Sènakpon Gbassi - Avocat aux barreaux de Paris et d'Alicante (Espagne)
Are you the bare owner of a property in Spain? This is a common situation, not only when settling the estate of one of your parents, but also when planning the transfer of assets whilst both parents are still alive, with a clause reserving the right of usufruct. The relevant property transfer taxes had already been paid. The beneficiary of the usufruct has just passed away. Do you automatically become the owner? Do you have to pay any further taxes? How should you proceed?
Upon the death of the usufructuary, full ownership is automatically consolidated. However, this ‘new’ acquisition is subject to taxation at the average effective tax rate applicable to the division of ownership under Article 26-c of the Spanish Inheritance and Gift Tax Act. The deductions and reductions applicable at the time of the creation of bare ownership are equally applicable at the time of consolidation (Supreme Court, Administrative Litigation Chamber, judgment No. 261 of 16 February 2024).
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