Last Updated: 18/09/2020
1)
A
relative departed, do I need a notary?
If
the deceased had any immovable property or shares in a Limited Liability
Company then you must visit your Notary, otherwise there is no need to go to
your notary.
2)
I
inherited a property, what shall I do next?
A public notary has
to be engaged to draw a public deed on the transfer of property from deceased
to the heirs.
3)
How
much is the tax/duty on Causa Mortis.
5% on immovable
property. However, there are exemptions and rebates one has to consider when
calculating duty on causa mortis. This has to be worked out by a Notary
4)
Surviving
spouses do not pay duty on their share of the house of residence.
As of 01/01/2013,
property inherited by children which has been used as residence by their
parents for the last three years, is exempt from duty, on the condition that
the deed is made within one year from the death of the deceased. If one year
elapses, taxes are to be charged. That is, there is an exemption of the first
€35,000 for a full share and the remaining is charged at 5% per each heir.
On all immovable
property there is a rebate of €250 if the total duty of each heir does not
exceed €2300 and the deed is made within six months of the death of the
deceased.
If heirs live in any
one of the property inherited the first Euro 175,000 is charged at 3.5%.
In the case of
usufructuaries, stamp duty is worked out according to their age.
5)
What
are the interests on late causa mortis deed.
After the lapse of
one year, there is an 8% interest on the
duty due for each year. For causa mortis transfers which took place from 1st January 2020, the interest rate is 4% per annum.