{"id":3827,"date":"2014-07-22T08:00:44","date_gmt":"2014-07-22T08:00:44","guid":{"rendered":"http:\/\/www.asociacion-eurojuris.es\/en\/?p=3827"},"modified":"2020-04-11T07:21:06","modified_gmt":"2020-04-11T07:21:06","slug":"planning-your-succession-by-setting-up-a-company","status":"publish","type":"post","link":"https:\/\/www.asociacion-eurojuris.es\/en\/planning-your-succession-by-setting-up-a-company\/","title":{"rendered":"Planning your succession by setting up a company"},"content":{"rendered":"<p>One of the most important legal topics for owners of apartments or houses in Spain is how to transfer this property to their heirs with minimal tax and handling cost. An interesting option is to set up a trading company (or other type of legal entity) and transfer the property to it.<\/p>\n<p><!--morePlanning your succession by setting up a company--><\/p>\n<p>The following pattern is very often repeated in many families, who spend their holidays every year in Spain: a couple buys a property by the sea to come here every summer with their children; the children grow up, create their own family and continue spending the holidays with their own children in the house of the parents. The grandparents, often pensioners, keep the property in stand and handle all related processes, while the children spend with the grandchildren their holidays there. This situation persists without any problems until the moment where the grandparents can no longer take care of the property for reasons of age. From this point on, and especially after the death of grandparents, the new co-owners have to face, if no precautions have been taken, apart from the usual problems of handling an inheritance, the problems of the management of the property, which is alternately used by the heirs. In addition, the summer residence of the family is often not used exclusively, and the time periods in which the family does not use it personally, is rents it to tourists, thus creating rental income from property.<\/p>\n<p>One way to simplify the procedure of inheritance and, above all, to allow easy control of the house and the income it can generate, is to create a commercial company, which eventually becomes the owner of the property. It would be ideal to set up the company before the acquisition of the property takes place. In this case, the company would already would be the owner of the property from the beginning and the cost of the transfer of the property from the previous owners (the grandparents in the above example) to the company does not arise. But even if this is not the case, the tax costs of this transfer are lower than that of the transfer to the children through inheritance or gift. Shareholders of the company may change over time (you can include other children and even their spouses) without change of ownership, which would imply costs and taxes on the transfer of property.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Carlos Prieto Cid<\/strong><br \/>\n<span style=\"color: #000080;\"><a title=\"Tarracoiuris Abogados, Spanish Lawyers in Tarragona, Spain\" href=\"http:\/\/www.tarracoiuris-abogados.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #000080;\">Tarracoiuris Abogados, Spanish Lawyers in Tarragona, Spain<\/span><\/a><\/span><\/p>\n<h2><span style=\"color: #000080;\"><a title=\"International Law Firms Spain\" href=\"http:\/\/www.asociacion-eurojuris.es\/en\/quienes-somos\/despachos-asociados\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #000080;\"><em><strong>Member of Eurojuris Espa\u00f1a, international network of Spanish Law Firms<\/strong><\/em><\/span><\/a><\/span><\/h2>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the most important legal topics for owners of apartments or houses in Spain is how to transfer this property to their heirs with minimal tax and handling cost. An interesting option is to set up a trading company (or other type of legal entity) and transfer the property to it.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1064],"tags":[1071],"class_list":["post-3827","post","type-post","status-publish","format-standard","hentry","category-pubications","tag-succession-by-setting-company"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Planning your succession by setting up a company<\/title>\n<meta name=\"description\" content=\"In Spain, one way to simplify the procedure of inheritance and succession taxes is to set up a commercial company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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