What to do if you inherit in Argentina but live in Spain, and vice versa
Receiving an inheritance abroad requires a different procedure than usual. First of all, if you inherit in Argentina and you do not want to travel, you will have to make a power of attorney before a notary in Spain. Thus, a family member or friend will be able to sign on behalf of Argentina.
Then, if the inherited estate is worth more than €50,000 and you want to keep it in Argentina. The Spanish government must be informed. The fines for failing to do so are very high. If you prefer to bring this wealth to Spain, it is advisable to find out in advance about the tax aspect of this operation.
Being a resident in Spain means paying taxes on income received abroad. Argentina and Spain are governed by the Double Taxation Convention. This implies that when you bring money received in inheritance in Argentina to Spain, you may have to pay taxes. The taxation of an inheritance received abroad is a delicate matter. That’s why it’s important to get proper advice before carrying out the whole operation.
Limeres offers the service of inheritance tax consultation in our office, or by videoconference.
For more information on this topic you can read our post “Guide to not getting lost with taxes between Argentina and Spain”.
Inheriting in Spain, living in Argentina
Living in Argentina and receiving an inheritance in Spain is no longer as common a situation as it was 30, 50 years ago. But it still happens. If you live in Argentina and a family member dies in Spain. The procedure is more complex and the steps to follow are as follows:
- Obtain a certificate of last will and testament in Spain, to see if there is a will.
- Request a life insurance certificate, in case the decedent left any beneficiary of the same.
- If there is a will, it is executed. The execution of the will includes the registration of the immovable property in favour of the heir or heirs.
- If there is no will, the procedure ab instento is carried out, to determine who the heirs are.
- Calculate and settle inheritance tax.
An international heritage has its own rules. Limeres takes care of all the arrangements. We can also carry out the procedures without the need for the heir to travel to Spain, by granting powers of attorney for this. And so you save money and time.
An estate includes the entire estate of the deceased: Real estate, bank accounts, life insurance, stocks, bonds, cars, shares in companies. Among our services, we offer to take care of the sale of inherited real estate, advice on the sale of all types of assets and transfer of money to the account in Argentina indicated by the heir.