If you are a foreign resident, have a spouse of a different nationality or children who reside abroad, have worldwide sources of income or assets in another jurisdiction, International Estate Planning may be essential to avoid unforeseen harsh tax consequences.
CROSS BORDER ESTATE PLANNING
There is no internationally accepted system for determining property and succession rights, or what taxes will be payable when more than one country is involved. An expatriate must refer to each countrys legislation to identify what consequences might lie in store and what potential conflicts may exist.
It is important for expatriates to determine the applicability of relevant foreign rules and the designation of the appropriate legal regime, particularly in matters of determining Domicile.
WILLS FOR EXPATRIATES
Expatriates face particular problems because the legal systems of two or more countries could possibly regulate what will happen to the estate. Wills avoid considerable complications of an estate being subject to various different intestacy regimes.
NO IHT IN PORTUGAL
Because Portuguese Inheritance Tax has been abolished between immediate family members, Portugal may prove to be a valuable “ally” in your International Estate Planning. At euroFINESCO we can help you define an on-going strategy by providing you with:
FAVOURABLE CGT TREATMENT
In the redomiciliation process, there is usually a significant uplift in the basis for eventual CGT assessment. A major tax problem can be transformed into a manageable inconvenience.
For more information, please consult our euroFINESCO publications.