Foto de INHERITANCE

06 Marzo, 2015

Written by Dr Crespo
This guide do not substitute professional advice, which we will be happy to provide on request. IntroductionOver 500,000 British people have an interest in a holiday home in Spain. More than 4,000,000 take holidays in Spain each year. Some stay to start businesses, to retire - or just to enjoy the sunshine. When they die, most will leave assets in Spain that will need to be transferred to their heirs.The basic approach to dealing with an inheritance involving assets in Spain is the same in all cases:1. Establish what assets exist in Spain 2. Establish which law should apply to the inheritance 3. Establish whether there was a valid Spanish will 4. Establish whether there is a valid English or other will covering the assets in Spain 5. If there is no valid will, work out who is entitled to the assets 6. Complete the documentation needed to transfer title of the assets in Spain to the persons...

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Foto de PLANNING IN THE CASE OF FUTURE INCAPACITY

06 Marzo, 2015

Written by Dr Crespo
The reality is that we are living longer and that there is a chance that during our latter years of life we will live with our mental faculties diminished. In addition, there is an increasing number of brain injuries and illnesses due to accidents and degenerative diseases brought upon us from earlier years. What to do in this case? This is a question that we should all ask ourselves since it is something that one day will affect us. We must decide what we should do while we our mental capacity is still perfect. Sometimes, such as in the case of Alzheimer sufferers, the patient is often unwilling to accept that he/she will lose their mental capacity. They remain confident that even with losses in their mental capacity they will still be able to govern themselves. However, this disease and other evolving diseases that progress rapidly, before the patient realises it they are in such a deteriorated...

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Foto de POWER OF ATTORNEY

06 Marzo, 2015

Written by Dr Crespo
POWER OF ATTORNEY This guide do not substitute professional advice, which we will be happy to provide on request. What is a Power of Attorney? A Power of Attorney is a formal legal document by which you give someone else the power to do certain things on your behalf. Why do I need a Power of Attorney? Under Spanish law many documents that, in this country, would simply be signed in front of a witness need to be signed, in Spain, in front of a Notary Public. It is often inconvenient for the parties to attend in person before the Notary. They will often, therefore, decide to grant a Power of Attorney in this country, authorising a named person to sign on their behalf in Spain. In Spain there are also certain things that can only be done on your behalf by somebody having a Power of Attorney. Many of these do not need a Power of Attorney when they are done in England. These include the...

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Foto de CAPITAL GAINS FROM THE SALE OF REAL ESTATE PROPERTY

27 Febrero, 2015

Written by Dr Crespo
This guide do not substitute professional advice, which we will be happy to provide on request. A capital gain as a result of the sale of real estate property is subject to taxation. When a change in property takes place the income is considered due. In general terms, a capital gain is determined by subtracting the purchase value from the sale value. The purchase value is made up of the price paid for the property to which the amount of the expenses is to be added, excluding interest rates, and taxes related to the acquisition, , that have been paid by the present transferor. If the property had been rented, the purchase value determined as mentioned before, must be reduced by the amortization corresponding to the rental period. The sale value is the amount for which the transaction has been carried out, having deducted the amount of the expenses and taxes referring to the transfer which...

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27 Febrero, 2015

Written by Dr Crespo
This guide do not substitute professional advice, which we will be happy to provide on request.   Introduction The information contained in this document relates only to people not resident for tax purposes in Spain. A person is resident for tax purposes if he/she, under other circumstances, is physically present in Spain for more than 182 days in any calendar year. It is impossible to give tax advice without detailed knowledge of your personal circumstances. You should, therefore, treat this document as no more than background reading designed to give you some idea of the structure of the tax system in Spain. We can accept no responsibility for any action that you take or fail to take as a result of reading this document. The machinery of tax collection in Spain The Spanish Authority responsible for the collection of taxes is the “Agencia Estatal Tributaria” (AEAT-Hacienda)....

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