Sensation in the Canary Islands: Inheritance and gift tax is canceled!

Get ready for an extraordinary news that will make the Canary Islands even more attractive for tourists and investors! The Government Council of the Canary Islands has made a historic decision to abolish the inheritance and gift tax by 99.9%. This decision is designed to ease the fiscal burden of residents of the region and attract new investors and tourists.

What happened?
This measure affects close relatives, including children, spouses, uncles and aunts, nephews and nieces. From now on, they will not have to pay inheritance and donation taxes, which makes the transfer of property between generations easier and more cost-effective.

Why such a decision?
The government of the Canary Islands made this decision to cope with the fiscal overload of the inhabitants of the region. The tax burden on the islands included inheritance and gift tax, income tax, wealth tax, capital gains tax and land value tax. This created additional costs and difficulties, especially for low- and middle-income people.

As a result of these taxes, residents of the Canary Islands were often forced to give up their inheritance due to inability to pay taxes. But with this historic reform, the islands provide their citizens and foreign investors with a new level of freedom and financial independence.

For tourists and investors
The removal of inheritance and gift taxes is also important for foreign investors considering the Canary Islands as a place to purchase real estate and investments. Non-residents can apply a regional inheritance tax to assets inherited or donated in Spain, with a benefit for the first €300 thousand. Amounts above this threshold are subject to a progressive tax rate of up to 26%.

This change makes the Canary Islands even more attractive to foreign investors, who can now manage their assets and finances more efficiently in this paradise region.