Managing an inheritance in Iceland, especially with heirs in Spain or assets in both countries, requires understanding EU Regulation 650/2012, collecting certificates, apostilles, and translations, identifying the competent notary, settling taxes in each jurisdiction, and formalizing the allocation and registration of assets. Below you’ll find steps, a document table, timelines, and FAQs.
If you are wondering, “How to manage an inheritance in Iceland?”, follow these steps and check the quick table of documents and timelines.
Table of Contents
Steps
Applicable law and will:
Identify the deceased’s habitual residence and, if relevant, EU Regulation 650/2012. Review the will and professio iuris.
Documentation:
Gather certificates (death, last wills), inventory, apostille, and sworn translations as needed.
Notary and representation:
Determine the competent notary in Iceland or Spain; arrange powers of attorney for remote management.
Taxation:
Consider Icelandic inheritance tax, possible capital gains, and taxes in Spain if heirs or assets are there. Check double taxation treaties.
Allocation and registration:
Prepare the deed of acceptance/partition and register assets in each country.
Documents and timelines
| Document | Issued by | Where | Apostille/Translation? | Approx. time | Approx. cost |
|---|---|---|---|---|---|
| Death certificate | Civil Registry | Country of death | Yes, if foreign | 3–10 days | 10–30 € |
| Last wills / testament | Notary / Registry | Iceland / Spain | Apostille + translation if needed | 3–15 days | 20–60 € |
| Inventory of assets | Relevant authorities | Each country | Depending on document | 1–4 weeks | — |
| Apostille | Competent authority | Country of issue | — | 1–10 days | 20–60 € |
| Sworn translation | Certified translator | — | — | 2–7 days | 0.08–0.15 €/word |
| Deed of acceptance/partition | Notary | Iceland / Spain | According to annexes | 1–3 weeks | 300–1,200 € |
Taxes
- Iceland: inheritance and capital gains taxes.
- Spain: ISD and municipal plusvalía if Spanish assets exist.
- Double taxation: verify treaties and exemptions for cross-border inheritance.
Useful sources: Icelandic Government Tax Portal | EU Regulation 650/2012 | Spanish AEAT
Allocation and registration
- Deed of acceptance/partition with inventory and allocation of shares.
- Registration in Icelandic and Spanish property registries.
- Remote representation possible with notarized powers and legalizations.
Frequently asked questions
How to manage an inheritance in Iceland?
Managing an inheritance in Iceland, especially if there are heirs in Spain or assets located in both countries, involves several steps. First, identify the applicable law, which is typically EU Regulation 650/2012 for cross-border cases. Next, gather all necessary certificates, such as death certificates and last wills, and ensure that any foreign documents are legalized with an apostille and translated by a sworn translator. Then, determine the competent notary in Iceland or Spain who will handle the process. After that, settle all taxes in the relevant countries, considering both local inheritance taxes and any applicable double taxation agreements. Finally, formalize the allocation of assets through a notarial deed and register them in the official registries. Following these steps carefully ensures a smooth and legally secure inheritance process.
What documents do I need for an inheritance in Iceland?
To properly manage an inheritance in Iceland, you will need the following documents:
- Death certificate: issued by the civil registry of the country where the deceased passed away.
- Last will or testament: if one exists, provided by the notary or registry in the country of origin.
- Inventory of assets: detailing all property, bank accounts, and other relevant assets.
- Apostille: required for foreign documents to certify their authenticity.
- Sworn translations: necessary if any document is not in Icelandic, ensuring the notary and authorities can process them correctly.
Having these documents prepared in advance will significantly reduce delays and complications.
Where do I pay taxes if assets are in Spain and Iceland?
If the deceased owned assets in both Spain and Iceland, taxes must generally be paid in each jurisdiction:
- In Spain: inheritance tax (ISD) applies, and if there are urban properties, municipal capital gains (plusvalía) may also be relevant.
- In Iceland: local inheritance tax applies according to Icelandic law.
- Double taxation agreements: check the treaties between Spain and Iceland to avoid paying taxes twice on the same asset.
Careful planning with a legal or tax advisor experienced in cross-border inheritances is essential to ensure compliance and optimize the tax obligations.
Can I manage everything remotely?
Yes. It is possible to handle an inheritance in Iceland remotely if you cannot be physically present. This is done through:
- Notarized powers of attorney: granting a representative the legal authority to act on your behalf.
- Legalizations: ensuring that powers of attorney and documents are recognized in both jurisdictions.
Most Icelandic notaries accept representation by a trusted attorney or representative, making it possible to manage the inheritance from abroad safely and efficiently.
Conclusion
If you’re still wondering “How to manage an inheritance in Iceland?”, the best approach is to rely on professional assistance. Grupo Hereda offers specialized advice on international inheritances, taking care of documentation, tax procedures, and property registration. Their expertise ensures that every step of the process between Iceland and Spain is handled smoothly, efficiently, and in full legal compliance.
Grupo Hereda
Grupo Hereda is a law firm specialized in international and national inheritances, with more than 25 years of experience handling complex succession cases.
We assist with inheritances in Iceland involving heirs in Spain, as well as inheritances in Spain with beneficiaries residing in Iceland or other countries.
Our legal team coordinates every phase of the process from obtaining certificates and apostilles to settling taxes and registering assets in the corresponding registries.
If you’re unsure how to manage an inheritance in Iceland Grupo Hereda guides you step by step, offering comprehensive legal advice and remote representation.
We also manage all types of international and national inheritances, ensuring legal security and time efficiency.
💬 Free Consultation:
If you are facing a complex inheritance or don’t know where to start, don’t give up your rights.
Contact us, and we will find a personalized solution for your case.
📞 Call us: (+34) 915 487 550
📧 Email: info@grupohereda.com
🌍 We operate throughout Spain and handle international inheritances across Europe and beyond the EU.
