Power of Attorney in Spain.
A Power of Attorney is an official document that allows someone to act on your behalf during legal procedures.
We can draft a multitude of different Power of Attorneys depending on the requirements that need to be met. We can help with the following & more!
- Buying & Selling Property
- Inheritance Acceptance & Rejection
- Open & Closing a Spanish Bank Account
- Applying for an NIE Number
Do you require a Power of Attorney?
"*" indicates required fields
Who can make a power of attorney?
In order to make a power of attorney this may involve a notary, call us for further advice. The notary only needs to check that you understand what you are doing and that you have the capacity to do it, which usually requires you to be over 18-years-old.
What powers should a power of attorney have?
When dealing with Spanish probate a power of attorney should be as limited as possible, simply allowing the attorney to perform the agreed duties. It is not a good idea to issue a general power of attorney, because you are then authorising another person to do things in your name. The less your attorney can do, the fewer risks there are. Because of that, it is safer to make a limited power of attorney for dealing with Spanish probate only and then extend it in the future if needed rather than giving the attorney a lot of freedom from the very beginning.
This may mean you need to pay additional fees for making a further power of attorney. Therefore, having a full understanding of the process is an important factor, we are able to assist we will make the power of attorney as wide as necessary but as limited as possible within those parameters.
Why does this help in Spanish probate?
We can help you with the full Spanish probate process. Our assistance is not limited to simply giving you advice, but with our professional team which will include outsourcing to Notaries and Solicitors where required, all of the paperwork can be completed making this process simple.
We will keep you informed along the process and you will be always free to call us and ask us about anything you have doubts about or the process development.
We can offer you peace of mind regarding the legal issues of inheritance, but we also believe in transparency and communication.
Get your inheritance in Spain stress-free
- You will need to ask for a death certificate.
- When you have the death certificate, we would ask the Spanish Central Will Registry if there is a will. If there is one, they will let us know where it is.
- If the will exists, we ask the notary that has the will for an authorised copy (if you want someone else to do this for you, you will need a power of attorney).
- You will have to accept or reject the inheritance.
- The ownership of the new property needs to be changed in the Property Register.
- Payment will need to be made of the Spanish succession taxes.
We can assist you in all of these steps and all the actions needed between them, including the creation of a power of attorney so that we can represent you before Spanish authorities.
Apply from your country of residence
Spanish wealth tax is a direct tax levied on the wealthy with the intention of reducing wealth inequality. The theory holds that your tax burden will increase in direct proportion to the value of your assets. The wealth tax in Spain is between 0.2% and 2.5%. This tax is distinct from Spain’s income and capital gains taxes. If the value of your total assets exceeds €1,000,000, you may be subject to wealth tax. For Spanish citizens, the tax is due on all of their worldwide holdings. The tax is only due for non-residents on Spanish assets. Read on to find out more.
This guide will help you to understand and guide you through the Spanish Succession Tax rules.
Who Pays, Exemptions, and International Context
Who Should Pay The Spanish Wealth Tax?
If your total estate and assets exceed a specific amount, you must file a wealth tax declaration in Spain. Shares, insurance, bank accounts, and real estate are all under the wealth tax umbrella. The maximum value is €700,000. However, the autonomous regions may increase or decrease these limits:
- Costa Blanca and the Valencian Region: €500,000
- Costa del Sol was included in Andalusia, which has been eliminated, but there is still a solidarity tax.
- Balearic Islands: General legislation is in effect, and after €700,000, tax is due.
- You must also file a declaration if the tax obligation is negative, but you have assets worth more than €2,000,000 instead.
Should I Still declare if I don’t Pay Taxes in Spain?
Yes, but just for the Spanish-based assets, because they are located, can be exercised, or must be fulfilled on Spanish soil. Non-resident taxpayers will be able to use their own regulations that have been approved by the Autonomous Community where the assets and rights they own and for which the tax is required have the greatest value.
Can Debt or Expense be Deducted?
Mortgage debt is an example of a debt that could be deducted. The habitual residence’s value may be deducted up to a maximum of €300,000. Also, a company’s shares are exempt if:
- Over 5% of the company is owned by the owner (20% family group).
- The business is operational.
- You must be employed by the organisation and have managerial responsibilities.
Which Nations Impose Wealth Tax?
Along with Spain, Switzerland, Norway, and Liechtenstein also require the declaration of this tax. Only 1.5 million Krone, or 150,000 euros, in Norway, are subject to this tax, and the applicable proportion is 0.85%.
On the other side, certain nations, including Sweden, Luxembourg, Denmark, Germany, and Austria, as well as more recently France, have done away with the wealth tax.
Contact Spanish Legal Matters on+44 (0) 20 3985 9556.