Posted on Thu 5th July 2018 8.48PM General
One of the unknowns around Brexit is the tax status of ex pats in Spain and other countries of the EU once the UK has finally left. Expect a few problems. One could be higher levels of income and inheritance tax relating to properties owned by British nationals, who will then be non EU citizens.
EU law does not enable a country of the EU to discriminate against citizens of another EU country. All that will change. Anyone owning a property abroad in another EU country or planning to buy one perhaps needs to bide their time. If they do decide to go ahead then getting the right legal advice will be more important than ever. This will not only be about how the property is bought - should a company be used to acquire the property, for example, but advice will also be needed on how to best to do inheritance planning to mitigate any tax on death and to make sure that the local rules of succession do not invalidate or frustrate a will.
We are entering uncharted waters!