Here at Albox Insurance we quite often get the same question asked by clients, which is: Do my children who are not residents in Spain have to pay inheritance tax on our property?
The answer is not quite straightforward, As each region has it’s own tax laws, Currently in Andalucia EU citizens have an exemption of €175,000 each. So if you have two children the exemption will be €350,000, so anything under this amount there is no tax to pay, after Brexit anyone from the UK would not be considered an EU citizen and would be subject to pay inheritance tax straight away. The tax on a property worth €350,000 would be €65,000, A good way to prepare for a bill this size is to have a Life insurance policy that can cover the cost of the inheritance tax. At Albox Insurance we can offer great deals on life insurance with flexible payment plans available.