Inherited a Spanish property with 3 other siblings

R

Romero

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Hi
I have been left a 1/4 share in a spanish property valued around 160,000 Euros. I believe under spanish law I will have to pay sizable inheritance tax, which I cannot afford so I would the property to be sold to release funds to pay 1) any inheritance tax that might be due and 2) pay off some bank loans I have here, the problem is that my 3 siblings do not want to sell the property, so i'm just wondering what my options are?

If they don't want to buy my share, can I force them to sell it?
Can I sell my 1/4 to a third party?

Any advise greatly appreciated

Thanks

Romero
 
Re: Ihherited a Spanish property with 3 other siblings

Can anyone give me advice on this?

Thanks

Romero
 
Re: Ihherited a Spanish property with 3 other siblings

This thread contains some links to articles with information specifically about the taxation of Spanish properties in case it's of any use?
 
Re: Ihherited a Spanish property with 3 other siblings

Romero,

It might be an idea to get local independent advice on this matter - I know that in the Sth of Spain that there are many independent tax advisors who deal with this sort of thing everyday - the issue of inheritance tax in Spain is a large one, and considering the age profile of many property owners, in the Sth of Spain anyway, is one that comes up frequently.



The local solicitor that is dealing with the transfer of ownership of the property may be able to recommend someone to you.



Another option may be to ask your siblings to contribute to your costs in exchange for a greater share of the property.



As far as I know, but I am no expert, there is very little you can do to avoid having to pay the tax - this is one of the downsides to owning Spanish property that many people are not aware of.



Hope this helps



efm
 
Re: Ihherited a Spanish property with 3 other siblings

Thanks for the advice folks, I'm more interested in disposing of my share of the property and if my siblings do not want to buy out my share, can I sell it to a third party? Or do I have to just grin and bare it??

Thanks
Romero
 
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