and adopters.
- b) Its pre-existing equity does not exceed €402,678.11.
Avoid worries and unease. At Welex, we reassure you that you will have all the necessary documentation to proceed with the Acceptance of the Inheritance Title Deed in Spain.
Leave the acceptance of your inheritance in Spain in our hands. Our professionals are perfectly equipped to handle a clear and secure procedure. Contact our Multilingual Law firm in Marbella now!