Spanish Property

[stuscfc1883]

my Father-in-law bought a flat roughly 25 years ago in Spain, it has no mortgage anymore, however he is well into his 70's and is finding the whole 'ownership' thing quite stressful . . . he has already told my wife that she will inherit the property one day and he wants her to take over the property now . . . the value of the property in a 'normal' market would be roughly £120k, however in the current climate it may be closer to £90k . . . does anyone know what tax implications we may incur?

Edited September 29, 2011 by stuscfc1883

[sir_gilmour]

Hi stuscfc1883

Welcome to The Consumer Action Group.

 

 

I am just letting you know that as you haven't had any replies to your post yet, it might be better if you post your message again in an appropriate sub-forum. You will get lots of help there.

 

Also take some time to read around the forum and get used to the layout. It is a big forum and takes a lot of getting used to.

 

 

Once you start to find your way, you will soon realise that it is fairly easy to get round and to get the help you need.

 

It can be bit confusing at first.

[patrickq1]

i would ask you to go to this site that explains the implications of owning an overseas property ...you wont be taxed in the uk you may have to set up an offshore account to handle the property tax this way it is not part of the uk tax system and only will it be used for paying your spannish property taxes which arent much but saying that the spannish goverment recently raised the spannish taxes to approx 12/1400 euros per year , but i would check on the site i have listed here

patrickq1

http://www.buyingforeignproperty.com/2006/general-advice/proeprty-abroad-tax-implications/

[cerberusalert]

Moved to the Overseas forum.

[patrickq1]

the Market in spain is almost 40% lower than it was three years ago according to reports over half the properties in malaga are almost worthless because of a council run frud two thirds are estimated to be unlawful 12 councilers in malaga have been arrested for fraud , most properties in spain are undergoing checks because of the wide scale fraud in the south so i would nt be concerned about the values, like i said before register a ofshore company and get your father in law to transfer the escaturas into your name then all you need concern yourself with is the local taxes it wont affect your \uk tax so dont worry try to make sure you have a good offshore accouunt with a reputable accountant they will charge for it but it wont cost the earth also you can then registar an ofshore bank account

patrickq1