Nomad International Account
As a general rule, US law provides that cash balances held in bank accounts located in the US and owned by a foreign individual at the date of their death are not subject to inheritance tax.
Investment Account
US law provides that assets located in the US and owned by a foreign individual exceeding US$60,000 (sixty thousand US dollars) are subject to inheritance tax at progressive rates ranging from 18% and 40%.
Thus, in the event of succession, balances of up to US$60,000 (sixty thousand US dollars) available in the Investment Account will be exempt from this tax. Balances exceeding this amount available in the Investment Account as of the foreign account holder’s date of the death will be subject to the estate tax at the progressive rate mentioned above as follows:
| Starting from US$ 60,000, the tax rates are | |
| Amount invested | Tax Rate |
| Up to US$ 10,000 | 18% |
| Between US$ 10,000 and US$ 20,000 | 20% |
| Between US$ 20,000 and US$ 40,000 | 22% |
| Between US$ 40,000 and US$ 60,000 | 24% |
| Between US$ 60,000 and US$ 80,000 | 26% |
| Between US$ 80,000 and US$ 100,000 | 28% |
| Between US$ 100,000 and US$ 150,000 | 30% |
| Between US$ 150,000 and US$ 250,000 | 32% |
| Between US$ 250,000 and US$ 500,000 | 34% |
| Between US$ 500,000 and US$ 750,000 | 37% |
| Between US$ 750,000 and US$ 1,000,000 | 39% |
| Above US$ 1,000,000 | 40% |
We clarify that Nomad does not provide any type of tax or fiscal advisory services. Therefore, we recommend consulting a trusted specialist to guide you regarding the aspects involved in the transfer of funds in cases of estate succession.
The information presented here was provided by a US law firm, consulted by Nomad, and is solely intended to provide Nomad clients with guidance on certain applicable directives in cases of estate succession involving Nomad accounts.