In Spain, a large part of the economy comprises family companies. Some surveys find that more than 80 per cent of Spanish companies are family-owned.
As the main feature of this type of business, we could highlight that they pass from generation to generation. Therefore, in our office, we consider it important to plan the company’s transfer from all areas of advice between different generations, since lack of proper planning can lead to irreversible problems.
Regarding tax law, family businesses and their transfer from generation to generation have a major impact on two taxes, namely Property Tax and the Tax on Successions and Donations, notwithstanding other taxes that must be taken into account in the family business. Therefore, our firm has a department specialised in family businesses and taxation. We aim to streamline the life and succession of the family business regarding tax, business, and labour, which have a major impact on family businesses. That’s why we advise you on the routine decisions you make and aspects to consider when transferring the company to the next generation.