One of the first things families ask when dealing with an inheritance in Tenerife is fairly obvious.
“How much is this actually going to cost?”
The good news is that inheritance tax in the Canary Islands is usually very low for close family members.
That said, there are still a few administrative costs along the way. Nothing outrageous, but it helps to know what to expect.
Here’s where the usual expenses appear.
1. Notary Fees
Every inheritance in Spain has to be formalised before a Spanish notary.
The notary prepares and signs the inheritance deed, which officially transfers the assets to the heirs.
The cost depends on the value of the estate and the number of heirs, but most fall somewhere between €300 and €900.
2. Land Registry Fees
Once the inheritance deed is signed, the property needs to be registered in the heirs’ names at the Land Registry.
This updates the official ownership records.
In most cases, the cost sits around €150 to €350.
3. Inheritance Tax (Modelo 650)
Even though the Canary Islands apply a 99.9% reduction for most close relatives, the tax declaration still needs to be filed.
This is done using Modelo 650.
Usually a lawyer or gestor prepares and submits this as part of the process.
4. Plusvalía Municipal
Plusvalía is a local tax charged by the town hall when a property changes ownership.
The amount depends mainly on how long the property was owned and the land value recorded by the Catastro.
In many cases it ranges from €300 to a few thousand euros.
5. NIE Numbers for the Heirs
Every heir must have an NIE number before signing the inheritance deed.
If someone doesn’t already have one, it can be applied for during the process.
Costs usually fall somewhere between €30 and €150, depending on whether a lawyer handles it.
6. Translations and Apostilles
If the death occurred outside Spain, certain documents may need official translations and apostilles.
This often applies to death certificates or foreign wills.
Costs vary depending on the paperwork involved, but it’s typically somewhere between €60 and €300.
7. Legal or Gestor Fees
Many families choose to use a lawyer or gestor to handle the inheritance.
Fees vary depending on the complexity of the estate. Some charge a fixed amount, while others charge a small percentage of the estate value.
For many heirs, professional help simply makes the whole process smoother.
Typical Total Cost
For a straightforward inheritance involving a single property, the total cost often falls somewhere between €1,000 and €3,000.
More complex cases can be higher, but most inheritances sit comfortably within that range.
Compared with many other countries, the costs of inheriting property in Tenerife are generally quite manageable.
Most of the work is simply making sure the paperwork moves through the system properly.
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