AS THE MOST IMPORTANT RULES WE POINT OUT:
- The tax rate of 1% will be applied for acquisitions by inheritance in Group I and II (spouses, descendants and ascendants) up to 700,000 euros of inherited estate for each heir.
- The general donation and the definition referred to in Articles 8 to 13, 50, 51 and 73 of the Code of Civil Law of the Balearic Islands, approved by Legislative Decree 79/1990, of 6th September, will be considered as a title to inheritance in accordance with Article 11b of the Regulations on Inheritance and Gift Tax, and, consequently, will enjoy all the tax benefits inherent to inheritance acquisitions as far as they are applicable.
- The regulations for both taxes include numerous exemptions and allowances based on family ties, the type of asset transferred, the use of the asset, whether the asset is used for economic activities, the maintenance of the acquired asset in the purchaser’s estate, the purpose of the donation, etc. Therefore, you should review the regulations by clicking here and also contact us to check the situation applicable to your specific case.