The Pain in Spain is Mostly in the Gain

The Pain in Spain is Mostly in the Gain
In a recent article in OPP magazine, I learned that there is a snake hidden in the Spanish succession laws. Most countries charge estate taxes to the estate. Spain (according to the article) charges the inheritor. This means that if you (as a foreigner) inherit a property in Spain you could wind up with double taxation. The article goes on to suggest strategies for avoiding this eventuality. That is way out of the scope of this blog.
The ultimate insult could of course be that the way property trends are going in Spain there may not be any gain anyway. It is always good to get competent advisors who are knowledgeable about the taxes in all of the countries involved in any transaction. Estate planning takes on whole new dimensions when international ownership is involved. Finding a competent advisor could be quite difficult. Not finding one could be even more difficult and costly.
The Spanish government is accepting many unsold properties into a government sponsored low-income housing pool. Not to be judgmental; but these people may not make the best neighbors. See what the sales rates are for a project in which you buy. Make sure the properties will hold their value.

David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com