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International Inheritance: The Importance of planning

If inheritances where the deceased, their assets and heirs all reside in the same country entail bureaucracy and, at times, lead to disputes on account of little or no planning, imagine what it is like if it is also an international inheritance.

In fact, everything gets complicated when any of the three elements of the inheritance (deceased, heirs or assets) is abroad. Without careful planning, any complication or litigation that arises will be long and very expensive, as it will involve the systems and courts of different countries.

It is not...

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New Entrepreneur’s Act (Law 14/2013, of 27 September): visas and authorisation of residence for foreigners who invest in the property sector in Spain

The new law permits non-resident foreigners who intend to enter Spanish territory to make a “significant investment” of capital to apply for a residence visa for investors.

Specifically, investment is defined as, the acquisition of property in Spain with an investment value equal to or greater than 500,000 euros, per applicant.

The investment must be free of all charges and encumbrances, although charges on any part in excess of 500,000 euros are permitted and the investment may be in a single property or in various properties as necessary to reach the minimum amount...

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IBAN, mandatory and indispensable

From 1 February 2014, the IBAN will be the only valid identifier for making and receiving payments, both nationally and internationally. Current account numbers as we have known them until now will therefore disappear.

What is the IBAN? The code, whose official name is “International Bank Account Number” is made up of 24 characters in total, which are the 20 digits of the current account, plus another four. In the case of Spain, those four digits are the letters ES and two more numbers.

What does it do? This new system will allow...

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