13 Jan 2016 – On 17th August 2015 new EU succession rules (Regulation (EU) No 650/2012 or the “Regulation”) entered into force, which scope affects every person (EU national or otherwise) owning assets in a European country. From now on, international successions can be governed either by (i) the law of the last habitual residence of the deceased, or (ii) the national law of the deceased, if the latter unequivocally expressed such choice before his death.
The Regulation simplifies the current situation: a given succession can now be treated coherently, by one single court applying one single law.
Citizens owning European assets shall be aware of this reform and its practical implications, so that they can organise their international succession.
At this meeting, Cécile Acolas, Partner and Director, Rosemont Consulting SARL, discussed how these rules will affect all expatriates in Singapore who own assets in Europe (whether real estate or movable properties).
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