Overseas property buyers urged to seek guidance on tax laws
20th August 2008
News about investments Brought to you by the SimpliGroup – Helping you make your money work for you
Property investors keen on buying overseas property and settling there have been advised to take note of the fact that tax laws are different across different European nations, despite being under the umbrella body.
Investors should also adequately prepare themselves for financial changes when moving abroad, preferably through local solicitors, according to independent financial advicer Calculis.
According to the advisor, it is important for investors to take steps to protect their investments and guidance on important issues such as inheritance tax should be sought from resident authorities.
Director Alex Pegley said: "One has to be wary because [tax] varies from country to country. It is imperative you speak to a solicitor as soon as you get there and get yourself a will in the country you are living in and in the UK.
"The concept of intestacy may be different in certain countries so get a local will in place immediately."
It is estimated that 400,000 people emigrated from the UK for a year or more in 2006.
To view available properties on sale either as an investment or a second home abroad, visit SimpliGroup Property and let us find the perfect property for you
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Investments
20th August 2008
News about investments Brought to you by the SimpliGroup – Helping you make your money work for you
Property investors keen on buying overseas property and settling there have been advised to take note of the fact that tax laws are different across different European nations, despite being under the umbrella body.
Investors should also adequately prepare themselves for financial changes when moving abroad, preferably through local solicitors, according to independent financial advicer Calculis.
According to the advisor, it is important for investors to take steps to protect their investments and guidance on important issues such as inheritance tax should be sought from resident authorities.
Director Alex Pegley said: "One has to be wary because [tax] varies from country to country. It is imperative you speak to a solicitor as soon as you get there and get yourself a will in the country you are living in and in the UK.
"The concept of intestacy may be different in certain countries so get a local will in place immediately."
It is estimated that 400,000 people emigrated from the UK for a year or more in 2006.
To view available properties on sale either as an investment or a second home abroad, visit SimpliGroup Property and let us find the perfect property for you
<< Back to News