Inheritance in the Balearic Islands
Practical guide to dealing with an inheritance in the Balearic Islands: Inheritance and Gift Tax (ISD) allowances and reliefs, deadlines, extensions and the benefit of inventory, as well as compulsory share and succession planning. We address issues such as the powers of the distributor, the appointment of an executor or partitioner, court partition of the estate, Balearic succession agreements and inheritances involving family assets and businesses in Mallorca, both for residents and non-residents. Legal and tax advice from Palma de Mallorca.
ISD allowances
Inheritance and Gift Tax reliefs in the Balearic Islands
Which reductions and regional allowances can reduce the tax due on inheritances between parents, children, spouses and other relatives, and how they interact with Balearic regional rules.
Read the guide on ISD allowances →ISD deadlines
Deadlines and extensions for Inheritance Tax
Basic timeline for the tax, when you can request an extension and a practical checklist so you do not lose allowances or incur unnecessary surcharges.
Read the guide on deadlines →Benefit of inventory
Accepting the inheritance with benefit of inventory
How to limit liability for the deceased’s debts to the value of the assets received and when this option is advisable in estates with debts, guarantees or family businesses in the Balearic Islands.
Read the guide on benefit of inventory →