Bermuda: Inheritance
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Last Updated: Jun 07, 2006
Inheritance tax and law
Technically, there are no applicable estate duties or inheritance taxes on property. Stamp duties are however payable (again) for the ‘Affidavit of Value of Deceased Estate’. This duty is levied on the value of the net assets (estate):
STAMP DUTY |
|
| VALUE OF NET ESTATE, US$ | STAMP DUTY RATE |
| Up to US$50,000 | nil |
| US$50,000 – US$200,000 | 5% on band over US$50,000 |
| US$200,000 – US$1,000,000 | 10% on band over US$200,000 |
| Over US$1,000,000 | 15% on band over US$1,000,000 |
But a non-resident inheriting a Bermudian property has to acquire a license to transfer the deed to his/her name, and pay the special flat rate of $1,045.
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