inheritance tax belgium

When there are no children but other legally recognised heirs, the spouse inherits the community property and is entitled to earn interest from any private property owned by the deceased. For example, for Brussels region, for a tax base of €250,000 - €500,000 the tax rate is 24%. Belgium does not levy gift tax when a Belgian tax resident gifts a real property that is situated outside Belgium. Contact | Webmaster | Sitemap | © Federale Overheidsdienst Financiën, Tax assessment notice for the non-resident income tax (as regards the calculation of the tax), Change of address or family situation (as non-resident), Living and working in different EU Member States, Living and receiving pensions in different EU Member States, Reimbursement of the withholding tax on movable property, Brussels-Capital Region and Walloon Region. After a death, a tax known as succession duty is paid when the assets are transferred from a deceased person to his or her heirs. This means they’ll be subject to gift tax at the time but their heirs won’t be subject to inheritance tax. The calculation of inheritance tax in Belgium depends on: Progressive tax brackets, according to the size of the inheritance; The degree of kinship between the deceased and the heir; If the death takes place in Belgium, you have 4 months from the date of death to file your declaration of inheritance. There is an exemption for inheritance tax purposes for diplomats from the EU and NATO residing in Belgium for work. Hello, if I understand correctly, the Inheritance law in Belgium, is levied at progressive rates and varies according to the degree of kinship, region where the inheritance is opened and to the share inherited by each of the heirs. Having worked hard over the years you may find yourself in the fortunate position of owning a property in Belgium, and holding both capital reserves and a portfolio of investments.. After building up your estate and assets, it can be worrying to find that your beneficiaries may face a substantial Inheritance Tax bill after your death. Collected at the federal level but distributed to the regional level. Under their favourable inheritance tax regimes, the Brussels-capital and the Flemish regions both reduce their inheritance tax rates to a flat rate of 3% or 7% and the Walloon region reduces its rate to 0%. Inheritance tax is a regional tax and thus varies from region to region. The “Inheritance and gift taxes at a glance” table on page 424 highlights inheritance and gift taxes in all 39 jurisdictions and territories. However, the surviving spouse always receives at least the usufruct of one-half of the assets of the inheritance. Varieties of inheritance and estate taxes. It is possible, however, for foreign residents to have their estate handled according to the laws of their home country instead. Belgium (such as a long-term savings tax reduction). Belgium operates a three-year rule for gifting movable and immovable property. Your choices will not impact your visit. Tax-free allowances of €15,000 apply to spouses and direct descendants/ascendants (with an extra €2,500 per year for children under 21 years of age). There is a clear interaction between inheritance taxes and gift taxes. When you inherit something from someone, you have to pay tax on the value of what you've inherited. For individuals domiciled in Belgium, the rules apply to the entire estate (with the exception of real-estate property outside Belgium) The return must be filed, and inheritance tax paid within 6 months of the date of death. Rather than property being valued based on the increase between the date of the gift and the inheritance being granted, values are now based on what the property was worth the day it was gifted, indexed to inflation on death. With the exception of such cases, you can also have the statement of inheritance compiled by the office of Legal Certainty (kantoor rechtszekerheid/bureau de Sécurité Juridique). If there are no heirs, the spouse inherits the whole estate. The other half of the estate is passed on to a surviving spouse or partner for the remainder of their life. For the reader’s reference, the names and symbols of the foreign currencies that are mentioned in the guide are listed at the end of the publication. The amount paid as succession duty depends on the value of the estate and the degree of the relationship between the deceased and the heirs. They should make the declaration at the relevant registry office (registratie… This means the executor would usually be liable to sort out and pay estate tax, if this is the legal structure in the country your inheritance originates from. This site uses functional cookies and external scripts to improve your experience. 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