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José M.
José M., Attorney
Category: European Law
Satisfied Customers: 4904
Experience:  Spanish Attorney
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Hello, I am a Swedish citizen, 68yrs old. Emigrated from Sweden

Resolved Question:

Hello, I am a Swedish citizen, 68yrs old. Emigrated from Sweden 1972.
Resident in London fr 1974 - 2000, when I took up residency in Valais, Switzerland, where I now live.
I have a house in Mallorca worth approx €1.5 million and which, since I bought it in 2003, is in a S.L., which contains only this house.
I have three children, one living in London, one in France, one in NYC ( normally London). All three have dual UK & US passports.
My present husband and I have a prenuptial acc to Swedish law and he will not inherit me, should he survive me.
Would Swiss IHT law prevail over the Spanish as I am domiciled there?
Does it make a difference that my house is in a company with regards XXXXX XXXXX IHT rate?
What is the tax payable by my three children likely to be?
Submitted: 1 year ago.
Category: European Law
Expert:  José M. replied 1 year ago.

Abogado3044 :

Hi

Abogado3044 :

The applicable law in the inheritage procedure its the national of the pass away person

Abogado3044 :

In your case swiss law

Abogado3044 :

The taxes to be paid in Spain are about the real state propieties and in the comunidad autonoma where the propiety is

Abogado3044 :

In your case the sons will have to pay taxes in Gobierno de Baleares

Abogado3044 :

The amount to be paid will be between 1 and 7 per cent of the value

Abogado3044 :

If the sons are no residents I think they will have to pay 7 percent but if you contact a local lawyer there he probably could get that you only have to pay 1 per cent

Abogado3044 :

I will be here if needed

Abogado3044 :

Than you

Customer:

Thank you. Does it make a difference that the house is in a S.L?

Customer:

What would determine whether my children would have to pay 1 or 7 % ?

Customer:

Does Spain have a tax agreement with the UK so they would not have to pay IHT in both countries?

Abogado3044 :

Yes, they will pay for the value of the participation IN THE sl

Abogado3044 :

The diference between 1 / 7 per cent its when you give them, and if they are resident in Baleares or not

Abogado3044 :

The transmition tax is due to pay in all cases even if you paid in UK

Abogado3044 :

Maybe the best way to pay less its to donate them in live ( 1 per cent )

Abogado3044 :

Thank you

Customer:

Can I donate the whole SL to my children without paying any transfer fee?

Abogado3044 :

No, you have to pay at least 1 per cent

Customer:

This is then the 1 % which constitutes the IHT my children then will NOT have to pay as they would then own the shares in the company?

Abogado3044 :

The 1 per cent is due to pay when you donate them, the shares in the company

Customer:

So I would continue to pay rent for the benefit of using the house as I do now?

Customer:

If i die within 7 years would the situation be different as regards IHT?

Abogado3044 :

Yes

Abogado3044 :

You can donate the nuda propiedad and to keep the usufructo for you all your live

Abogado3044 :

And it will decrease the avlue of the tax

Customer:

What would the rate be then?

Abogado3044 :

The value of the usufructo will depends on your age

Customer:

Ok, thank you very much for this time!

Abogado3044 :

At least its is calclated over 10 per cent of the value and your son will have to pay 1 per cent of this value ( So minimun 1 per cent of 10 per cent)

Abogado3044 :

here its explained in spanish

Abogado3044 :

http://www.oficinanotarial.com/2011/11/como-se-calcula-el-valor-del-usufructo.html

José M., Attorney
Category: European Law
Satisfied Customers: 4904
Experience: Spanish Attorney
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