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A UK Lasting Power of Attorney is highly unlikely to be recognised in Spain on its own, without further process. However, there are steps that you can take to get the LPA validated by the Spanish authorities to enable the LPA to be recognised in Spain and therefore the attorney to deal with the donor's Spanish assets.
To arrange a power of attorney, you visit a notary's office, show your NIE (identification number in Spain) and pay an administrative fee (the Poder de pleitos or poder general). The cost is usually between 25 and 50 euros. You can cancel a power of attorney at any notary office in Spain.
It is important to say that the Power of Attorney will not be valid in Spain without the Apostille from the Hague (Convention of 5 October 1961). More information about The Hague Apostille through this link. It is also possible to grant the Power of Attorney at the Spanish Embassy or Consulates.
In Spain, you can sign a wide ranging power of attorney before a notary to appoint someone to manage your affairs in anticipation of diminished mental capacity or mobility and for example to make decisions in relation to medical treatment. This is known as a Poder Preventivo or Preventative Power of Attorney.
Some countries will recognise the documents (provided they are valid in England and Wales) and allow them to be used. But even then, there may be further requirements. The document may need to be translated and many legal systems will insist on an 'apostille' being affixed.