The Detroit Post
Tuesday, 02 March, 2021

Bitlife No Inheritance Tax

author
Maria Johnson
• Thursday, 24 December, 2020
• 8 min read

So I looked this up a while ago going through my game and found out that some countries don’t have an inheritance tax. So I went through the countries and looked at my emigration options and Estonia popped up and it worked.

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(Source: thechive.com)

Contents

View Entire Discussion (1 Comments)More posts from the BitLifeApp community Your character has Assets, a bank balance, and a net worth.

Money is a stat level that parents and lovers have and the higher the bar, the richer they are. Thanks to the Royal, Sports and Pop star update, it is much easier to earn more money and become a millionaire due to the increased likelihood of being famous.

Saudi Arabia has no income tax (unless there's a new update {UT NU}), and there is no estate tax (UT NU), making it one of the most financially stable countries in Billie. However, college tuition is free in most of these places, unless seeking higher education.

Monaco is far better if you want a good tax -shelter, as the pay is wonderful there, even keeping in mind the higher cost of living. If you want to only want your money to go to your kids without your spouse getting any of it, consider having them before marriage, and then update the will before you get married.

I play now I think 50 generations and I never had to pay estate tax and then one live I got popular and when I died I had to pay almost the half of my money because of estate tax and I were at 1.5 billion and now I lose more money every live I'm only at 200 million now and getting broker every life but why? I had over a billion dollars and a home around half a mil, and they took 70 million from me in taxes.

tax estate inheritance state rates highest taxes minnesota rate map economic country burden connecticut implications among shows report interstate competition
(Source: taxfoundation.org)

Posted on: May 10, 2019, Answer from: Dragon Russia and Romania don't have estate tax either. I make sure that my family ends up there before the current character dies, to avoid the tax.

Posted on: May 11, 2019, Answer from: Dizzy Drake Also in Canada you don't have to pay estate tax either! Posted on: Jun 2, 2019 Answer from: QuickQuack Singapore also doesn't have estate tax.

Posted on: Jun 17, 2019 Answer from: Oil TUNE CHI Long story short my accumulated net worth for 3 generations is 1.37 Billion... after being wrongfully taxed on the inheritances... my current net worth is 310 Million from 230 Million after building it back up... Let that sink in... Posted on: Jun 24, 2019 Answer from: Emmy I was having the same problem living in the United States.

Posted on: Jun 26, 2019Answer from: Billie _Person In the United Arab Emeritus, you don't have to pay estate taxes. Just make sure you don't move to any other countries where you do have to pay as you will lose a lot of money.

Posted on: Jul 9, 2019 Answer from: Megan If you go to Estonia you don't have to pay estate tax ! Posted on: Jul 29, 2019 Answer from: Meet Australia you don't have to pay anything when you die.

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(Source: federaltax.net)

Posted on: Oct 26, 2019 Answer from: James I lived in Texas and went from 30 Mil to 20 million. As we frequently discuss, that isn’t necessarily true; no one in Dubai or Vanuatu ever muttered those words, and there are plenty of tax -free countries in the world.

The simple question is this: will the government tax a big chunk of your estate when you die, taking assets set aside for your heirs in the process? For many of us who are young entrepreneurs, the idea of passing down what we’ve built isn’t often top of mind.

There’s a growing social movement to increase estate taxes on the basis that your heirs don’t deserve much money because they’ll probably just put it up their nose or turn into Kim Kardashian anyway. The majority in the so-called “99%” have deemed, despite their utter lack of business knowledge or logic, that any “rich kid” should be deprived of a fortune because the average voter knows better how to spend that money.

In the United States, your estate tax obligation is determined by adding up the fair market value of all assets you own or control, including cash, real estate, equities, trusts, businesses, cryptocurrencies, insurance policies, precious metals, and any one-of-a-kind Wu Tang Clan albums. In the United States, you may pass an unlimited amount of property to your spouse tax -free, so this is factored in to the equation.

The world’s highest rate of 55 percent is levied by Japan, which was recently in the news for indicating that it would apply the tax to everyone including non-resident citizens and even expats who resided in the country for ten years or more. The Governor of Tokyo has tried to improve that, but the fact remains that Japan’s inheritance tax laws were extremely Draconian, even as they pandered to some invented sense of reason by suggesting that the tax wouldn’t apply until an estate was worth about $6 million.

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(Source: www.thebalance.com)

The fact is, it’s possible to pay no estate tax at death by structuring your financial affairs properly while alive. On a positive note, more countries are reducing or eliminating their estate taxes as they realize that the entire concept is nothing but a way to unfairly bilk the wealthy out of money at death.

That part is a rather straightforward and pleasant change of pace from Australia’s rather strict tax policies. However, assets inherited as part of an Australian estate may be subject to capital gains tax.

Heirs must keep records of the investment basis of any assets they inherit, as well as any costs incurred by the estate along the way. I’m often asked whether living in New Zealand is a good option for better quality of life and second passports, given its relative isolation, and high taxes are always a deterring factor in my opinion.

In theory, that would make it an attractive domicile for wealthy Americans who want to enjoy the same language, culture, and geography without the hefty death tax bill when they expire. While a primary residence is generally exempt, other assets could trigger capital gains taxes at half the nominal rate.

The country has its own (much ballyhooed, in my opinion) e-resident program, which doesn’t apply to estate matters. Becoming a resident of Estonia is relatively straightforward for entrepreneurs provided you’re willing to pay some tax, but citizenship requires you to learn Estonian.

inheritance tax rules changes families paperwork express million
(Source: www.express.co.uk)

Mexico technically does not recognize the concept of inheritance taxes, relying instead on a process of “donations” which determines how assets flow from parties to others who aren’t paying for the assets… including heirs. Mexican law allows for assets to flow to spouses or children (“lineal descendants”) without tax, and to other parties on a rather limited basis.

As in many civil law jurisdictions, Mexico’s stamp tax does apply to transfer of property to descendants, although there is a weird exemption calculated based on the minimum wage. As of today, about $50,000 worth of real estate is stamp tax -free; after that, normal ISAF rates apply.

Hong Kong abolished its inheritance tax in 2006, and even applied a “transition tax rate” of a flat US$13 to estates where someone died while the abolition was being put into place. Here at Nomad Capitalist, we’re big fans of Hong Kong, even as their banks have become nearly impossible to deal with.

After seven years, you can obtain permanent right of abode, although a limited number of tax treaties means you should ensure you do proper planning in your country of citizenship, too. It was removed with “little fanfare” to ensure a continued stream of foreign investment and high-value migration, but the city-state is now more focused on growing its domestic economy and may re-introduce the tax.

Luxembourg offers a relatively favorable climate for avoiding estate tax, but it’s not exactly straightforward. That said, Luxembourg has forced warship rules that require surviving children to receive at least half of your estate anyway.

estate texas inheritance tax return resident forms slideshare accounts comptroller
(Source: www.slideshare.net)

And Norwegians don’t seem to mind, with any lowering of taxes being the subjects for blogger’s complaints about “redistribution concerns”. The only upside to Norway’s high taxes is that the government actually saves and invests its budget surpluses rather than allowing itself to become mired in debt.

Living there to avoid tax probably wouldn’t make sense, and dual citizenship is not allowed in Norway, but if you’re already Norwegian, you can take solace in this benefit. That, in addition to its sunny climate, have made it an attractive place for British citizens to relocate to.

Spouses and children are exempt from stamp duty on any inherited assets transferred to them upon the death of a family member, which puts Portugal one step ahead of other countries on this list. Family members connected by one degree, such as parents, children, and spouses, may receive an inheritance exempt from tax.

It’s also relatively easy to immigrate to, and the government recently announced new residence program opportunities. Nestled in central Eastern Europe, Slovakia is rarely discussed as a low- tax destination.

When the United States Congress voted to repeal its own estate tax by the 2020s, Quartz suggested that the US was actually like Sweden in an unlikely way: Sweden had unanimously voted to repeal its own death tax years earlier. Then consider Vanuatu, which doesn’t tax almost anything from income to corporate profits to inheritances (although the French-educated prime minister wants to change that).

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(Source: wsj.com)

Provided you’ve cleared up any estate matters and connections in your home country, being tied to Vanuatu would mean you could legally pay zero tax. As I mentioned earlier, you can’t simply pack your bags for a vacation and claim an exemption from your home country’s estate tax laws.

If you’re willing to totally divorce yourself from your home country by renouncing your citizenship, that can make things easier, too, although it’s generally only a big issue for US citizens, and even then there may be proper planning strategies. The bottom line is that only an international tax professional with knowledge of legal offshore strategies can help you diagnose the proper prescription.

Andrew Henderson is the world's most sought-after consultant on international tax planning, investment immigration, and global citizenship.

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Sources
1 zeller.us - https://zeller.us/
2 www.facebook.com - https://www.facebook.com/ZellerRealty/
3 www.manta.com - https://www.manta.com/c/mr06xhs/zeller-management-corporation
4 www.chicagoarchitecture.org - https://www.chicagoarchitecture.org/2015/12/17/real-estate-chess-game-may-uncover-hidden-michigan-avenue-history/
5 chicagorealestateinstitute.com - https://chicagorealestateinstitute.com/instructors/
6 www.connect.media - https://www.connect.media/blackstone-selling-oak-brook-office-zeller-125m/
7 www.mvpchicagorealestate.com - https://www.mvpchicagorealestate.com/