The Benefits of Making a Spanish Will
There are three chief reasons for having a Spanish will...
Reason One: It avoids time-consuming and expensive legal issues that your heirs will have to resolve. You can – and should – make a separate will to dispose of any assets located outside Spain. A British will, for example, has no bearing on your Spanish estate.
Reason Two: Spaniards have to divide their assets equally among their heirs, and leave two-thirds of it all to their children. As a foreigner, you are exempt from this ruling and you can bequeath your assets to whoever you want. Your estate will, however, be subject to Spanish inheritance tax, which is high when left by non-residents to non-relatives. In addition, foreigners resident in Spain are subject to the same taxes on any of their worldwide estate. Therefore, making a will allows you to navigate these various taxes at your discretion.
Reason Three: Since 1 January 2018, a discount has applied for relatives of the “first level” (wife/husband and children), by which no inheritance tax is payable up to €1 million per heir. This is applicable to both residents and non-residents.