I am an American citizen. My husband who is a Dominican citizen ownes some land,bank accounts and some vehicles in DR. In the event something happened to him would I still be subject to the 50% surcharge for non-residents as his spouse? Also would I still have to split and property with his child from a previous relationship if my name was added to the property and bank accounts?
- Thread starter pati
- Start date
50% surcharge on inheritance
Interesting
Although this topic has been covered several times and you can look it up in the archives (Just click on Search) it does pose some interesting features.
1) Your nationality has little to do with this. If you are his spouse, you can obtain Dominican citizenship quite easily. And become a dual nationality, not much of a problem.
2) Yes you have to split 50% of everything with his children, all of his children and any he has had with you.
3) I am sure that a good tax person or good lawyer (there is an oxymoron if there ever was one) can show you how to avoid most of the taxes...
Just be sure you know what is involved. The what, where and the how much...
HB
Although this topic has been covered several times and you can look it up in the archives (Just click on Search) it does pose some interesting features.
1) Your nationality has little to do with this. If you are his spouse, you can obtain Dominican citizenship quite easily. And become a dual nationality, not much of a problem.
2) Yes you have to split 50% of everything with his children, all of his children and any he has had with you.
3) I am sure that a good tax person or good lawyer (there is an oxymoron if there ever was one) can show you how to avoid most of the taxes...
Just be sure you know what is involved. The what, where and the how much...
HB
Thanks for your response Hillbilly. Yes I have seen some threads that had similiar questions but not with my exact circumstances. Actually it was those threads that got me thinking about the choices I made concerning certain property.
I noticed you found my question interesting. My guess would be my question about spliting property with his child from a previous relationship is what caught your interest. There is certain property in DR that is soley in my husbands name that I paid for and still paying for on my own. I thought it would be better to have it in my husbands name because I am a foreigner in DR and I don't reside there.
I am not trying to cheat anyone out of what they are entitled to but I am trying to protect "My Property" that is in his name and was wondering would it be better to add my name to the property or put it in my name completely. So at the risk of sounding petty. I believe ALL of my husbands children are entitled to what he has worked for but I feel it would be unfair to any of my children to make them give up what they would be entitled to from what I worked for.
I noticed you found my question interesting. My guess would be my question about spliting property with his child from a previous relationship is what caught your interest. There is certain property in DR that is soley in my husbands name that I paid for and still paying for on my own. I thought it would be better to have it in my husbands name because I am a foreigner in DR and I don't reside there.
I am not trying to cheat anyone out of what they are entitled to but I am trying to protect "My Property" that is in his name and was wondering would it be better to add my name to the property or put it in my name completely. So at the risk of sounding petty. I believe ALL of my husbands children are entitled to what he has worked for but I feel it would be unfair to any of my children to make them give up what they would be entitled to from what I worked for.
You are totally screwed unless you get your husband to sign it over to you before he takes his last breath.
Should have been in your name to begin with. No advantage to being in his name and no problem for a foreigner to own land in the DR. I do along with half the people on this board.
Escott
Should have been in your name to begin with. No advantage to being in his name and no problem for a foreigner to own land in the DR. I do along with half the people on this board.
Escott
Assuming you are married under community property rules, it does not matter in whose name the property is recorded, half of it belongs to each spouse.
Upon the death of a spouse, the half that does not belong to him/her goes to the deceased spouse's children unless there is a will. There is a limit, however, to the proportion that may be willed to the wife if the deceased has children (as a general rule, no more than 25%). Therefore, with the proper planning, the wife may get 62.5% of assets [50% + 1/4(50%)].
The wife is not considered an heir of her 50% of community property. It belongs to her from the time it was acquired during marriage. Therefore, she doesn't have to pay any estate taxes. The children pay taxes on their share. If they reside abroad, the 50% surcharge applies.
Upon the death of a spouse, the half that does not belong to him/her goes to the deceased spouse's children unless there is a will. There is a limit, however, to the proportion that may be willed to the wife if the deceased has children (as a general rule, no more than 25%). Therefore, with the proper planning, the wife may get 62.5% of assets [50% + 1/4(50%)].
The wife is not considered an heir of her 50% of community property. It belongs to her from the time it was acquired during marriage. Therefore, she doesn't have to pay any estate taxes. The children pay taxes on their share. If they reside abroad, the 50% surcharge applies.