Venezuela: Inheritance

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Last Updated: Feb 18, 2009

Inheritance tax and law

The Global Property Guide looks at inheritance from two angles: taxation, and what inheritance laws apply to foreigners leaving property in Venezuela: what restrictions there are and whether making a will is advisable.

INHERITANCE TAX

How high is income tax on residents in Venezuela?

There are gift and inheritance taxes (impuesto sobre sucesiones, donaciones y demás ramos conexos) in Venezuela. The tax rates vary depending on the value of the inheritance and the relationship between the benefactor and the beneficiary.

The taxable inheritance is computed by deducting the following from the market value of the gross estate:

Any debts owed by the deceased, including taxes (as duly substantiated by proper documents)
Death, funeral, and related expenses
Attorney’s fees incurred during the process of allocating the inheritance and assessing the tax liabilities

The inheritance tax is levied on the gross share of each recipient. The recipients are classified into different categories, depending on their relation with the deceased:

Category I: spouse, direct ascendants, direct descendants, adopted child
Category II: siblings, nephews, nieces
Category III: uncles, aunts, first cousin
Category IV: any other person

The taxation of residents in Venezuela is in tax units (unitaria tributaria), which is an adjustment index. The tax bands are all in tax units, whose monetary value changes depending on the changes in the consumer price index. The tax unit or TU (unitaria tributaria) for 2008 is VEF46 (US$21).

INHERITANCE TAX
TAX RATE	TAX RATES FOR DIFFERENT CATEGORIES
IN TAX UNITS, (US$)	I	II	III	IV
Up to 15 (US$321)	1%	2.5%	6%	10%
15 - 50 (US$1,070)	2.5%	5%1	2.5%	15%
65 - 165 (US$3,530)	5%	10%	20%	25%
165 - 415 (US$8,879)	7.5%	15%	25%	30%
415 - 915 (US$19,576)	10%	20%	30%	35%
915 - 1,915 (US$40,972)	15%	25%	35%	40%
1,915 - 5,915 (US$126,554)	20%	30%	40%	45%
Over 5,915 (US$126,554)	25%	40%	50%	55%

Venezuela - more data and information

How high is income tax on residents in Venezuela?