My professional experience is that most foreigners are completely unaware of the legal procedure involved on gifting property in Spain. To that end, I’ve written today’s post.
Gifting property arises when:
- Joint owners (i.e. spouses) decide to re-arrange property holdings.
- When parents gift their property to children.
- When property owners gift their property to other family members, or friends.
Gifting property has indeed become very popular lately, as several regions in Spain have approved new tax laws that suppress inheritance and gift tax (Andalucia, Madrid, etc). People have jumped at the chance of paying little to no tax in case these tax laws are changed again in the future when a new government takes power.
Taxes paid by the giftor:
Taxes paid by the giftee:
- Gift tax (in several regions in Spain this is now zero)
Additional expenses:
- Lawyer’s fees
- Notary fees
- Land registry fees
At LNA we will gladly assist you to re-arrange your property ownership by way of gifting it.
At Larrain Nesbitt Abogados (LNA) we have over 20 years’ experience assisting clients buying, selling, or renting properties. We can also offer you a competitively priced accounting service to file your landlord taxes every tax quarter nationwide. We are also specialized in immigration & residency visas. You can contact us by e-mail at info@larrainnesbitt.com, by telephone on (+34) 952 19 22 88, or by completing our contact form to book an appointment.
Larraín Nesbitt Abogados, small on fees, BIG on service.
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