Definitive global law guides offering comparative analysis from top-ranked lawyers
CHAMBERS GLOBAL PRACTICE GUIDES
Succession & Estate Planning 2026
Definitive global law guides offering comparative analysis from top-ranked lawyers
Contributing Editor Ivan A. Sacks Withers
Global Practice Guides
Succession & Estate Planning
Contributing Editor Ivan A. Sacks Withers
2026
Chambers Global Practice Guides For more than 20 years, Chambers Global Guides have ranked lawyers and law firms across the world. Chambers now offer clients a new series of Global Practice Guides, which contain practical guidance on doing legal business in key jurisdictions. We use our knowledge of the world’s best lawyers to select leading law firms in each jurisdiction to write the ‘Law & Practice’ sections. In addition, the ‘Trends & Developments’ sections analyse trends and developments in local legal markets. Disclaimer: The information in this guide is provided for general reference only, not as specific legal advice. Views expressed by the authors are not necessarily the views of the law firms in which they practise. For specific legal advice, a lawyer should be consulted. Content Management Director Claire Oxborrow Content Manager Jonathan Mendelowitz Senior Content Reviewers Sally McGonigal, Ethne Withers, Deborah Sinclair, Stephen Dinkeldein, Vivienne Button and Sean Marshall Content Reviewers Lawrence Garrett, Marianne Page, Heather Palomino, Alison Moore, Adrian Ciechacki and Michael Irvine Content Coordination Manager Nancy Tsang Senior Content Coordinators Carla Cagnina and Delicia Tasinda Content Coordinator Joanna Chivers Head of Production Jasper John Production Coordinator Genevieve Sibayan
Published by Chambers and Partners 165 Fleet Street London EC4A 2AE Tel +44 20 7606 8844 Fax +44 20 7831 5662 Web www.chambers.com
Copyright © 2026 Chambers and Partners
Contents
INTRODUCTION Contributed by Ivan A. Sacks, Withers p.4
NEW ZEALAND Law and Practice p.128 Contributed by Tompkins Wake
BAHAMAS Law and Practice p.9 Contributed by Higgs & Johnson
POLAND Law and Practice p.142 Contributed by Oleś, Rysz, Sarkowicz
BELGIUM Law and Practice p.17 Contributed by Tiberghien
SPAIN Law and Practice p.157 Contributed by KINSHIP SWITZERLAND Law and Practice p.175 Contributed by Walder Wyss
CANADA Law and Practice p.30 Contributed by Hull & Hull LLP Trends and Developments p.45 Contributed by Hull & Hull LLP
UAE Law and Practice p.187 Contributed by M/HQ Corporate Services Ltd Trends and Developments p.203 Contributed by M/HQ Corporate Services Ltd USA – CALIFORNIA Law and Practice p.211 Contributed by Pillsbury Winthrop Shaw Pittman LLP Trends and Developments p.223 Contributed by Pillsbury Winthrop Shaw Pittman LLP
GERMANY Law and Practice p.51 Contributed by Flick Gocke Schaumburg Trends and Developments p.65 Contributed by Flick Gocke Schaumburg
GREECE Trends and Developments p.70 Contributed by Kyriakides Georgopoulos Law Firm INDIA Law and Practice p.78 Contributed by Cyril Amarchand Mangaldas Trends and Developments p.91 Contributed by Cyril Amarchand Mangaldas
USA – CONNECTICUT Law and Practice p.228 Contributed by Withers Trends and Developments p.242 Contributed by Withers
MEXICO Law and Practice p.98 Contributed by Galicia Abogados
USA – NEW YORK Law and Practice p.246
Contributed by Teitler & Teitler, LLP Trends and Developments p.254 Contributed by Teitler & Teitler, LLP
NETHERLANDS Law and Practice p.115 Contributed by Arcagna
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INTRODUCTION
Contributed by: Ivan A. Sacks, Withers
Withers is an international law firm with offices in the United States, the United Kingdom, Europe, Asia and the Caribbean. It is one of the world's best-known law firms for privately held capital, particularly among multi-generational, high net worth, and ultrahigh net worth individuals and families to service their sophis- ticated legal needs. For over 125 years, Withers has been proud to partner with clients to realise their am- bitions, protect their interests and help them use their resources to shape the future. The firm has a global
team of more than 1,500 people, 220+ partners and over 650 other attorneys worldwide, and 45% of the partnership is comprised of women. Withers spe- cialises in tax, trust and estate planning, as well as litigation, employment, family law, corporate transac- tions and other legal issues for individuals. Withers is ranked amongst the top-tier of firms in Chambers and Partners High Net Worth guides and has also been recognised as one of the best law firms by other legal directories.
Contributing Editor
Ivan A. Sacks is a senior partner in the private client and tax division of Withers, qualified and resident in New York. He is a trusted advisor to international and domestic families and family offices. Ivan is the global
head of Withers’ families and family office group and a member of the Latin American and Asia-Pacific groups. From 2013 to 2019, he was the global chairperson of Withers, during which period Withers significantly expanded its footprint, capability and profitability. Ivan counsels families and entrepreneurs on the structuring of closely held business interests, family offices and charitable foundations, the design and administration of trusts and estates, and comprehensive risk management, governance and succession planning.
Withers 157 Church Street New Haven Connecticut 06510 430 Park Ave New York, NY 10022 USA Tel: +1 203 302 4100; Fax: +1 203 869 0558;
Email: inquiries.gw@withers.us.com Web: www.withersworldwide.com
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INTRODUCTION Contributed by: Ivan A. Sacks, Withers
Global Forces Reshaping Modern Succession and Wealth Transfer As demonstrated by the diverse jurisdictional contri- butions to this year’s inaugural Chambers guide to Succession & Estate Planning, the international land- scape for estate and succession planning is influ- enced by the timeless need to address the age-old certainties of death, taxes and the desire to protect loved ones and pass on lasting legacies in the face of the changing, and at times disruptive, set of cur- rent influences on the world of wealth creation and transition. The laws of estate and succession planning are tradi- tionally jurisdictionally bound, conservative and slow to change, sitting as they do at the intersection of family relationships, property rights and taxation of inheritance. Yet the early decades of the 21st century are producing pressures that are accelerating change in this field. Demographic shifts, increased global mobility and geopolitical uncertainty, regulatory and tax competition among jurisdictions, evolving family structures and the rise of digital wealth are reshaping the scale and nature of wealth transition and the legal environment in which to plan its succession. This in turn is greatly increasing the demands on advisors and wealth owners to plan effectively for the transfer of assets across generations in this changing environ- ment. One of the most significant forces affecting succes- sion planning today is demographic: the so-called great wealth transfer. In the United States alone, tens of trillions of dollars are expected to pass from the baby boom generation to their children and grandchil- dren over the coming two to three decades. Similar transfers are underway in Europe, parts of Asia and Latin America, where post-war generations accu- mulated large concentrations of wealth through real estate, financial markets and closely held businesses. Indeed, some emerging and emerged markets are in the early stages of the most significant private wealth transitions from one generation to the next in at least a century. This generational shift is creating both oppor- tunities and challenges for families – and for the pro- fessionals who advise them. For wealth holders, the question is not merely how assets will pass, but how they will be preserved, governed and deployed by
younger generations whose lifestyles and geographic mobility often differ dramatically from those of their parents. At the same time, this enormous transition of private wealth is intersecting with growing wealth inequality and the desire of governments, and their people, to tax great wealth while at the same time retaining (and attracting) such wealth within their borders. In this environment, jurisdictions around the world – and even individual states within federal systems such as the United States – are increasingly competing to attract private wealth. This competition has produced a wave of innovation in trust law, tax regimes and asset-pro- tection structures. States such as South Dakota, Dela- ware, Nevada and Wyoming in the USA have enacted statutes permitting long-duration or “dynasty” trusts, flexible directed-trust structures and strong protec- tions against creditor claims. Internationally, offshore financial centres and traditional trust jurisdictions have similarly modernised their laws to attract global capi- tal by offering flexible trust structures, confidentiality protections and tax neutrality. Not to be entirely outdone, some high-tax nations, both large and small, are competing to attract people to move to their jurisdiction through special flat-tax or reduced-tax regimes, while others are creating higher walls to escape their income or inheritance taxation for years after a resident leaves their jurisdiction. Notable recent examples of this flurry of legal changes include the United Kingdom, which introduced major changes to its tax regime in 2025 to reduce the length and extent of its longstanding tax-preferential regime for non-domiciled residents, while combining it with longer “tails” for the inheritance taxation of deemed domiciliaries who leave. Representing something of a counter-trend, in the USA, the exemption from fed- eral estate tax has continued to increase since the tax reform in 2017, reaching an all-time high in excess of USD15 million per person (which will continue to grow, indexed for inflation, under current law), and the cur- rent Administration proposes to enact legislation to create a “gold card” to attract very wealthy non-US persons to reside in the USA without subjection to US income tax on their offshore wealth – at least for some period of time.
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INTRODUCTION Contributed by: Ivan A. Sacks, Withers
This competition for mobile wealth, amidst politi- cal reaction against tax minimisation regimes and structuring, intersects with another defining trend of contemporary life: the globalisation of personal and family existence. Increasing numbers of affluent individuals live, work, invest and maintain family con- nections across multiple jurisdictions. A family might have parents residing in the United States, adult chil- dren working in Europe or Asia, assets held in invest- ment accounts in several countries and real estate in yet another. These realities complicate traditional notions of domicile, tax residence and governing law. Estate planners must therefore navigate not only the domestic tax and succession rules of one jurisdiction, but also international treaties, foreign forced-heirship regimes and cross-border reporting obligations. Against this backdrop of global mobility, wealth con- centration and increasing succession, a number of social and technological changes are exerting a pro- found influence on succession planning law and prac- tice. Two particularly important areas are the evolving legal recognition of non-traditional family structures and the growing importance of digital assets in both financial and personal life. Evolving Family Structures and the Law of Succession Historically, succession law developed around a rela- tively narrow conception of family. Marriage was gen- erally defined as a heterosexual union, and legal sys- tems often assumed that children were born naturally to married parents. Property rights, inheritance rules and tax benefits were structured around this tradi- tional model. Over the past several decades, however, social norms and legal frameworks have evolved sig- nificantly. One of the most consequential developments has been the legal recognition of same-sex marriage and other forms of domestic partnership in a growing number of jurisdictions. In the United States, nation- wide recognition of same-sex marriage dramatically altered the legal landscape for estate planning. Mar- ried couples – regardless of gender – can now benefit from marital inheritance rights, spousal elective share protections and the ability to transfer assets between spouses without incurring federal estate or gift tax
through the marital deduction. However, some state laws remain opposed or have not adjusted fully to federal recognition. Similar reforms have occurred in many countries around the world, although the pace and scope of recognition vary widely. For estate planners, these changes require significant adjustments. Same-sex couples who previously relied on complex contractual arrangements to approximate spousal rights can now benefit from traditional mari- tal planning tools. At the same time, planners must remain attentive to the fact that cross-border couples and couples with cross-state property interests may encounter differing legal recognition depending on where they reside or hold assets. A marriage recog- nised in one place may not be fully acknowledged in another, creating potential uncertainty in inheritance rights or taxation. Beyond marriage equality, the broader recognition of diverse family structures has also begun to reshape succession law. Domestic partnerships, cohabita- tion arrangements and blended families with children from multiple relationships are increasingly common. These realities complicate the distribution of property at death and often require more deliberate planning to avoid disputes among surviving partners, biological children, stepchildren and other potential heirs. Scientific advances in reproductive technology are adding further complexity. Techniques such as in vitro fertilisation, surrogacy and the freezing of embryos or genetic material have expanded the possibilities of parenthood. Children may now be conceived years after the death of a biological parent, or born through surrogacy arrangements involving multiple parties across different jurisdictions. These developments raise fundamental legal questions about parentage, inheritance rights and the timing of succession. For example, some legal systems must now address whether a child conceived posthumously through stored genetic material is entitled to inherit from the deceased parent’s estate. The answer often depends on statutory provisions, the explicit intent expressed in estate planning documents and the timing of con- ception relative to other events, including probate pro- ceedings. Similarly, cross-border surrogacy arrange- ments may involve jurisdictions with differing views on
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INTRODUCTION Contributed by: Ivan A. Sacks, Withers
parental recognition, creating uncertainty about the legal status of children for inheritance purposes. As a result, estate planners increasingly advise clients to address these possibilities explicitly in their wills and trusts. Documents may specify whether post- humously conceived children should be included as beneficiaries, how parentage is to be determined in cases involving assisted reproduction and how assets should be managed for children born through surro- gacy arrangements. Over time, courts and legislatures are gradually adapting succession law to accommo- date these evolving family realities, but the pace of change remains uneven across jurisdictions. Digital Assets and the Transformation of Wealth Another major force reshaping estate planning is the rapid expansion of digital assets and digital life. A generation ago, most wealth existed in physical or easily identifiable forms: real estate, bank accounts, securities certificates and tangible personal property. Today, significant portions of both financial and per- sonal value exist entirely in digital form. At the most basic level, individuals now maintain extensive digital footprints. Email accounts, social media profiles, online photo libraries, cloud stor- age and subscription services may contain valuable personal records and intellectual property. Access to these accounts is typically governed by complex terms-of-service agreements and privacy laws that were not originally designed with post-mortem access in mind. Families frequently discover after a death that they cannot easily retrieve digital photographs, cor- respondence or other sentimental materials without proper authorisation. To address these challenges, a number of jurisdictions have enacted legislation per- mitting the designation of “digital executors” or oth- erwise clarifying fiduciary access to digital accounts. These laws attempt to balance the privacy interests of the deceased with the practical needs of estate administration. Estate planners increasingly recom- mend that clients maintain secure inventories of digital accounts, passwords and access instructions, often stored through specialised digital vault services or encrypted records accessible to trusted fiduciaries.
Beyond personal digital accounts, the rise of purely digital financial assets presents even greater chal- lenges. Cryptocurrencies and other blockchain-based assets represent a rapidly expanding category of wealth that may exist entirely outside traditional finan- cial institutions. Unlike conventional bank accounts, these assets are often controlled solely through cryptographic private keys. If those keys are lost or inaccessible at the owner’s death, the assets them- selves may effectively disappear. High-profile cases of lost cryptocurrency holdings have highlighted the importance of careful planning. Estate planners must now ask clients not only about conventional assets, but also about digital wallets, decentralised finance accounts and other blockchain-based holdings. Plan- ning strategies may include multi-signature wallets, hardware storage devices with controlled access procedures and carefully documented instructions for fiduciaries. Even traditional financial assets are becoming increas- ingly digital. Investment accounts, online banking platforms and payment services are often accessed solely through digital interfaces. The practical admin- istration of an estate therefore requires that executors or trustees understand how to locate, verify and man- age these accounts while complying with cybersecu- rity and privacy regulations. The broader implications of digitalisation extend beyond crypto- and digitally stored financial asset transfer. Digital identities, online intellectual property and virtual goods – ranging from monetised social media channels to digital art and non-fungible tokens – may themselves constitute valuable components of an individual’s estate. Determining how such assets should be valued, transferred or preserved presents novel legal and practical questions that the estate planning profession is only beginning to address. Adapting the Practice of Estate Planning Taken together, these developments illustrate how succession planning is being reshaped by forces that extend far beyond established legal rules and doc- trines. The demographics of our aging society, global mobility amidst roiling tax-regime change, evolv- ing social norms and technological transformation are interacting in ways that challenge fundamental
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INTRODUCTION Contributed by: Ivan A. Sacks, Withers
assumptions about family, property and inheritance, as well as traditional, nationally bound legal advice needs. For legal practitioners, this environment demands a broader and more interdisciplinary approach. Advisors must be conversant not only with tax law and trust structures, but also with international conflict-of-laws principles, reproductive technology issues and digital privacy regimes. They must ask clients new types of questions: Where are your digital assets stored? Who can access your online accounts? How should your estate plan address children born through assisted reproductive technologies? Which jurisdiction’s law will govern the taxation of your trust if your family relocates?
As the great wealth transfer accelerates, and as the social and political changes currently in view continue to evolve, succession planning will likely remain an area of dynamic legal development in the years ahead. At the same time, the underlying objectives of succes- sion planning remain constant. Families continue to seek clarity, continuity, efficiency and protection from risk in the transfer of wealth and responsibility from one generation to the next. What is changing is the context in which those objectives must be pursued.
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BAHAMAS Law and Practice Contributed by: Sharmon Y. Ingraham Higgs & Johnson
Grand Bahama I.
Gt. Abaco I.
Eleuthera I.
Nassau
The Bahamas
Cat I.
Andros I.
Long I.
Crooked I.
Contents 1. Contemporary Cultural Considerations in Succession Planning p.11 1.1 Social and Cultural Attitudes p.11 1.2 Wealth Profiles and Industry Influences p.11 2. Residency and Domicile for Purposes of Wealth and Estate Planning p.11 2.1 Determining Domicile p.11 2.2 Income Tax Residency p.11 3. Intestacy and Forced Heirship Laws p.12 3.1 Intestate Succession p.12 3.2 Forced Heirship p.12 4. Marital Property and Succession p.12 4.1 Property Regimes During Life and Deathtime Rights and Protections p.12 4.2 Prenuptial and Postnuptial Agreements p.13 5. Tax Treatment of Lifetime Transfers and Testamentary Dispositions p.13 5.1 Lifetime Transfers p.13 5.2 Testamentary Dispositions p.13 6. Lifetime Succession Planning Mechanisms p.13
7. Succession of Digital Assets p.13 7.1 Legal Framework p.13 7.2 Planning Considerations p.13 8. Family Business Succession Planning p.14 8.1 Succession Strategies p.14 8.2 Legal and Tax Considerations p.14 9. Trusts, Foundations and Related Entities p.14 9.1 Choice of Planning Vehicle p.14 9.2 Recent Developments Affecting Planning Vehicles p.14 10. Fiduciary Regulation, Standards and Taxatio n p.14 10.1 Corporate and Professional Fiduciaries p.14 10.2 Taxation of Trusts p.15 11. Planning for Non-Traditional Families p.15 11.1 Succession Rights and Estate Taxes for Non- Traditional Families p.15 11.2 Conflicts and Divergent Laws p.15 12. Cross-Border Succession Planning p.16 12.1 Taxation of Cross-Border Estates and Transfers p.16
6.1 Common Planning Techniques p.13 6.2 Tax and Regulatory Constraints p.13
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BAHAMAS Law and Practice Contributed by: Sharmon Y. Ingraham, Higgs & Johnson
Higgs & Johnson has over 50 years of experience advising on offshore and onshore trusts and founda- tions. The firm is a recognised leader in private trust companies (PTCs), purpose trusts and foundations, serving families, high net worth individuals and fidu- ciaries. The team of highly qualified trust and estate practitioners (TEPs) provides expert guidance in es- tate planning, asset protection and trust litigation, having played an integral role in legislative updates such as the abolition of the rule against perpetuities.
The lawyers regularly collaborate with international legal advisers to ensure tax‑efficient structures and comprehensive solutions. The firm also offers servic- es in wills and probate, having assisted thousands of estates and contributed to the drafting of the Probate and Administration of Estates Act, 2011. In addition, the immigration practice advises on citizenship, resi- dence and work permits. Higgs & Johnson delivers trusted counsel across generations with a commit- ment to excellence.
Author
Sharmon Y. Ingraham is a partner and deputy chair of Higgs & Johnson’s private client and wealth management practice group. She advises on trust administration and creation, pension trusts, estate
planning, wills and probate, and company law matters. Sharmon also has experience in trust and commercial litigation, maritime and ship financing, and regulatory matters in banking and insurance. Ranked by Chambers High Net Worth for her technical strength and hands‑on approach, she has authored commentaries on trust law, foundations and private trust companies. She holds a Law and International Politics degree from Keele University and is a STEP member.
Higgs & Johnson Ocean Centre East Bay Street Nassau The Bahamas
Tel: +242 502 5200 Fax: +242 502 5250
Email: info@higgsjohnson.com Web: www.higgsjohnson.com
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BAHAMAS Law and Practice Contributed by: Sharmon Y. Ingraham, Higgs & Johnson
1. Contemporary Cultural Considerations in Succession Planning 1.1 Social and Cultural Attitudes Succession planning in The Bahamas is significantly influenced by a desire to ensure family wealth cre- ated by earlier generations is sustained and used to maintain successive descendants. The current fam- ily representatives who are growing and maintaining family businesses are also focused on ensuring the businesses are retained by and transferred to lineal descendants. Younger clients are also focused on charitable ven- tures to extend international opportunities to local recipients, introducing exciting and innovative pros- pects for engagement and development. 1.2 Wealth Profiles and Industry Influences There is a well-established second home sector in The Bahamas, which has in recent times influenced local wealth planning and client expectations in the jurisdic- tion as well as the more traditional low-tax aspects for international planning. Statutory provisions in The Bahamas that relate to the law of succession do not define “domicile” or pro- vide legislative guidance concerning any standards for determining domicile. However, in the matters before it (eg, Masselle v Masselle [1994] BHS J. No 104 and Kohlrautz v Kohlrautz [1999] BHS J. 104), the Bahamian Supreme Court has considered the issue of domicile. The court, relying upon English case law, has determined that domicile is established by refer- ence to the intention of a person to permanently reside in The Bahamas. Such intention to reside is assessed having regard to the expression of the intent of the person and the factual matrix regarding the place where they are ordinarily resident. The Bahamian court also takes into consideration any formal immigration status obtained by a person from the Department of Immigration in The Bahamas in its assessment. 2. Residency and Domicile for Purposes of Wealth and Estate Planning 2.1 Determining Domicile
Irrespective of the residence or domicile of persons, the statutory right of a person to make a will governed by the law of The Bahamas does not arise from the domicile of such person. Specifically, Section 7 of the Wills Act, Chapter 115, Statute Law of The Bahamas, permits testators domiciled outside The Bahamas to make valid wills governed by the law of The Bahamas where such testator has assets within The Bahamas. Additionally, the Bahamian court has recognised the intention and wishes of testators concerning move- able property while acknowledging that the disposi- tion of real property is subject to the law of the place where such property is situated. Accordingly, a deter- mination of Bahamian domicile of a testator would support the application of Bahamian law to the move- able property contained in the worldwide estate but is not a precondition to the valid creation of a will governed by the law of The Bahamas. The residency and domicile of a person do not give rise to any estate, death or inheritance tax assessment in, or payable to, The Bahamas as, in the current tax system in the jurisdiction, such taxes are inapplicable. Taxation in The Bahamas arises through the imposi- tion of stamp, customs and excise duties, real prop- erty taxes and value added taxes. The domicile or residency of a person does not restrict such person’s entitlement to inherit or obtain any share of an estate in The Bahamas of a deceased person. Where an entitlement to inherit arises through a valid will, the law of The Bahamas does not prevent such disposition. To the extent the entitlement arises in an intestate estate, the recipient beneficiary would be required to fall within one of the categories estab- lished under Section 4 of the Inheritance Act, Chapter 116, Statute Law of The Bahamas. A person’s domicile or residency is a statutory require- ment to permit an application under the provisions of the Matrimonial Causes Act, Chapter 125, Statute Law of The Bahamas. 2.2 Income Tax Residency Income tax does not form a part of the current system of taxation utilised in The Bahamas. Consequently, there are at present no rules and standards regarding
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BAHAMAS Law and Practice Contributed by: Sharmon Y. Ingraham, Higgs & Johnson
4. Marital Property and Succession 4.1 Property Regimes During Life and Deathtime Rights and Protections Generally, having regard to testamentary freedom in The Bahamas, spouses may gift or dispose of their personal property without restrictions. However, if by the will of one spouse, such spouse fails to make “rea- sonable financial provision” for the surviving spouse, or if the surviving spouse considers insufficient provi- sion has been made in the deceased spouse’s will, an application to court may be made seeking to have some part of the net estate appropriated for the maintenance of the surviving spouse, provided the deceased spouse was domiciled in The Bahamas (see Part III of the Inheritance Act, Chapter 116, Statute Law of The Bahamas). There are a few exceptions that limit the freedom of disposition under the law of The Bahamas. • If property is jointly owned by spouses and the right of survivorship applies, on the death of the first of the spouses to die, the surviving spouse becomes the owner of the whole property by operation of law. The jointly held asset would not form any part of the estate of the deceased spouse or be subject to the probate process. • Additionally, under Section 24 of the Inheritance Act, Chapter 116, Statute Law of The Bahamas, a surviving spouse, who does not have an enti- tlement to occupy the home that served as the marital residence during the lifetime of the spouse, is given conditional protection against eviction from the residence. Specifically, the surviving spouse’s right to reside in the marital home continues until the death, remarriage or an order varying the right to reside. One spouse has no legal entitlement to deal with or dispose of assets that are jointly owned with the other spouse. Where one spouse purports to dispose of or transfer any part of marital property that is owned with the other spouse without the consent of that spouse, such disposition or transfer is liable to be invalidated or set aside under provisions like those contained in the Fraudulent Dispositions Act, Chapter 78, Statute Law of The Bahamas, or the Trusts (Choice of Govern-
income tax residency that impact, or are impacted by, domicile.
3. Intestacy and Forced Heirship Laws 3.1 Intestate Succession In circumstances where a person dies without hav- ing created a will, the Inheritance Act, Chapter 116, Statute Law of The Bahamas, directs the distribution of the estate among certain categories of recipients; principally among a spouse, descendants or anteced- ents and remoter relatives surviving the person. In par- ticular, Section 4 of the Inheritance Act equally divides the estate among the surviving spouse and children, allocating 50% of the estate to the spouse and divid- ing the remaining 50% equally among the children. If there is no surviving spouse, the intestate person’s estate is shared equally among any surviving children. Where there is neither spouse nor children, but there are grandchildren, the estate is shared equally among the grandchildren. In the event the deceased person is not survived by a spouse or descendants, the Inheritance Act provides that the estate be paid out to any parents surviving the intestate person. In circumstances where there is neither a spouse nor descendants or ascendants, the statute enables the estate to be distributed among siblings, nieces and nephews, grandparents and ulti- mately next of kin in alternative provisions. Similarly, if any provision or gift under a will fails, or if the entirety of a will fails and an asset or part of (or the entire) estate is or comes within the scope of intes- tacy provisions, the foregoing beneficiary designation imposed by the Inheritance Act is applicable. 3.2 Forced Heirship Pursuant to the Wills Act, Chapter 115 of the Statute Law of The Bahamas, the testamentary freedom of every person is recognised in The Bahamas. The leg- islation expressly provides that a person may dispose of all real estate and personal property that is per- sonally owned by them at the time such person dies. Consequently, forced heirship or family rights do not form a part of the law of The Bahamas.
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BAHAMAS Law and Practice Contributed by: Sharmon Y. Ingraham, Higgs & Johnson
6.2 Tax and Regulatory Constraints When considering succession planning techniques, there are no anti-avoidance rules, estate or income tax rules in The Bahamas that would influence the avail- ability or desirability of one mechanism over another. However, The Bahamas has adopted various tax infor- mation exchange agreements, and enacted legislation to facilitate reporting under the Common Reporting Standard and the US Foreign Account Tax Compli- ance Act. As such, The Bahamas is required to pro- vide applicable disclosure and reporting in accord- ance with the obligations it has assumed. Recent legislative changes concerning the transfer into trusts of Bahamian real property, which limit and/ or restrict exemptions on such transfers, has impact- ed, to an extent, the desirability of holding such assets in trust structures. Depending on the family’s objec- tive, the change in legislation has resulted in other mechanisms being adopted in preference to the trust, like incorporated vehicles or wills. While the Digital Assets and Registered Exchanges Act, 2024 has been enacted and replaces the original Digital Assets and Registered Exchanges Act, 2020, the legislation is focused primarily on the regulation of the sector. As such, the legislation does not spe- cifically address the disposition of digital assets like email accounts, social media accounts and cryptocur- rency at the individual level. The disposition of such assets, together with access information, remain top- ics for discussion and specific instruction in the initial phases to prepare succession and estate planning documents. 7.2 Planning Considerations Details regarding the digital assets held, and how such assets are held and accessed, should be specifically considered in the initial planning stage. A joint plan should be agreed with the client-owner to address the particular asset and the intended disposition or transfer, and the plan should communicate necessary access information. 7. Succession of Digital Assets 7.1 Legal Framework
ing Law) Act, Chapter 170, Statute Law of The Baha- mas, as applicable. Lifetime transfers, which result in a change of owner- ship, would likely attract transfer taxes while transfers to surviving spouses, arising through the probate pro- cess, are not subject to estate or inheritance taxes. 4.2 Prenuptial and Postnuptial Agreements While there is presently no legislation in The Bahamas that recognises and enforces nuptial agreements, M v F [2011] 2 BHS J. No 13, relying on English case law, held that prenuptial and postnuptial agreements may be considered in the exercise of the court’s discretion- ary jurisdiction contained in the Matrimonial Causes Act, Chapter 125, Statute Law of The Bahamas. 5. Tax Treatment of Lifetime Transfers and Testamentary Dispositions 5.1 Lifetime Transfers There are no gift taxes and no capital gains taxes applicable in The Bahamas. In the context of lifetime dispositions, transfer taxes arise where such dispo- sitions result in a change of beneficial ownership. Recent legislative changes brought into force in 2024 removed certain tax exemptions in respect of trusts established enabling the transfer of Bahamian real property among the lineal descendants of a settlor/ owner. 5.2 Testamentary Dispositions There are no estate taxes or inheritance taxes assessed in The Bahamas on the disposition of assets out of a deceased person’s estate.
6. Lifetime Succession Planning Mechanisms 6.1 Common Planning Techniques
Common succession planning mechanisms used in The Bahamas to transfer wealth include the creation of trusts, foundations, family entities and wills.
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BAHAMAS Law and Practice Contributed by: Sharmon Y. Ingraham, Higgs & Johnson
8. Family Business Succession Planning 8.1 Succession Strategies Common strategies used in family business succes- sion planning in The Bahamas include: • the use of voting shares versus ownership shares; • the joint ownership of ownership shares with rights of survivorship; • the use of purpose trusts to hold the ownership of operating entities; • the use of foundations to hold operating enti- ties and facilitate succession exclusively among descendants; and • the appointment of next-generation individuals as directors in the lifetime of the settlor, founder primary owner. 8.2 Legal and Tax Considerations Business entities that undertake operations and activi- ties within scope of the Business Licence Act, 2023 are required to be licensed under that legislation in The Bahamas. While there are no estate taxes or income taxes, so termed, applicable to business entities, in respect of its business undertaking such entities are subject to business licence tax on their turnover. The rate of such tax is pegged by the legislation to the level of turnover earned by the entity. 9. Trusts, Foundations and Related Entities 9.1 Choice of Planning Vehicle There is a long history of trust creation and use in The Bahamas, arising from the jurisdiction’s com- mon law heritage. In particular, discretionary trusts, directed powers trusts, settlor reserved powers trusts and purpose trusts are commonly used forms of trust instrument. Asset protection trusts are also available in The Bahamas. Foundations, both private family and charitable options, may be established under the provisions of the Foundations Act, Chapter 369D, Statute Law of The Bahamas. Foundations are generally favoured by
individuals who have a civil law background or under- takings. Asset holding as well as equity holding incorporate entities are also options available in The Bahamas for estate planning. 9.2 Recent Developments Affecting Planning Vehicles Recent efforts in the tax sector in The Bahamas have reduced exemptions and exclusions once available in respect of trusts, resulting in a nuanced evaluation by clients of the various planning vehicles in the jurisdic- tion, and of the suitability of those vehicles in the light of their family circumstances and objectives. 10. Fiduciary Regulation, Standards and Taxation 10.1 Corporate and Professional Fiduciaries Corporate and professional fiduciaries are subject to regulatory oversight in The Bahamas in their admin- istration of trusts, whether local or international. Cor- porate trustees are licenced and regulated by the Central Bank of The Bahamas while individuals, pro- viding trust services as a business, are regulated by the Securities Commission pursuant to its obligations under the Financial and Corporate Services Providers Act, 2020. Individuals who serve as trustee, but who do not provide such services as a business under- taking, are not within scope of the Banks and Trust Companies Regulations Act, 2020 or the Financial and Corporate Services Providers Act, 2020. Corporate and professional trustees, as profession- als having a particular skill or expertise, may be held to a higher standard of liability than non-professional persons serving as trustees of trusts pursuant to the provisions of Section 5 of the Trustee Act, Chapter 176, Statute Law of The Bahamas. It is possible to exclude the application of the section, and such lim- iting provision is frequently specifically contained in trust instruments. It is possible to form and utilise private trust compa- nies in The Bahamas. The Banks and Trust Compa- nies (Private Trust Companies and Qualified Execu-
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BAHAMAS Law and Practice Contributed by: Sharmon Y. Ingraham, Higgs & Johnson
tive Entities) Regulations 2025 enable the creation of private trust companies and permit such trust companies to be exempt from certain requirements imposed upon professional corporate trustees by the provisions of the Banks and Trust Companies Regula- tions Act, 2020. 10.2 Taxation of Trusts Generally, in light of the tax structure utilised in The Bahamas, other than the imposition of trust duty of BSD50.00 on the creation of a trust, trusts as a vehicle for the transfer of wealth, estate and family planning are not subject to taxation in The Bahamas. The sett- lor and beneficiaries of trusts existing under the law of The Bahamas are also not subject to direct taxa- tion in The Bahamas. However, to the extent that a trust administered in The Bahamas has Bahamian real property as a component of the trust fund, real prop- erty taxes are assessed annually on such property, factoring into the assessment the value of the prop- erty and improvements thereto. Similarly, where such trust has an operating business entity licensed under the Business License Act, business licence taxes are assessed on the turnover. 11. Planning for Non-Traditional Families 11.1 Succession Rights and Estate Taxes for Non-Traditional Families Following the enactment of the Status of Children Act, Chapter 130, Statute Law of The Bahamas, in 2002, all children – whether born in wedlock, out of wedlock, legitimated or adopted – were given equal status under the law. Consequently, all children were accorded equal entitlement to benefit in their parents’ estate. While the Status of Children Act does not specifi- cally address surrogate children and posthumously conceived children, it is arguable, on the express lan- guage of the legislation, that such children should be subject to the equality principal extended to children generally. Where a deceased person has created a valid will and made specific dispositions in its provisions, recog-
nising the testamentary freedom, the law does not superimpose any conditions or requirements on the gifts and dispositions specified in such will. Similarly, where a trust instrument is prepared that addresses non-traditional family aspects and succession entitle- ments, which does not require beneficial entitlement provisions to be construed in accordance with Baha- mian law, such provisions would not be disturbed. There is no legislation in The Bahamas that recognises same-sex spouses or civil partnerships, and under the current laws in The Bahamas, “spouse” is convention- ally defined as the husband or wife of a person. A mar- ital relationship may arise legally in accordance with the provisions of the Marriage Act, Chapter 120, Stat- ute Law of The Bahamas. A marital relationship may also arise from an extended cohabitation of a man and woman in a reputed relationship of husband and wife, which receives recognition following any adjudi- cation by the courts of The Bahamas that a reputed relationship of husband and wife should be presumed and they are the spouse of each other, subject to any evidence to the contrary. Persons falling within the scope of “spouse”, as conventionally defined, would be within scope of the various succession provisions available under the law of The Bahamas as discussed in this chapter. 11.2 Conflicts and Divergent Laws Conflicts can arise where family relationships are recognised differently under the law of other juris- dictions. Considering the conventional construction of “marriage” and/or “spouse” under the law of The Bahamas, this area is one that could attract significant conflict given the recognition of same-sex relation- ships in other jurisdictions. Such areas of conflict may be avoided in the draft- ing of definition provisions in documents adopting an estate planning mechanism. For example, in the prep- aration of trust instruments governed by the law of The Bahamas, this potential conflict is often addressed by specifying that the marriage is in accordance with the law where the beneficiaries are resident and/or domiciled. Similarly, conflict may arise concerning surrogate chil- dren. In the trust preparation, special care in delin-
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BAHAMAS Law and Practice Contributed by: Sharmon Y. Ingraham, Higgs & Johnson
eating the scope of applicable definition provisions is paramount.
12. Cross-Border Succession Planning 12.1 Taxation of Cross-Border Estates and Transfers The government of The Bahamas does not impose estate, inheritance or death taxes. The Bahamas has also not entered into any national, multinational agree- ments or treaties that affect the assessment of indi- vidual taxes or the imposition of taxes on dispositions occurring outside the jurisdiction, or on assets located outside The Bahamas. The Bahamas has adopted the Common Reporting Standard and entered into an agreement with the United States pursuant to the Foreign Account Taxa- tion Compliance Act. Consequently, where assets are distributed to beneficiaries from trusts administered by trustees in The Bahamas, the requisite reporting is made to the applicable jurisdiction in accordance with the applicable legislation.
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BELGIUM
Netherlands
Brussels Belgium
Germany
Law and Practice Contributed by: Alain Van Geel and Emilie Van Goidsenhoven Tiberghien
Luxembourg
France
Contents 1. Contemporary Cultural Considerations in Succession Planning p.19 1.1 Social and Cultural Attitudes p.19 1.2 Wealth Profiles and Industry Influences p.19 2. Residency and Domicile for Purposes of Wealth and Estate Planning p.20 2.1 Determining Domicile p.20 2.2 Income Tax Residency p.20 3. Intestacy and Forced Heirship Laws p.20 3.1 Intestate Succession p.20 3.2 Forced Heirship p.21 4. Marital Property and Succession p.21 4.1 Property Regimes During Life and Deathtime Rights and Protections p.21 4.2 Prenuptial and Postnuptial Agreements p.21 5. Tax Treatment of Lifetime Transfers and Testamentary Dispositions p.22 5.1 Lifetime Transfers p.22 5.2 Testamentary Dispositions p.22 6. Lifetime Succession Planning Mechanisms p.24
7. Succession of Digital Assets p.25 7.1 Legal Framework p.25 7.2 Planning Considerations p.26 8. Family Business Succession Planning p.26 8.1 Succession Strategies p.26 8.2 Legal and Tax Considerations p.26 9. Trusts, Foundations and Related Entities p.27 9.1 Choice of Planning Vehicle p.27 9.2 Recent Developments Affecting Planning Vehicles p.27 10. Fiduciary Regulation, Standards and Taxatio n p.27 10.1 Corporate and Professional Fiduciaries p.27 10.2 Taxation of Trusts p.27 11. Planning for Non-Traditional Families p.28 11.1 Succession Rights and Estate Taxes for Non- Traditional Families p.28 11.2 Conflicts and Divergent Laws p.29 12. Cross-Border Succession Planning p.29 12.1 Taxation of Cross-Border Estates and Transfers p.29
6.1 Common Planning Techniques p.24 6.2 Tax and Regulatory Constraints p.25
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BELGIUM Law and Practice Contributed by: Alain Van Geel and Emilie Van Goidsenhoven, Tiberghien
Tiberghien advises families over several generations on prenuptial agreements; gifts, wills and succession agreements; family governance (structures); invest- ments (insurance products, private equity, real estate, art, etc); transfers of family businesses; inheritance disputes; formal rulings of federal, regional and lo- cal tax administrations; family foundations, trusts and philanthropy; personal and corporate income tax; Cayman tax and look-through taxation; HR tax law; voluntary disclosure and criminal law proceedings; cross-border migration; family law, mediation and litigation; and tax compliance and litigation. Through excellent teamwork and out-of-the-box thinking,
Tiberghien’s experts work towards the optimal so- lution for clients, no matter how complex, through specialised estate planners, in-house civil law prac- titioners, mediators, tax and family law litigators, the all-round expertise of a full-service corporate tax firm and in-house economists assisting with valua- tions (eg, in inheritance tax matters). The advisers are supported by a dedicated know-how team and col- leagues with academic assignments at Belgian and foreign universities. Every year, Tiberghien updates the Manual for Tax Law, the reference work on tax law in Belgium.
Authors
Alain Van Geel is a partner at Tiberghien focusing on Belgian and international family law, matrimonial property law, gifts and donations, inheritance and succession law, and national and international estate planning. He is a member of several editorial boards and lectures at UAMS (University of Antwerp Management School), the Flanders Business School, HEC Liège and the Belgian Private Banking Association on estate planning and Belgian international private law. He is a member of the Comité scientifique de fiscalité internationale at CRIDON Lyon, a regular speaker at seminars and the author of several estate planning-related articles. Alain is referred to as a “notable professional” in the Chambers HNW Band 1 rankings, 2025.
Emilie Van Goidsenhoven is a partner at Tiberghien. She advises Belgian and foreign high net worth individuals (HNWIs) and their family businesses on direct taxation, international mobility and (inter)national estate
planning. Her practice regarding family businesses includes, in addition to tax expertise, the setting up of appropriate corporate and/or family governance to ensure the right balance between families and their businesses. She is also a certified family mediator. Emilie has more than 15 years of experience, thorough expertise and a large professional network in French-Belgian tax matters, especially real estate investments, the migration of HNWIs and estate planning. Chambers refers to Emilie as a “notable practitioner”.
Tiberghien Tour & Taxis Avenue du Port 86C/419 1000 Bruxelles Tel: +32 2 773 40 00 Fax: +32 2 773 40 55 Email: info@tiberghien.com Web: www.tiberghien.com
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