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International inheritance
International inheritance concerns the estate of a person who dies in a country different from their nationality or residence, or who owns assets in a country other than their nationality or residence. It is a complex legal matter that often requires the assistance of a lawyer specialized in international inheritance law.
The help of a lawyer specialized in international inheritance law is essential to prepare your estate when you or your assets are abroad. The specialist lawyer’s intervention helps anticipate and prevent potential problems and will advise you on the best strategies to optimize your international inheritance.
Applicable law
It is necessary to determine the applicable law for an international inheritance when the assets or the deceased are located abroad. Under European Regulation No. 650/2012, European citizens can choose that their national law applies to their inheritance even if they reside in another country. However, in some situations, local laws may still prevail, especially regarding real estate. Cabinet ODYSE helps clients anticipate these crucial decisions, ensuring that the law applied corresponds to their testamentary wishes and desired management of their estate.
International will
A will is generally valid if it complies with the law of the state where it was drafted. Drafting an international will allows you to plan your inheritance when you own assets in multiple countries. This type of will complies with the form and substance rules established by the Washington Convention of 1973, to which many countries are signatories. However, not all countries recognize this type of will, sometimes requiring the intervention of a lawyer specialized in international inheritance law.
International taxation
The principle is that the state where the deceased had their domicile taxes the worldwide assets of the deceased at the time of death. Inheritance taxation in an international context can vary significantly depending on the countries involved. Some countries apply high taxes on inheritances, while others offer exemptions or reduced rates. It is essential to understand these rules well to avoid double taxation. Cabinet ODYSE guides its clients through these complex tax issues, helping optimize their inheritance to minimize tax costs.