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Owning Property in Spain – Know the risks

Nicholas Stott

Nicholas (Nick) is Managing Director of Homesure Property specialising in Property Investment, Property Development, & Property Management.

Paul Williams of Victor Welsh Legal has kindly offered to write a guest blog post to give some guidance on property ownership in Spain.

If you’d like further information, don’t hesitate to contact him using the details at the end of the piece.

 

Hi All,

“Owners of property in Spain may be carrying risks that they are unaware of.”

Spanish property owners may have problems with probate in Spain – do not assume that your UK will is sufficient!

If you own property in Spain, or anywhere else abroad, you should undertake to have a will produced that is legal under that particular jurisdiction. It seems a shame to have gone so far to protect your estate for your loved ones, but have left them vulnerable to delays, and/or additional unnecessary taxes due to not having a will in the correct format, in the correct jurisdiction.

Also, it is possible that property in Spain may be liable to Capital Gains Tax (CGT) in both jurisdictions. Transferring Spanish property into an English company may solve the problem, but you’ll need to have a chat with us to figure this out.

So take this as a heads up!

If you own property abroad, you need to talk to an expert to avoid unnecessary pitfalls. If you would like to talk to a Spanish solicitor ,resident here in Liverpool, please call Enrique Sanchez. This solicitor works closely with a notary in Liverpool to offer a complete solution.

 

Paul Williams

Consultant

07905 500228

www.victorwelshlegal.co.uk

Victor Welsh, Solicitor & Notary Public

Gladstone House, 2 Church Road, Liverpool L15 9EG

Tel : 0151 734 0404                      Fax : 0151 734 6539