If you’re inheriting property in Tenerife, it’s important to understand the costs involved. Even though inheritance tax is almost zero for most families, there are still other expenses you need to plan for. This guide explains each cost clearly so there are no surprises.
1. Notary Fees
Every inheritance in Spain must be signed at a notary. Fees depend on the number of heirs and the value of the estate, but most notary costs range from €300 to €900.
2. Land Registry Fees
After signing the inheritance deed, the property must be registered in the heirs’ names. This typically costs between €150 and €350.
3. Inheritance Tax (Modelo 650)
Thanks to Tenerife’s 99.9% tax reduction, most families pay very little. However, filing the tax form is still mandatory. Your lawyer or gestor usually handles this.
4. Plusvalía Municipal
This is a local town hall tax based on how long the deceased owned the property. It can range from €300 to several thousand euros depending on the location and property value.
5. NIE Numbers for Heirs
Every heir needs an NIE number. If you don’t already have one, there may be costs for issuing or processing it. These typically range from €30 to €150 depending on whether a lawyer is involved.
6. Translations and Apostilles
Foreign documents such as death certificates and wills often need to be translated into Spanish and apostilled. Expect anywhere from €60 to €300 depending on the documents required.
7. Legal or Gestor Fees
Most families choose professional help to handle the inheritance. Fees vary, but many charge a fixed rate or a percentage of the estate value. Paying for good service often saves time and prevents costly errors.
Total Typical Cost
Most straightforward inheritances in Tenerife cost somewhere between €1,000 and €3,000 all-in, depending on paperwork and complexity.
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