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 nationality principle was applied. That meant that the inheritance was regulated by the law of that country whose citizenship the deceased had. Now the regulations from that country automatically applies in which the deceased had his last residency. As a consequence, for residents in the Balearic Islands the Balearic inheritance law applies. This principle of residency can only be avoided by testamentary dispositions.
- The tax treatment of inheritances is not redefined in the EU Regulation. Therefore, tax advice is essential in the planning of successions. In particular, a judgment of the European Supreme Court in 2014 must be kept in mind which has abolished the discrimination in the taxation of international successions with non-residents involved.
We advise you in all these relevant legal aspects (international inheritance law, Spanish and Balearic inheritance law) and issue an analysis of the tax consequences. So you will get all the important information, necessary for you to be able to take such an important and personal decision about your succession..
Therefore we count as well on the support of other Spanish and international experts.