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INHERITANCES

When receiving an inheritance in the Canary Islands / Spain, whether you are a tax resident or not, you must follow certain steps for the distribution, legal registration and payment of the inheritance taxes.

The deadline for submission of the documentation and payment of taxes is six months from the date of death of the relative or person who owns the assets you are going to receive. If it is not possible to file within this period of time, a deferral can be requested. Such a deferral must be requested at least two months before the end of the six-month period and must be properly argued for approval by the administration.

Failure to file and pay taxes within the legal deadline could result in penalties from the State Treasury or the Government of the Region in which the tax is due.

Depending on the tax status of the heirs (tax resident or non-resident), the region of Spain where the inheritance is to be received and other legal aspects different documents will have to be provided which we will help to obtain both in Spain and in the country of residence of the heirs.

There are tax reliefs that can be applied depending on the region of Spain where the Inheritance is presented or settled. That is why each case must be treated individually.

Please do not hesitate to contact us in case you find yourself in this special and difficult situation.