SPAIN Law and Practice Contributed by: Rafael Mateu de Ros, Patricia Fernández Lorenzo, Javier Fernandez-Lasquetty and Luis Rodríguez-Ramos, Ramón y Cajal Abogados
10.5 Trusts Spain is not a party to the Hague Convention on the Law Applicable to Trusts and their Recognition of 1 July 1985 and trusts are not recognised in Span - ish legislation. Therefore, although artworks can be placed in a foreign trust, the trust cannot be used to circumvent mandatory rules (eg, those affecting suc - cession) and the lack of recognition implies a certain degree of uncertainty – for example, in relation to its tax treatment.
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