Resolving Cross-Border Successions with Assets in Spain: A Legal Challenge
Cross-border successions involving real estate in Spain and France have increased due to the globalization process over the past decades.
With the rise in unions between individuals of different nationalities, as well as people owning assets in various countries, the complexity of resolving a succession with multiple international aspects after their passing has grown significantly.
A notable example is the resolution of a succession between the United Kingdom and Spain or France.
What does an international or cross-border succession involve?
Let’s take, for example, a married couple residing in the United Kingdom, who pass away after having written a will in France, where they lived for a few years and where their children now reside. They leave properties in France and Spain, places where they spent their vacations every year.
This immediately raises questions about where to begin the succession process, how to manage the properties located in other countries, and how to address the tax complexities inherent to the situation.
What challenges does an international or cross-border succession with assets in France or Spain pose?
In the context of an international succession between Spain and France, or originating from a third country such as the United Kingdom and involving assets in one of those countries, a series of legal issues arise.
First, there is the question of whether the deceased left a will in any country and which law applies to the succession. Each country has its own inheritance laws, and determining which should prevail can be complex. For European Union member states, Regulation (EU) No. 650/2012, known as the “Succession Regulation,” generally applies in cross-border succession cases.
Another significant challenge is the diversity of procedures and requirements needed to resolve a succession, whether amicably or through legal proceedings, as each country has its own legal and judicial system.
The issue of inheritance taxes, already burdensome in standard inheritances, plays a critical role in cross-border successions. Specialized advice is essential to avoid overpaying taxes, as each country has its own tax regime, and the succession of assets may be subject to taxation in multiple countries.
Furthermore, the linguistic and cultural diversity between France, Spain, and the other countries involved can add another layer of complexity to resolving cross-border successions. The need for document translation and apostilles, as well as understanding cultural differences in handling legal matters and dealing with professionals or heirs from different countries, can increase the challenges of the process.
BCVLEX, expert lawyers in international successions with assets in Spain or France.
The challenges posed by international successions involving assets in Spain or France can complicate the process and extend its duration, especially without experience in the relevant legal systems.
To address these challenges, it is essential to have specialized legal advice in cross-border successions and private international law, like the services provided by BCVLex Lawyers to clients worldwide. They assist those affected by a succession involving assets in Spain or France, or vice versa, heirs to a succession that must be initiated in Spain or France but includes assets in third countries.
