Reduction of 99% on inheritance and gift taxes in Valencia
On November 22, 2023, the parliament of the Spanish region of Valencia passed a law that significantly reduces inheritance and gift taxes.
Spouses, cohabiting partners registered in the “Registro de Parejas de Hecho”, (grand)children and parents are entitled to a tax reduction of 99%.
In the past, a 99% reduction was already applicable to spouses and children. However, these reductions were reduced during the economic crisis. This legislative initiative now brings about a change in that trend.
This new law applies to inheritances and gifts received on or after May 28, 2023.
We will provide further details on who can benefit from this tax advantage and why it is still advisable to establish an estate planning strategy for properties located there in an upcoming, more comprehensive article.