USA – NEVADA Law and Practice Contributed by: Brian K. Steadman, Alexander LeVeque, Jeffrey Luszeck and Craig Friedel, Solomon Dwiggins Freer & Steadman
Solomon Dwiggins Freer & Steadman, Ltd 9060 West Cheyenne Avenue, Las Vegas, Nevada 89129, USA
Tel: +1 702 853 5483 Fax: +1 702 853 5485 Email: mail@sdfnvlaw.com Web: www.sdfnvlaw.com
1. Tax 1.1 Tax Regimes
owned by non-residents and non-citizens in Nevada. Generally, Nevada imposes property taxes and trans - fer taxes in the same manner for non-residents and non-citizens as are applied to residents and citizens. 1.6 Stability of Tax Laws Nevada has never imposed income taxes or gift, estate, inheritance, or generation-skipping transfer taxes. Any attempts to introduce these types of taxes have been repeatedly rejected. Nevada produces sig - nificant gaming revenues and relies on gaming rev - enues, mining operations, sales taxes, property taxes, and business taxes to fund its operations. 1.7 Transparency and Increased Global Reporting Not applicable within this jurisdiction. 2. Succession 2.1 Cultural Considerations in Succession Planning Nevada is often considered a melting pot in terms of culture – particularly in urban areas such as Las Vegas and Reno. Its diverse population reflects a blend of ethnicities, nationalities and traditions, shaped by fac - tors such as tourism and hospitality, a large immigrant population, a transient population, and notable Native American influence. 2.2 International Planning Not applicable within this jurisdiction.
Nevada does not impose income taxes or gift, estate, inheritance, or generation-skipping transfer taxes. 1.2 Exemptions Not applicable within this jurisdiction. 1.3 Income Tax Planning Not applicable within this jurisdiction. 1.4 Pre-Immigration and Exit Planning Nevada is an ideal state for both pre-immigration and exit planning. Nevada has no state income, gift, estate, inheritance, or generation-skipping transfer taxes, and is among the top jurisdictions for trusts. Those looking to immigrate to the United States can establish trusts in Nevada and take advantage of the wide variety of trust options as well as eliminating income taxes. As to exit planning, clients regularly establish Nevada as their tax residency prior to exiting the US to minimise applicable income taxes. Moreover, with Nevada’s robust statutory framework, those looking to exit the US can establish trusts with provisions minimising taxes while allowing for fluid movement anywhere in the world. 1.5 Taxation of Real Estate Owned by Non- Residents and Non-Citizens Nevada has a cap on real estate property taxes of 3% for the primary home of a resident of the state. There is no other differential tax treatment for real estate
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