Spain ranks first as a study reveals the countries with the highest inheritance taxes. Image: Big Brothers/Shutterstock.com
Spain topped 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 multi-country study by EY and the General Council of Spanish Economists, as reported by Idealista.
Spain tops the list with a top inheritance tax rate of 81.6%, followed by Belgium at 80%, France at 60% and Denmark at 52%.
At the other end of the spectrum, Croatia had the lowest inheritance tax rate at just 4%, followed by Bulgaria at 6.60% and Italy at 8%.
The UK was closer to the more expensive end of the list with a top tax rate of 40%.
The full table was as follows:
United Kingdom: 40%.
Spain is renowned for its high inheritance taxes, which vary depending on how close a relative was to the deceased.
The tax also varies by region, with Asturias, Valencia and Aragon registering the highest taxes.
According to EY data, the maximum rate can range from the “normal” 34% to 2.4 times, depending on various factors, to the incredible figure of 81.6%, which puts Spain at the top of the list.
The tax inheritance study comes after another interesting study which revealed which countries had the most confusing tipping culture for UK nationals.
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