For those residents in the Balearic Islands, who are considering to plan their succession, we offer a complete service including all tax and legal aspects as well as the execution of all necessary steps. The following points should be taken into consideration: The new EU regulation for inheritances comes along with significant changes. Formerly the [...]
(DESPITE THE UK OPTED-OUT OF THE NEW EUROPEAN INHERITANCE REGULATION) It’s absolutely advisable for UK nationals residing in Spain to determine by a last will that the Nationality Law has to be applied in their inheritances in order to avoid that those will be ruled by Spanish regulation. 1.- THE NEW AND REVOLUTIONARY EUROPEAN [...]
Now, for most of the persons who plans to acquire real estate in Spain, being non-resident in this country, the most convenient and simple way is to purchase as individuals and not through Spanish or foreign companies. In this way, in case of sale, will pay for the non-resident Income Tax to 19% on the possible equity gain, compared to 25% that [...]
TAXES PAYABLE IN SPAIN BY NON-RESIDENTS WITH PROPERTY FOR THEIR OWN USE AND/OR RENTED In addition to the annual REAL ESTATE TAX to be paid to the relevant City Hall, the non-residents who are owners of real estate in Spain must be very attentive to two other taxes to pay to the State Treasury: - Income Tax - Wealth Tax INCOME TAX PROPERTY EXCLUSIVELY FOR [...]
The prestigious WALL STREET JOURNAL mentions DMS Consulting regarding the discrimination of non residents on the taxation of inheritances and donations.
DMS CONSULTING mentioned in the WALL STREET JOURNAL (subscription needed). The prestigious Wall Street Journal mentions DMS Consulting in its article about the European High Court ruling against Spain for the discriminations of non residents on the taxation of inheritances and donations. We are extremely proud that the labour and monitoring of those important issues [...]
- NO WIN NO FEES - The European High Court has rueld in his seminal judgement of 03/09/2015 that the current Spanish legislation on the taxation of inheritances and donations is not compliant to European law because it discriminates the Non Residents in Spain (as they are forced to pay up to 34% even within [...]
WE NOW KNOW HOW THE GOVERNMENT PLANS TO AVOID DISCRIMINATION ON NON-RESIDENT INHERITANCE TAX, IN COMPLIANCE WITH ECJ JUDGMENT DATED 03/09/2014
The judgment of the Tribunal of Justice of the European Union on the 3rd September declared that the Spanish regulation on Inheritance and Gift Tax is contrary to community Law, since it allows that on inheritance and gifts with non-residents, the tax payable be very much higher than that paid by residents, which is in [...]
What will happen to the Inheritance and Gift Tax in Spain after the sentence of the European Court of Justice from the 3/9/2014?
The European Court of Justice´s decision from the 3/9/2014 (case C-127/12) is very important for various reasons: - As it ends with the discrimination of the non-residents, where they were paying more Inheritance and Gift Tax in Spain, than the residents, - As it may also affect inheritances and donations with third countries (and not [...]
The Spanish Government is in the process of finalizing an important tax reform, which will mostly enter into force in 2015. The laws, together with their final modifications, will be published in the end of 2014, but the Government has already presented its intentions with draft projects presented in the end of June. Even though [...]
ANNUAL STATEMENT 720 (Declaration of assets abroad) in 2013 TO DECLARE OR NOT TO DECLARE? That is the question We continue fighting in Brussells to end with this obligation
The persons and organizations residents in Spain in 2013, who have some kind of connection to assets and rights, situated outisde of Spain have again a very important appointment with the Spanish Treasury Department. SInce the 1st of January until the 31st of March 2014 must be submitted the Annual Statement 720, corresponding to the [...]