What are the steps to buy a property in Spain?

The cost of an inheritance has several components:

• Inheritance and Gift Tax: varies greatly by autonomous community and the value of the inheritance. There are autonomous communities with a 99% discount (Madrid, Canary Islands) and others without any discount.
• Municipal Capital Gains Tax (IIVTNU): is calculated on the increase in value of urban land, only if there are properties.
• Notarial fees: rates regulated by the State, proportional to the value of the assets.
• Property Registry: to register the properties in the name of the heirs.
• Management fees: those of Notaría Online for coordinating the entire process.

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Yes. In Spain, it is possible to accept, accept with the benefit of inventory, or renounce an inheritance.

Pure and simple renunciation: the heir does not acquire the assets or the debts of the deceased. The renunciation must be made before a notary and is irrevocable.

When is it advisable to renounce? When the debts of the deceased exceed the value of the assets, or when it is more advantageous from a tax perspective for the children to inherit directly (transferring renunciation).

Acceptance with the benefit of inventory: allows accepting the inheritance by limiting the liability to the value of the inherited assets, without responding with personal assets. It is the most prudent option when there is uncertainty about the debts.

The deadline to accept or renounce is indefinite, but the Tax Authority may claim if the tax is not settled within 6 months.

A notarial power of attorney apostilled is valid in all the signatory countries of the 1961 Hague Convention, which include more than 120 states:

Europe: all countries of the EU, United Kingdom, Switzerland, Norway, Turkey, Russia...

America: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, Peru, Venezuela, Ecuador, Bolivia, Uruguay, Paraguay...

Asia-Pacific: Australia, New Zealand, Japan, China (only Hong Kong and Macao), India, Israel...

Africa: South Africa, Morocco, Tunisia...

For non-signatory countries (some African and Asian countries), the document requires consular legalization. Our team informs about the procedure according to the destination country.