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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