Our accountants in Mallorca will help you to understand how succession tax will affect you and your family, and how you can mitigate the impact.
THIS TAX IS PAYABLE ONLY IF ONE OF THE FOLLOWING APPLIES
1. THE RECIPIENTS IS RESIDENT IN SPAIN (regardless of where the assets are inherited/gifted from)
The recipient will need to have lived in Mallorca for 5 years and spend 183 days a year in the country, not necessarily consecutively or you have your economic or professional base in Spain.
2. THE ASSET BEING INHERITED IS A SPANISH (regardless of where the beneficiary is resident).
The asset being inherited is a Spanish asset such as real estate or movable property situated in Spain