{"id":30579,"date":"2023-09-07T08:00:00","date_gmt":"2023-09-07T06:00:00","guid":{"rendered":"https:\/\/www.confianz.be\/?p=30579"},"modified":"2023-09-10T00:30:11","modified_gmt":"2023-09-09T22:30:11","slug":"inheritance-tax-canary-islands","status":"publish","type":"post","link":"https:\/\/www.confianz.be\/en\/successierechten-canarische-eilanden\/","title":{"rendered":"Actual abolition of inheritance tax in the Canary Islands"},"content":{"rendered":"<p>Following the lead of most Spanish regions, such as Andalusia, Murcia, Valenciana and the Balearic Islands, the Canary Islands are now following suit with a <a href=\"http:\/\/www.gobiernodecanarias.org\/boc\/2023\/175\/001.html\" target=\"_blank\" data-type=\"link\" data-id=\"http:\/\/www.gobiernodecanarias.org\/boc\/2023\/175\/001.html\" rel=\"noreferrer noopener\">actual abolition of inheritance tax and gift tax<\/a>. This entry provides more information on the new inheritance tax in the Canary Islands. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">A 99.9% reduction in inheritance tax for extended family<\/h4>\n\n\n\n<p>There will be a 99.9% reduction in the inheritance tax due for the extended family. These are the surviving partner, children, as well as brothers &amp; sisters and nieces &amp; nephews. This extended family will thus pay virtually no inheritance tax.<\/p>\n\n\n\n<p><strong>Note<\/strong>: in case of an inheritance in Spain, the heirs are still <a href=\"https:\/\/www.confianz.be\/en\/plusvalia\/\" data-type=\"link\" data-id=\"https:\/\/www.confianz.be\/plusvalia\/\">municipal capital gains tax<\/a> owed on the transfer of property. In addition, there may be <a href=\"https:\/\/www.confianz.be\/en\/declaration-of-estate-with-spanish-property\/\" data-type=\"link\" data-id=\"https:\/\/www.confianz.be\/aangifte-van-nalatenschap-met-spaans-vastgoed\/\">Flemish inheritance tax<\/a> to pay.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">A 99.9% reduction in gift tax for partner and children<\/h4>\n\n\n\n<p>There will also be a 99.9% reduction in gift tax. Some limited conditions do apply here:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li> the donation is executed through a notarial deed;<\/li>\n\n\n\n<li> and no donation must have been received in the past 3 years applying the 99.9% reduction.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>However, unlike inheritance tax, the reduction is limited to the surviving spouse and children. <\/p>\n\n\n\n<p><strong>Note<\/strong>: for the recipient of a gift, there will be virtually no more gift tax, but the donor still pays <a href=\"https:\/\/www.confianz.be\/en\/capital-gains-tax-in-spain\/\" data-type=\"link\" data-id=\"https:\/\/www.confianz.be\/meerwaardebelasting-in-spanje\/\">national capital gains tax<\/a> and <a href=\"https:\/\/www.confianz.be\/en\/plusvalia\/\" data-type=\"link\" data-id=\"https:\/\/www.confianz.be\/plusvalia\/\">municipal capital gains tax on real estate<\/a>. So a donation is not necessarily fiscally beneficial.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Decision<\/h4>\n\n\n\n<p>Thanks to the reduced - effectively abolished - inheritance tax, the Canary Islands are broadly one of the most interesting tax regions in Spain. <\/p>","protected":false},"excerpt":{"rendered":"<p>In fact, no more inheritance tax in the Canary Islands. There will be a 99.9% reduction in inheritance and gift tax.<\/p>","protected":false},"author":2,"featured_media":30580,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[128,132,133,135,153],"tags":[820,821,819],"class_list":["post-30579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kopen-canarische-eilanden","category-erfrecht","category-erven-in-spanje","category-belastingen-in-spanje","category-schenken-in-spanje","tag-erfbelasting-canarische-eilandne","tag-schenkbelasting-canarische-eilandne","tag-successierechten-canarische-eilanden"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.confianz.be\/en\/wp-json\/wp\/v2\/posts\/30579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.confianz.be\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.confianz.be\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.confianz.be\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.confianz.be\/en\/wp-json\/wp\/v2\/comments?post=30579"}],"version-history":[{"count":9,"href":"https:\/\/www.confianz.be\/en\/wp-json\/wp\/v2\/posts\/30579\/revisions"}],"predecessor-version":[{"id":30593,"href":"https:\/\/www.confianz.be\/en\/wp-json\/wp\/v2\/posts\/30579\/revisions\/30593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.confianz.be\/en\/wp-json\/wp\/v2\/media\/30580"}],"wp:attachment":[{"href":"https:\/\/www.confianz.be\/en\/wp-json\/wp\/v2\/media?parent=30579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.confianz.be\/en\/wp-json\/wp\/v2\/categories?post=30579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.confianz.be\/en\/wp-json\/wp\/v2\/tags?post=30579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}