The benefits to the individual of considering corporate ownership of property will depend on the individual requirements and circumstances. We work with tax advisers that manage hundreds of companies and substantial trusts many of which are asset holding companies. They are barristers and professionals including trust and estate practioners, who operate a Trust company licensed by the Gibraltar Financial Services Commission in Gibraltar (the equivalent of the UK FSA). Our Trust and Estate experts will want to assess each individual before giving definitive advice though the following matters would be of relevance when assessing the benefits of structuring the purchase of your property in a tax efficient manner:
In Spain for example the rates of inheritance tax applicable currently on real property will vary between 7.65% and 81,6% depending on the relationship between the deceased and his successors.
Spanish capital gains tax is payable on the gain in value of the house when resale is effected in Spain and is 35% for non-residents.
Corporate ownership may mitigate this exposure if properly structured.
You lose nothing in putting your individual circumstance to our experts and they will advise you accordingly in the long run it may well give you and your family a considerable saving and peace of mind. Contact us to find out more information on Corporate Ownership of your property.