Last Will & Testament

Last Will & Testament Most properties are owned on a 50/50 basis between husband and wife. The usual testament will bequeath the late spouse's assest to the remaining spouse with substitution in favour of their children in equal shares in the event of death of both spouses. However, the rules and regulations do vary depending on your nationality, so contact Vicens Ash to ensure that your last wishes regarding your Spanish assets is in order. A Spanish testament is not obligatory, however, anybody with assets in Spain should think ahead in order to avoid hassel and time consuming problems for their loved ones left behind. You can either take this service as -part of our package- when purchasing property with Vicens Ash, or consult an independant solicitor - either way, it should be done ! We shall organise your last will and testament to be drafted at the local Notary office, once it is signed and notarised, the document is then registered in the Central Will Registry of Madrid. Secret Wills and also be notarised and registered. Should somebody die and you do not know if they left a will (whilst owning Spanish assets or living in Spain), you can contact the Will registry office in Madried, and by presenting the original and copy of the death certificate, you will be able to obtain a copy of the last registered will and and testament of the deceased. Who can make a testament in Spain ? As a general rule, the testator must be at least 14 years of age andn legally capable to make a valid will. Types of wills: Holographic will Anyone who had come of age can make this type of will. It shall be written entirely in the handwriting of the testator and shall be dated and signed by him on every page. It must be verified as genuine before a judge. It is required that the handwriting of the decedent be authenticated by witnesses, who must be the decedent's closest relatives. Once it is verified, the judge will enforce the will's contents. The estate shall be distributed in accordance with the provisions of the will. Open will This is the usual form of will for most people in Spain. It is made before a Notary, who shall keep the original document in his files. The Notary will send a notification of the will to the Central Registry of Spanish Wills (Registro Central de Última Voluntad) located in Madrid. The Notary may request the presence of 2 witnesses, who can also be required in case the testator is blind or illiterate. It must be shown that a minor, a person who is blind, deaf, dumb, and the spouse and closer relatives of the testator cannot act as witnesses. Closed will Executing this will you will keep secret your provisions putting them in an envelope. You shall declare before the notary that your provisions are contained in the envelope and declare whether you have written them by yourself or it has been written by a third person, also you shall declare whether you have signed it or it has been signed by a third person for you. The notary then seals the envelope and signs it, then he files it and send a notification of the will to the Central Registry of Spanish Wills (Registro Central de Última Voluntad) located in Madrid. This will cannot be made neither by blind nor by illiterate persons.

NIE numbers

This is a Spanish identification number for foreigners (Número de identificación de extranjeros), ALL purchasers of property in Spain must have a NIE number, mainly so that the purchase taxes can be paid, the NIE number is also known as a NIF number, which is a fiscal number (tax identification number).

Bank accounts

To purchase a property in Spain, you must have a Spanish bank account organised before completion takes place. Keep in mind, that if you think you will be buying with a Spanish mortgage, make sure you have chosen the bank offering you the best deal to suit your needs before opening bank accounts in several banks unnecessarily. Vicens Ash has a very good network of contacts with the local banks and depending from which country you will be transferring money from, your preferred language and your requirements, we will advise you on the best bank to use. Don't forget, that some Spanish banks will charge you commission in order for you to receive your money into your account ! Speak to the professionals and take advise before opening an account. Even for those clients that do not have time to come to Spain in order to open bank accounts, speak to Vicens Ash, a solution will be found. Upon completion of a purchase, Vicens Ash shall arrange to set up payments for all of your new properties utilities and services by standing order through your Spanish bank account, this is just one of the services provided by us.

Buying with a mortgage

Buying With A Mortgage when purchasing property with a mortgage, as there are two deeds to be signed, the purchase deeds and the mortgage deeds, you have the above-mentioned costs as well as the following: •Banks legal work (actos juridicos) •Notary Fees •Land Registry Fees •Administration costs of the Notary and Land Registry •Bank setup fee If you make sure that you have 13% extra, on top of the purchase price, this will cover all of the above costs.

Buying costs

when purchasing a property, without a mortgage, you have the following costs:- •7% Stamp Duty I.V.A. (this is fixed on all property transactions) •Notary Fees •Land Registry Fees •Administration costs of the Notary and Land Registry •Solicitors´ fees If you make sure that you have 10% extra, on top of the purchase price, this will cover all of the above costs. When purchasing a plot of land or a garage space, directly from a promoter / builder, instead of paying 7% stamp duty, you will pay 16% VAT on top of the purchase price. However, if you purchase a property as well as a garage space from the promoter, you pay 7% stamp duty and not the 16% VAT. When purchasing a new property from a promoter, as well as the above-mentioned costs, you have to pay an additional 1% for legal work (Actos Juridicos), however, if you provide a certificate from the town hall which claims the property to be your habitual residence, then you only pay 0.1% for legal work (Actos juridicos). As you can see, there are several variations on the extra costs that could be incurred