What happens if your property assets are abroad?
More and more people are investing in property abroad and until recently had to abide by local ‘forced heirship’ rules which dictated who inherited their foreign assets.
To make cross-border succession simpler, the European Commission has adopted new rules – Brussels IV – where people from EU member states can choose what happens to their foreign assets. As long as they specify these wishes clearly in a legally drawn-up will, they can leave them to whomever they wish.
It is important to note that Brussels IV relates to the laws of succession but not tax matters. These continue to be dealt with in accordance with national law.