the deceased was resident in France and held financial assets in Spain, or vice versa
Sènakpon Gbassi - Avocat aux barreaux de Paris et d'Alicante (Espagne)
Article 34 of the Spanish French tax treaty of 8 January 1963 addresses this issue and establishes that such assets are taxable in the country of the deceased's last tax residence. Two situations must be distinguished:
The deceased resided in France and had financial assets in Spain. In this case, these financial assets must be taxed in France. However, in order to unblock the funds, distribute them and close the accounts located in Spain, it is necessary to prove to the Spanish bank that the balance has been correctly declared both in the deed of inheritance and in the tax forms and that the taxes have been correctly paid in France.
The deceased resided in Spain and had financial assets in France. In this case, these financial assets must be taxed in Spain. After the inheritance has been processed in Spain, it will be necessary to file a declaration with the French tax authorities and obtain a certificate of accreditation of filing and payment of inheritance tax. In order to unblock the accounts located in France, distribute the assets and subsequently close the accounts, it is necessary not only to prove to the French bank that the balance has been included in both the deed of inheritance and the tax forms, but also to prove that the heir has the certificate issued by the French tax authorities.
When a French national dies leaving real estate, heirs or economic interests in Spain, the succession necessarily involves specific procedures with the Spanish authorities.
Read more
Where a couple is married under a community property regime, the classification of an asset as separate or community property may have significant consequences, in particular in the event of succession, separation or patrimonial disputes.
Read more
Under French law, an heir is entitled to renounce an inheritance. Such renunciation is strictly governed by law, both as to its form and its legal effects. It allows the heir to avoid liability for the debts of the estate, but also results in the loss of all rights in the succession.
Read more
SENAKPON GBASSI is Responsible for the processing of the user’s personal details and informs you that said details shall be processed in accordance with the provisions of Regulation (EU) 2016/679, of 27 April (GDPR), and Organic Law 3/2018, of 5 December (LOPDGDD). Therefore, the following processing information is provided: Purposes and legitimisation of the processing: to maintain a business relationship (by legitimate interest of the person responsible, art. 6.1.f GDPR) and the sending of product or service communications (by consent of the interested party, art. 6.1.a GDPR). Criteria for data retention: they shall be retained for a period no longer than necessary to keep the end of the processing or while there are legal prescriptions that establish their custody and when it is no longer necessary for this, they shall be deleted with the appropriate security measures to guarantee the anonymisation of data or their full destruction. Data communication: data shall not be communicated to third parties, unless there is a legal obligation to do so. Rights the user is entitled to: right to withdraw consent at any time. The right of access, rectification, portability and deletion of your details, and of limitation and opposition to their processing. The right to file a claim before the Control Authority (www.aepd.es) if you consider the processing is not in keeping with the regulations in force. Contact details to exercise your rights: alicante@gbassi.es.
