Wednesday, October 01, 2008

Spain Considering Scrapping IHT on Property

An article printed in CityWire and Kyero states that Spain is considering scrapping IHT for property transactions in order to help bolster the sector. Well in Valencia it already has (Almost). IHT is not payabale to descendents of people as long as those descendents re resident in the community. There is a nominal fee of 1% to be paid. Thus if you leave a property to resident family members the rather onerous IHT in other countries or regions does not exist here. Obviously this means that from a tax point of view an investment in property in Valncia region is long term an extremely attractive option for those bringing their families over to the area to live.

Expats spending their lives in Valencia therefore not only get to live an area considered to be one of the healthiest in the World by the World Health Organisation but also are safe in the knowledge that when they pass away the government will not be gnawing away at their nest egg.

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