Cabinet ODYSE's Commitment
International Succession
An international succession refers to the succession of a person who passes away in a country different from their nationality or place of residence, or who leaves assets in a country different from their nationality or place of residence. This is a complex legal event that often requires the intervention of a specialized international succession lawyer.
The assistance of a specialized international succession lawyer is essential when preparing your estate if you or your assets are abroad. The lawyer's role is to anticipate and prevent potential issues, as well as to advise on the best strategies to optimize your international succession.
Applicable Law
It is necessary to determine the applicable law in international successions when assets or the deceased are abroad. Under European Regulation no. 650/2012, EU citizens can choose their national law to govern their succession, even if they reside in another country. However, in certain cases, local laws may still prevail, especially regarding real estate. Cabinet ODYSE assists its clients in making these crucial decisions, ensuring the law applied aligns with their testamentary wishes and desired asset management.
International Will
A will is generally valid if it complies with the law of the state where it was drafted. An international will allows for the planning of succession when assets are located in multiple countries. This type of will adheres to the formal and substantive rules set by the Washington Convention of 1973, which many countries have signed. However, not all countries recognize this type of will, sometimes making the intervention of a lawyer specializing in international succession law necessary.
International Taxation
The general rule is that the state where the deceased had their domicile taxes the global assets of the deceased as of the date of death. The succession taxation within an international context can vary significantly depending on the countries involved. Some countries impose high inheritance taxes, while others offer exemptions or reduced rates. Understanding these rules is crucial to avoid double taxation. Cabinet ODYSE guides its clients through these fiscal complexities, helping them optimize their succession to minimize tax costs.