The Government of the Canary Islands has approved significant changes to the Inheritance and Gift Tax through Decree-Law 5/2023.
Previously, the bonus in the Inheritance and Gift Tax was limited, but with the new modification, a 99.9% bonus is established without restrictions on the amount inherited . This measure benefits various groups of taxpayers, both in inheritances and gifts expanding the beneficiaries from Groups I, II (spouse , common law spouse, parent and children ) to now also include group III ( brothers, sisters , nieces , nephews descendants by affinity )
It is worth noting that certain conditions apply, such as that donations need to be done with a deed (with certain time constraints ) and limitations on repeated donations within a short period.
Canary Islands is now the most beneficial region of Spain for inheritance by brothers, sisters, nieces and nephews.
