Venezuela: Inheritance
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Inheritance tax and law
The Global Property Guide looks at inheritance from two angles: taxation, and what inheritance laws apply to foreigners leaving property in Venezuela: what restrictions there are and whether making a will is advisable.
INHERITANCE TAX
How high is income tax on residents in Venezuela?
There are gift and inheritance taxes (impuesto sobre sucesiones, donaciones y demás ramos conexos) in Venezuela. The tax rates vary depending on the value of the inheritance and the relationship between the benefactor and the beneficiary.
The taxable inheritance is computed by deducting the following from the market value of the gross estate:
- Any debts owed by the deceased, including taxes (as duly substantiated by proper documents)
- Death, funeral, and related expenses
- Attorney's fees incurred during the process of allocating the inheritance and assessing the tax liabilities; these fees are calculated on the value of the inheritance:
ATTORNEY'S FEES |
|
| TAXABLE INCOME, PHP (US$) | MARGINAL TAX RATE |
| Up to 20,000 (US$9) | nil |
| 20,000 - 50,000 (US$23) | 6% on band over US$9 |
| 50,000 - 200,000 (US$93) | 4% on band over US$23 |
| 200,000 - 500,000 (US$233) | 3% on band over US$93 |
| Over 500,000 (US$233) | 2% on all inheritance over US$233 |
The inheritance tax is levied on the gross share of each recipient. The recipients are classified into different categories, depending on their relation with the deceased:
- Category I: spouse, direct ascendants, direct descendants, adopted child
- Category II: siblings, nephews, nieces
- Category III: uncles, aunts, first cousin
- Category IV: any other person
The taxation of residents in Venezuela is in tax units (unitaria tributaria), which is an adjustment index. The tax bands are all in tax units, whose monetary value changes depending on the changes in the consumer price index. The tax unit (unitaria tributaria) from 29 January 2005 is VEB33,600 (US$15.67).
INHERITANCE TAX |
||||
| TAX RATES FOR DIFFERENT CATEGORIES | ||||
| TAXABLE INHERITANCE , IN TAX UNITS (US$) | I | II | III | IV |
| First 15 (US$322) | 1% | 2.5% | 6% | 10% |
| Next 50 (US$1,073) | 2.5% | 5% | 12.5% | 15% |
| Next 100 (US$2,145) | 5% | 10% | 20% | 25% |
| Next 250 (US$5,362) | 7.5% | 15% | 25% | 30% |
| Next 500 (US$10,725) | 10% | 20% | 30% | 35% |
| Next 1,000 (US$21,449) | 15% | 25% | 35% | 40% |
| Next 4,000 (US$85,797) | 20% | 30% | 40% | 45% |
| Over 5,915 (US$126,872) | 25% | 40% | 50% | 55% |
| Source: Global Property Guide | ||||
Rebates at a maximum of VEB100,000 (US$47) are available for recipients whose combined value of taxable inheritance and net wealth does not exceed VEB500,000 (US$233). A tax rebate of 20% is given to the deceased’s spouse and children under 21 years old, if the sum of their taxable inheritance and net wealth does not exceed VEB500,000 (US$233).
Venezuela - more data and information
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