Inheritance tax and inheritance law in Bermuda
May 04, 2012
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$100,000 | |
| US$100,000 - US$200,000 | |
| US$200,000 - US$1 million | |
| US$1 million - US$2 million | |
| Over US$2 million | |
Comments
Merianna | April 03, 2010
This information not up to date. New top layer added in 2010 - 20% tax rate. Lower (Tax free) layer increased from $50K to $100 K .
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