German gift tax

Not many of those involved are aware of the fact that transfers of assets by gift or inheritance between non-German residents are taxable under the German Erbschaft- und Schenkungsteuergesetz (Inheritance and Gift Act, ErbStG). The parties involved are required to notify the German tax authority of the transfer of assets and to submit relevant tax returns if necessary. Failure to report a transfer or to file tax returns may entail severe sanctions, by Stefan Raster for Ars Legis (2018)
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