Author Topic: Inheritance from two angles: Taxation and Inheritance Laws Apply to Foreigners  (Read 763 times)

Offline Art, just a re(tired) Fil-Am

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http://www.globalpropertyguide.com/Asia/Philippines/Inheritance

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 Philippines: what restrictions there are and whether making a will is advisable.

TOPIC COVERS THE FOLLOWING:
 
INHERITANCE TAX
How high are inheritance taxes in the Philippines?
ESTATE TAX

Citizens and Resident Foreigners
Citizens and resident foreigners are allowed the following deductions, aside from the expenses and taxes related to the property as well as the surviving spouse’s share, before arriving at the taxable estate:

INHERITANCE LAW
What inheritance laws apply in the Philippines?
1. Philippine law stipulates a reserved portion for compulsory heirs
2. The court dealing with inheritance issues depends on the value of the estate
3. The Philippine Civil Code regarding “reserves” or “legitimes” provides
4. Foreign wills are allowed in the Philippines
5. Foreigners can make a local will
6. Private land in Philippines cannot be bequeathed to a foreigner
7. In the absence of a will, Philippine law designates intestate heirs
8. Gifts during the lifetime of the owner are advances from the inheritance
9. Ownership of real estate in the Philippines is determined by the Torrens title: http://tinyurl.com/krbk363
http://tinyurl.com/l5g538x

« Last Edit: November 01, 2014, 07:30:58 PM by Art, just a re(tired) Fil/Am »
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Offline suzukig1

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I'm from the U.S. so I only know the inheritance rules for a U.S. citizen.  Assets I have in the Phl will follow Phl inheritance laws.  Assets I have outside of the Phl will follow U.S. inheritance laws.  Around 5M USD is exempt from estate taxes in the U.S.  In the Phl the exemption is only about P1M (and maybe another P1M for property but I'm not sure about that).  20% maximum estate tax in the Phl.

 


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