View Full Version : Reaction to Imheratage Monies Coming here?

28-03-2014, 02:23
Very much to my surprise I have been told that I may benefit from my Parents Trust but I am concerned as to what a Canarian Bank and the Haceinda here would try to do to any monies granted to me so I wonder if anyone on here has been in a similar situation. I, of course, have been a Resident for many years so will the authorities here try to get their hands on the money. Its not much but I would rather it went to on of my kids rather than it be eaten up in taxation. Any views?

28-03-2014, 09:33
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28-03-2014, 10:04
Can you not decline the inheritance and allow it to pass to your next of kin ?

28-03-2014, 10:31
Worth talking to a Gestor about this, timmy … there seems to be significant exemptions for the disabled


1) Personas con discapacidad física, psíquica o sensorial

Compatible con el artículo 20.

► Además de lo que pudiera corresponder en función del grado de parentesco:

Grado de discapacidad ≥ 33% y < 65% ► 72.000 €.

Grado de discapacidad ≥ 65% ► 400.000 €

As to banks - they will take a standard commission on the arrival of funds (think it is 0.5%, but this can be negotiated) … if it arrives in your bank account in the last 3 months of the year, it will be flagged to Hacienda when you get your yearly bank statement showing interest received etc as it includes the balance at the end of the year as well as the average balance in your account for the period Oct - Dec

28-03-2014, 10:36
Commission on arrival of funds can be reduced to a minimal figure if the amounts received are made up of multiple payments under 50,000€ - this is in accordance with the new EU wide SEPA rules which came into effect in February. So anyone moving large amounts into Spain should do so in chunks. The banks are then obligated to charge you the account holder, the same as they would for receiving a national transfer, so long as the funds originate in the EU. Decent saving to be made on 6 figure transfers...!

28-03-2014, 11:01
As mentioned previously I would speak to a gestor but it is my understanding that even if you inherit the money and leave it in the uk you will be expected to declare it here.

28-03-2014, 12:21
I read that assets outside of the UK in excess of 50,000€ have to be declared in Spain if you are resident here so maybe you wouldn't have to declare it if it were to be received into a UK bank account?

28-03-2014, 17:06
I read that assets outside of the UK in excess of 50,000€ have to be declared in Spain if you are resident here so maybe you wouldn't have to declare it if it were to be received into a UK bank account?

Are you talking about the Mod 720 which must be submitted by 31st March, perhaps? It is for assets held anywhere outside of Spain, so would cover UK bank accounts :)

28-03-2014, 17:22
My previous post should have said you may not have to declare it if it was received in a UK bank and under 50,000.

28-03-2014, 22:40
Clearly, although a relatively small amount it would enable us either mover home here or possibly buy a repo Studio unit to generate income over the next 10 years or so.
It does seem to be very difficult to establish the best possible way of accessing such monies so until I get a clear idea, if needed I shall either get the lawyers in the UK to hold the monies or get the said money paid out to my daughter and move it here over a period of time although that then creates comms!
Thanks for the replies. Don,t know if any have helped really but food for thought.

28-03-2014, 22:47
Half to you, half to your daughter then move funds from the UK into a joint bank account between you and your daughter. Then buy a property in both names?
I´d still check with a switched on gestor whose up to speed on the latest tax grabbing mechanisms!

29-03-2014, 22:14

There is no way they have the resources to investigate everyone so chances are slim to none. Hefty penalties if they get you though.