3 The key changes
to the
Estates Act are discussed below.
A Small Estate is Set at $150,000
A small estate will mean an estate that does not
exceed $150,000 in value. It should be noted that the introduction
of small estates will have no impact on the calculation of the
Estate Administration Tax (often called, probate fees )
under the
Estate Administration Tax Act
4 and the filing
requirement of an Estate Information Return within 180 days
following the grant of probate.
Simplified Probate Process for Small Estates
A new probate proceeding for small estates will be available to
Estate Trustees. The new procedures under the Rule 74.1
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This guide to Bermuda s private client sector includes
commentary on tax, trusts, foundations and private wealth
structures used within the jurisdiction, including charitable or
philanthropic structures. It also looks at capital gains,
withholding and wealth tax rules along with issues relating to real
property, immigration, succession, making a will and estate
planning considerations, legislative changes and disclosure
obligations.
Which factors bring an individual within the scope of tax on
income and capital gains?
Bermuda does not impose income or capital gains taxes.
What are the taxes and rates of tax to which an individual is
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This guide to Cayman s private client sector includes
commentary on tax, trusts, foundations and private wealth
structures used within the jurisdiction, including charitable or
philanthropic structures. It also looks at capital gains,
withholding and wealth tax rules along with issues relating to real
property, immigration, succession, making a will and estate
planning considerations, legislative changes and disclosure
obligations.
Which factors bring an individual within the scope of tax on
income and capital gains?
This question is intended to address the territorial scope
of the taxes that your jurisdiction imposes on income and capital
This guide to Cayman's private client sector includes commentary on tax, trusts, foundations and private wealth structures used within the jurisdiction, including charitable or philanthropic.