Colombia: Inheritance
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Inheritance tax and law
Inheritance and gifts of properties located in Colombia are subject to special income taxes (Impuesto Complementario a las Ganancias Ocasionale). The taxable inheritance of nonresidents is taxed at a flat rate of 34% for 2007. The heirs or the recipients of the inheritance are liable for this tax but the surviving spouse’s share in a jointly owned property is exempted from this tax.
The following must be deducted from the gross value of the property: the debts and liabilities of the deceased declared in his income tax return the year prior to the death, debts incurred in the inheritance process, duly substantiated debt claims against the deceased, and compulsory alimony.
In cases of transfer on death, the surviving spouse and his forced heirs (direct descendants, direct ascendants, adoptive children, adoptive parents) can deduct COP15,800,000 (US$6,723) as an allowance. The next COP15,800,000 (US$6,723) are also taxed at 0% rate. Accordingly, the surviving spouse and the heirs will only be taxed on their inheritance exceeding COP31,600,000 (US$13,447).
Colombia - more data and information
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Your Comments
posted by noname | 2007-08-12
Housewife, UK
What would happen to my estate if I died without a will whilst living in Colombia? Is it like Spain, where the estate is awarded 50% to the surviving spouse and then the remainder divided between any children? Have been looking for my info but haven't come across any yet..
posted by Matthew Pollock | 2007-08-13
Editor
Sorry, the Colombia Inheritance law report hasn't been written yet. Sometimes it is really hard to find competent lawyers willing to spend time writing these reports. Our apologies, but be patient - eventually an article on inheritance law in Colombia will appear in these pages.