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 jurisdiction. It seems a shame to have gone to 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 jurisdiction.
Also, it is possible that property in Spain may be liable to Capital Gains Tax in both jurisdictions. Transferring spanish property into an English company may solve the problem.
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 The Best of Liverpool. This solicitor works closely with a notary in Liverpool to offer a complete solution.
