Residents abroad indebted inheritance
Residents abroad indebted inheritance
Approximately 500,000 Greek citizens have been “driven out” of our country over the years due to their professional careers, and this exodus continues! We are now the generation of parents using “Viber” and “Skype” to stay in touch with our children. However, as if the migration we imposed on our children wasn’t enough, the state now demands that they apologize and face unbearable consequences in cases of an over-indebted inheritance.
Let me explain what I mean with a real case. One year ago, a father (who was widowed) passed away, leaving his two adult children (a son and a daughter) as his sole heirs, each inheriting 50%. The inheritance involved no debts at all (!!!), only assets in the form of two properties. The son, who has been living permanently in USA for the past seven years, also has a minor child. He decides to renounce his share of the inheritance (50%) so that it will automatically pass to his minor child (his deceased father’s grandchild). He renounces the inheritance 10 months after the father’s death, knowing that, as a resident abroad at the time of his father’s passing, he is entitled to renounce the inheritance within one year, according to the Civil Code.
However, the tax authorities have a different view. Why? Because the son did not declare to the tax authorities that he resides abroad, the Greek tax authorities still consider him a resident of Greece. Therefore, according to the tax office, he should have renounced the inheritance within four months of his father’s death. As a result, the tax authorities deem that the son has already accepted the inheritance, since they view his renunciation, made 10 months after the death, as being too late. Of course, with legal action, the son would eventually win the case. However, since the inheritance had no debts, he did not pursue it. Nevertheless, despite the favorable outcome, I must emphasize (for similar cases that may arise in the future) the crucial importance of the son’s failure to notify the Greek tax authorities promptly that he resides abroad!
Why? Because if the inheritance had been burdened with debts, the consequences for him would have been certain! He would have already missed the four-month deadline for renunciation, as the tax authorities (at least) have stated, even though I believe this is an arbitrary view. He would then have had to seek justice in court.
This case should serve as a wake-up call for our children! Within this framework, it is essential that they take the necessary actions in a timely manner. Either they should declare themselves as residents abroad or renounce any inheritance they may inherit that is over-indebted, within the strict four-month deadline. This way, they will not find themselves unjustifiably exposed, especially since the Greek state “waits eagerly” to burden them with these “foreign debts.” And ultimately, after working abroad, they might be called upon to pay dearly for their return to a homeland that “cast them away.”
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If you are residents abroad indebted inheritance facing an inheritance dispute or need legal advice in inheritance matters like renunciation of indebted inheritance, do not hesitate to contact the best inheritance lawyers of Economou & Economou law office Recognized and Recommended by Lawzana. With a proven track record, unmatched expertise, and a client-first approach, we are here to help you achieve the justice you deserve.
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Economou & Economou law office in Athens Greece for: Residents abroad indebted inheritance. Protecting Your Rights, Securing Your Future.
