“Kathleen, my question is for Lee Harrison.
“Lee, thanks for the info about inheritance laws in other countries. I bought a building lot in Belize that will be under my LLC from Nevis. I also bought a parcel of land in Brazil in my own name (prior to having the LLC). Do I need in-country wills from Belize and Brazil, in addition to the one I have in Canada? I’m thinking of transferring the property in Brazil to the LLC so that everything is under one umbrella. Please advise the pros and cons of doing this. Thank you.”
–Rufina P., Canada
Lee Harrison replies:
No will is required in Belize as that property is owned by the offshore LLC.
A will would be beneficial in Brazil for that property held in your own name. Transferring the property to the offshore LLC would eliminate the need for a will, but I believe that doing so would create complications in Brazil. First, you would have to pay transfer costs to change the title; these aren’t cheap in Brazil. Second, offshore entities in Brazil must be registered in that country even if their only activity is holding property. Registering an offshore entity comes with costs and administration requirements, including annual filings, that generally aren’t worth the hassle.
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