Spain ranks first as study reveals countries with the highest inheritance tax

Spain ranks first as study reveals countries with the highest inheritance tax. Image: Grandbrothers/Shutterstock.com

Spain has come first in a list of countries ranking inheritance tax costs, as reported on Friday July 1.

Spain has one of the highest inheritance tax rates in the world according to a study on multiple countries carried out by EY and Spain’s General Council of Economists, as reported by Idealista.

Spain topped the list with a maximum inheritance tax rate of a whopping 81.6%, followed by Belgium with 80%, France with 60% and Denmark with 52%.

On the other end of the spectrum, Croatia had the lowest inheritance tax rate with a mere 4%, followed by Bulgaria at 6.60% and Italy at 8%.

The United Kingdom was closer to the more expensive end of the list with a 40% maximum inheritance tax rate.

The full chart was as follows:

Belgium: 80%
France: 60%.
Denmark: 52%.
Germany: 50%.
Switzerland: 50%.
Luxembourg: 48%.
Greece: 40%.
Netherlands: 40%.
United Kingdom: 40%.
Slovenia: 39%.
Finland: 33%.
Ireland: 33%.
Turkey: 30%.
Poland: 20%.
Hungary: 18%.
Iceland: 10%.
Lithuania: 10%.
Portugal: 10%.
Italy: 8%.
Bulgaria: 6.60%.
Croatia: 4%.

Spain is renowned for its expensive inheritance taxes, varying depending on how close a relative is to the deceased person.

The tax also varies depending on the region, with Asturias, Valencia and Aragon seeing the highest taxes.

According to EY data, the maximum rate can go from the “normal ” 34% to 2.4 times, depending on various factors, to the incredible 81.6% figure, that puts Spain at the top of the list.

The tax inheritance study comes after another interesting study that revealed which countries had the most confusing tipping culture for UK nationals.


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Written by

Joshua Manning

Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

Comments


    • M

      01 July 2022 • 16:19

      Stealing money from people when they are at their most vunerable is despicable particulary when they label it a “TAX” The EU should be pressured into harmonising this death tax to 10% Max accross the Bloc, but we never see any pragmatic help for the people unable to afford expensive Accountants to manipulate the system.

      Reply

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