Senior Associate Lawyer, Graziano Cecchetti of Giambrone Law,
attended a two day course in March 2014 entitled
"Planning Cross-Border Successions", at
the ERA Academy of European Law in Trier, Germany.
This was an opportunity for the Private Client and Wealth
Management Department to interact with many other professionals
such as professors at renowned universities, experienced
solicitors, barristers, notaries and researchers. The event was
aimed at improving participants' legal skills, to ease the
sharing of legal knowledge and to compare Italian law with
different legislations in European legislation development.
The object of the course was to discuss the new European
Regulation n.650/2012 on cross-border successions (where testators,
heirs and/or assets are in different countries). The main topics
The European Certificate of Succession.
Studies reveal that the mobility of people from one country to
another is growing at a rapid rate and in order to ensure harmony
in the succession process between Member States, the regulation
provides criteria for the determination of both jurisdiction and
applicable law, protecting the rights of heirs and legatees.
What is the new regulation about?
The purpose of the new regulation is to remove obstacles to
facilitate the free movement of the section of people that
presently face difficulties in asserting their rights in
cross-border successions situations. In regards to the applicable
law and jurisdiction, the European Parliament and the Council of
the European Union opted for the criteria of unity of succession
and habitual residence of the deceased. Another important point of
discussion was that of double taxation. The European Union attempts
to avoid double-taxation between Member States in cross-border
successions, when assets such as properties, holiday houses, bank
accounts and bonds are located in more than one country.
Giambrone Law has acquired the necessary skills to handle
probate and cross-border succession matters that are affected by
the new European regulation and clients can be assured of
exceptional legal assistance in all of the following
facilitating the acquisition of assets though a cross-border
probate and protect your inheritance rights as beneficiary;
advising you in relation to inheritance tax in order to avoid
the double-taxation application if assets are located abroad or in
drafting a Will where heirs reside abroad and disposing of
assets located overseas;
buying a property abroad.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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