Contributed By Baker McKenzie S.A.S.
Colombian families have become increasingly global. This situation has created various challenges when transferring wealth to family members as Colombian rules on forced heirship are mandatory and apply to the estate of all individuals (both national and foreign) whose last residence was Colombia.
This transfer of wealth may provide various challenges from a tax and estate planning perspective, when several jurisdictions are involved. The latter, as Colombian courts usually apply local law in respect of real personal property located in Colombian territory.
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