General Information

General Information

Estates

Death of the Deceased

The territoriality principle applies to the assets subject to transfer duty as follows:

1. If the deceased was a Lebanese or foreign national residing in Lebanon: the duty applies to assets owned in Lebanon and abroad.
2. If the deceased was a Lebanese or foreign national not residing in Lebanon: the duty applies to assets owned in Lebanon.

Components of the Estate

1. Movable assets owned by the deceased: including shares and interests in companies or establishments, debt securities, Treasury bonds, bank balances, cars and other vehicles, jewellery, and similar assets.
2. Immovable assets owned by the deceased: including built and undeveloped real property.

Gifts

A gift is a transfer made between living persons without consideration.

Wills

This applies where a person dies leaving a will.

An enforceable form of the will must be obtained.

Life Insurance Contracts

Where the deceased had a life insurance contract, the amount specified in the insurance document is subject to transfer duty at a rate of 5% only.