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Last Updated: Jan 19, 2009

Inheritance tax and law

INHERITANCE
Technically, there are no applicable estate duties or inheritance taxes on property.

Stamp duties are however payable for the ‘Affidavit of Value of Deceased Estate’. This duty is levied on the value of the net assets (estate). A family home transferred upon death may be exempted from stamp duty.

STAMP DUTIES ON ESTATE VALUE
TAX BASE, US$ TAX RATE
Up to US$50,000
nil
US$50,000 – US$200,000
5%
US$200,000 – US$1,000,000
10%
Over US$1,000,000
15%

 

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