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Looking after the inheritance
Key points
- A wealthy expat moved to the Bahamas where he eventually died.
- His letter of wishes stated his beneficiaries would inherit only if no estate taxes was due.
- Strong likelihood that the deceased had a domicile of choice in the Bahamas.
- Former UK home is free from inheritance tax under the heritage conditional exemption.
- Monegasque heirship law on super yacht.
Our fictional client Charles has lived in the Bahamas since 2005 when he left the UK permanently giving up his domicile of origin here. He is divorced and made his permanent home in the capital Nassau in the latter part of 2005.
The Bahamas has no capital gains tax income tax or inheritance tax and has no double tax treaties with other countries. Charles is the majority shareholder...
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