SPANIARDS are choosing not to accept inherited property because they cannot afford to pay the tax for ownership.
The number of Spaniards refusing to inherit property has more than doubled in the last five years, according to new research.
Depending on the relation to the deceased, the heir must pay between 9% and 35% of a property’s value to keep it.
The closer you are the less you pay, so while a cousin or distant relative would have to fork out 30% of the estate’s value, a direct heir under the age of 21 pay only 9%.
The government has issued a fixed set of rates but these can be modified by autonomous communities.
Despite measures in place to help lessen the impact, such as paying in installments or applying for a home equity loan, the cost is huge.
A house valued at €200,000 will cost a child €18,000 to inherit.
For the same house a child over 21 or a spouse would have to pay €26,000 (13%) whereas for a sibling or aunt or nephew it would be €44,000 (22%).