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If you’re an expatriate living abroad, it can get very confusing at times, particularly when it comes to the question of nationality, domicile and residency - Everyone’s unique circumstances determines’ their status, which can be incredibly complicated. Some countries which have a death inheritance tax can result in a hefty tax bill for the beneficiaries if the individuals domicile or permanent country of residency wasn’t made clear.
In addition to that, some countries have what’s called a ‘death duty’, which is basically tax paid on an estate when the individual dies. They may also accrue tax payments on trusts or gifts made by the individual while they were alive. And even in some cases the recipient of the estate may have to pay tax upon transfer of the assets – this is why you need to be clear on your resident and domicile status, so that you can clearly define your tax liability should such an unfortunate event arise.
Ensure that you are fully aware of where your country of domicile is. This information is very handy when writing your Will and can determine how much tax your estate and possessions will be liable for in the event of your untimely death. Don’t take any chances and risk having your loved ones inherit your estate, only to have to fork a huge portion of it out on tax which may have been avoided.
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General Advice Warning: The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs. Taxation, legal and other matters referred to on this website are of a general nature only and are based on Harbour Wills's interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time. Accuracy & Reliability of Information: Although every effort has been made to verify the accuracy of the information contained in this web site, Harbour Wills, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained on this website or any loss or damage suffered by any person directly or indirectly through relying on this information.