In the context of increasing globalization, many foreigners are living and working in Vietnam. One of the important issues they need to consider is legal services for wills and the implications of inheritance tax on their assets. This article will provide detailed information about legal services for wills and important points related to inheritance tax in Vietnam.
1. Legal Services for Wills for Foreigners in Vietnam
Legal services for wills are an important part of asset management and financial planning for foreigners in Vietnam. The services we provide include:
- Consultation on creating legally valid wills
- Assistance in drafting and notarizing wills
- Advice on legal regulations related to wills and inheritance
- Support in resolving will disputes
2. Inheritance Tax and Its Impact on Foreigners
According to current regulations, taxable income from inheritance is determined as the value of inherited assets exceeding 10 million VND. The tax rate applicable to non-resident individuals is 10% on taxable income.
Determining the Value of Inherited Assets:
Securities: Based on the reference price at the Securities Trading Center on the date of inheritance or the nearest preceding date.
Capital contributions in economic organizations: Based on the book value of the capital contribution at the time of inheritance.
Real estate: Land value based on the land price list issued by the provincial People’s Committee; value of houses and construction works based on registration fee regulations of the provincial People’s Committee.
3. Inheritance Tax Exemptions and Applicable Cases
According to Clause 4, Article 4 on Tax-exempt Income, some relationships are exempt from inheritance tax on real estate, including:
- Spouses
- Parents and children (including adopted children)
- Grandparents and grandchildren
- Siblings
4. Double Taxation Avoidance Agreements
Double Taxation Avoidance Agreements (DTAs) are agreements between two countries aimed at preventing an individual or business from being taxed twice on the same source of income or assets. If you reside in a country that has signed a DTA with Vietnam, this could bring significant benefits in inheritance situations.
5. Legal Processes and Procedures Related to Wills and Inheritance
To ensure your rights in the inheritance process, preparing the necessary documents is crucial. Essential documents include:
- Copy of the will (if available)
- Death certificate of the person leaving the estate
- Proof of relationship with the person leaving the estate
- Documents related to inherited assets
Conclusion
Understanding legal services for wills and inheritance tax regulations in Vietnam not only helps you protect your assets but also supports effective financial planning for the future. If you have any questions or need assistance on this matter, don’t hesitate to contact us.
Contact us now for a free consultation on legal services for wills in Vietnam!
Harley Miller Law Firm “HMLF”
Head office: 14th floor, HM Town Building, 412 Nguyen Thi Minh Khai, Ward 05, District 3, Ho Chi Minh City.
Phone number: +84 937215585
Website: hmlf.vn Email: miller@hmlf.vn
