Inheritance tax and inheritance law in Colombia

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INHERITANCE TAX (Impuesto Complementario a las Ganancias Ocasionale)

Properties located in Colombia conveyed as inheritance or gifts are subject to special income taxes (impuesto complementario a las ganancias ocasionale). The heirs or beneficiaries are liable to pay this tax. 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.

For residents, the tax is levied at a flat rate of 10%. Nonresidents are taxed at a flat rate of 33%.