Inheritance and gift tax
Before credit institutions distribute the deceased’s products to the heirs, they need to receive not only the document evidencing the acceptance, division and distribution of the inheritance, but also proof of payment of, or of exemption from, inheritance tax.
Article 8 of the Inheritance and Gift Tax Law establishes that financial intermediaries in general and, therefore, credit institutions, among others, will be secondarily liable for payment of the tax in the case of transfer of a deceased person’s deposits, guarantees, certificates of deposit or current, saving or special accounts.
The Law also establishes that financial intermediaries shall not deliver assets to persons other than the owner of the assets without prior proof of payment of or exemption from the tax, unless authorised to do so by the authorities.
Find out more in our 2020 Complaints Report (in Spanish) (96 KB)