We’ve compiled a list of our most frequently asked questions.
If your question has not been addressed below, please contact us for further information.
Can CBSA facilitate the process of inheritance and sell the property for me?
Yes. CBSA's wide network of partners also includes real estate agencies specialized in not only asset valuations and providing time estimates for the sale of an asset, but also legally representing the client in selling the asset. In practice, certain clients insist on executing legal documents themselves, in which case this is usually the only segment of the process which would require the actual presence of the client.
Could you provide me with one example of international inheritance?
Our client from Italy inherited a house from a cousin residing in the UK. The client did not speak English. His family was in Italy so there was no point owning a house in the UK and he/she decided to sell the asset and divide the proceeds between his two children. Firstly, CBSA valued the property and provided the client with a cost estimate including taxes (both in Italy and the UK) and other costs and fees. In cooperation with the client, CBSA then collected and collated all the relevant documents, both in Italy and the UK, completed the process, and arranged that the client pay the due taxes without him/her having to travel to the UK. Following this, CBSA agents sourced a buyer for the asset, negotiated the sale, and the client was simply required to come to the UK to execute the sale and purchase agreement in person and coordinate the payment. Given that the client agreed to a success fee for all CBSA services, the client did not bear any costs related to the process (save for relevant taxes) until he/she received the proceeds of the property sale, as CBSA fees were only payable on the amount of inheritance received.
What should I do in case of dispute between heirs?
Cross border successions are rather complex and potential disputes can make it even more complex. CBSA experts are equipped with expertise to assist you in mediation with other heirs. Mediation, as an alternative dispute mechanism preferred by CBSA, provides a forum for all heirs to overcome communication barriers and cultural differences, as well as to (re)establish contact between heirs in an effective and cost-efficient manner. The mediation process is governed by a professional mediator, experienced in mediation tools and methods, to determine the actual interests and requirements of the heirs, which, in practice, leads to a time/cost effective resolution compared to traditional litigation.
Is it possible to arrange a success fee with CBSA based on the proceeds received from the sale of inherited assets?
Yes. CBSA members provide flexible fee arrangements. If it is in line with local regulations CBSA may provide success fee quotes.
What should I do if assets are located in several countries?
Inheriting assets located in different jurisdictions is common in cross border inheritance, and should not be viewed as a problem, but rather as a matter that can be handled with ease by CBSA. Our wide and ever-expanding network engages partners globally, who work together to provide clients with solutions tailored to the case at hand. CBSA professionals work in unison to ensure avoidance of conflict of law, double taxation, unnecessary costs, etc.
What if a country is not covered by the CBSA network?
We are expanding. If CBSA does not cover a certain country presently, our experts can advise on finding the right solution. CBSA, employing its know-how, may coordinate the process to make it more efficient and less costly.