The inheritance and gift taxes in Spain taxes the increase on wealth of a property, right or asset, the first one by reason of death of the transferor, the second one while still alive. Both must be paid by the beneficiaries, the amount will be vary depending on which autonomous community the asset is.
Inheritance, be it legitimate or testamentary, is a legal act through which the person liable transfers his or her assets (property, rights and duties) to other people. The regulation of inheritance in Spain determines: the purpose of the goods of the deceased, the testament validity requirements and the necessary procedure for the distribution of the hereditary goods.
There are two categories of wills under Spanish law: common and special. Special wills are military, maritime, and ones executed in a foreign country, while common wills are open, closed, or holographic. This last type is the basis for this article, yet before expounding on it, a brief sketch of the other two types of common […]