# Retiring to Lanzarote



## veil1812 (May 19, 2014)

We are hoping to move out to Playa Blanca sometime in 2015. We will be getting our uk pensions from October. Has anyone else made this move? if so any advice would be very welcome. We have seen some lovely properties on rightmove, although these will probably have gone by the time we can buy.
Our main concern is Inheritance Tax laws.....what happens if one of us dies? do the uk rules apply or would the surviving partner have to sell up to pay the taxes? I don't expect an exact answer, but I really would appreciate any help.
We will be living there, not renting it out. Talking of renting ,would that be a better option?


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## Lynn R (Feb 21, 2014)

veil1812 said:


> We are hoping to move out to Playa Blanca sometime in 2015. We will be getting our uk pensions from October. Has anyone else made this move? if so any advice would be very welcome. We have seen some lovely properties on rightmove, although these will probably have gone by the time we can buy.
> Our main concern is Inheritance Tax laws.....what happens if one of us dies? do the uk rules apply or would the surviving partner have to sell up to pay the taxes? I don't expect an exact answer, but I really would appreciate any help.
> We will be living there, not renting it out. Talking of renting ,would that be a better option?


There is a major review of the whole Spanish taxation system taking place at the moment, the outcome of which should be known by this September, so it's probably best to wait and see what comes out of that. One of the recommendations made to the Government by the committee of experts which has reported on the review is that national rates of inheritance tax should be introduced, starting at 4% for spouses and children. These would replace the current arrangements which differ hugely between the autonomous regions. 

At the moment, it's not a question of the surviving partner having to sell up to pay the taxes. The succession tax has to be paid (within 6 months of the date of death, or additional penalties for late payment are incurred) before the assets can be transferred to the beneficiary/ies to enable them to be sold.


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## 90199 (Mar 21, 2010)

We are retired on El Hierro and have been for some time. 

You need professional advice regarding, investments and inheritance tax it is complicated but can be minimised.

I would suggest that you rent at first, living here is far different from just visiting, our first choice was Gran Canaria, but we rented and eventually bought here in Valverde. 200 miles west of Gran Canaria.

Good luck with your re location, you will enjoy not having heating bills


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