ROMERO & KRAUS
PROPERTY LAW :
In a more regulated world, with all money laundering regulations in place, it is more and more difficult to know all the very complicated rules when conveying a property in Spain. Over the last ten years, the, it’s every time harder to comply with all the requirements that by law are compulsory in terms of justifying the precedence of funds, the actual payments, justification of cheques, transfers, etc, as well as the new energy certifications, plus all the taxes, changing every year.
This is all too much hassle, specially if you are non resident in Spain. If you have decided to acquire a property in our wonderful country, you should take advice with regards to all legalities.
We’ll be pleased to guide you through the whole process, with capable hand and straight determination to protect your interests, avoiding to let you commit to a burden rather than to a pleasant accommodation for your future and leisure.
Inheritance tax is that unknown but yet feared tax that every property owner is concerned about when purchasing a property overseas. “What would happen after me passing away?”, “would my heirs get the property, or just a burden?”, all these questions arise, and they are not an easy answer, as on most occasions, the heirs end up waiving the property so the government will take it.
Spain is amongst the highest taxed countries in Europe when it comes to inheritance, specially for non residents. You must consider that the tax benefits are only for Spanish Tax residents, and in most cases, though the owner of assets may be an expat who is fully integrated in Spain, the heirs would normally live in their home country, and therefore no tax benefits will apply to them. With a top 34% tax rate, and this needs to be paid simultaneously with the convey of property, either having registered a Spanish will or not, it makes a huge economic burden to keep the parents property overseas.
Our firm can guide you to plan this ahead, we know the best structuring for your property ownership to reduce the inheritance tax to minimal, and in many cases, avoiding it in full, all within the law, and minimizing the cost for you. With just a small portion of what it would be the taxation, you can rest assured that in future, your property will remain within your family, and your heirs will not need to make a quick sale, at loss, to avoid a final problem in Spain, as if they hold property themselves, this could be liable against their inheritance tax. Also, with increasing cooperation between tax offices within Europe, their home assets would not be safe either. Best way is being proactive and plan ahead for the unavoidable or even the unexpected.
Ask us for appointment and we’ll give you a taylor made plan for your needs.
CORPORATE LAW :
Our staff is made of lawyers that grew up with the property booming Spain. This caused that corporate law was another tool to minimize the fiscal repercussions on property purchase and sale.
Hence, we specialized on setting up of companies, their taxation, international schemes, holding companies (ETVE), merges and acquisitions.
We also have a fiscal department, with trained accountants and fiscal advisors, all of them Native English Speakers.
Should you need any consultation on Spanish corporate law, please do not hesitate to contact us.
FAMILY LAW :
Our life can go through many experiences, that lead to changes, our aims could vary, our opinions evolve, even our taste, and the duty to put up with everything for the sake of family does no longer applies.
Therefore, the laws have also evolved and now there is no need for a costly and fighting divorce. You must know that in Spain, a foreign couple would only be ruled by Spanish law if they are different nationalities and married in Spain. If both spouses are, for example British, while the Spanish court would have jurisdiction if they had their last common domicile in Spain, the law to be applied in their divorce would be the British law (Matrimonial Causes Act 1973).
We have gone through the process so many times, that we could tell you your needs from a very first visit. It’s always preferable to reach an amicable solution, but we also know what the Spanish courts will say in case of disputed separations.
Don’t hesitate to ask us, even if you are just considering it, probably our advice will help you make your best decision.