Am I liable for Inheritance or gift taxes?

Yes, you are. Generally, foreign people will only pay inheritance tax on the assets left in Spain. Be aware, however, that the estate value may also have to be included in deceased person’s estate in their home country, with any tax paid in Spain reducing that tax payable by the existence of any double-taxation agreement. The tax schedules are the same for inheritance and gifts, and remember it is the person who receives the inheritance that has to pay the tax.