Real Estate Information

Luxury Real Estate Information


Rancho Palos Verdes, California Homes
Palos Verdes, California Homes
South Bay, California Homes
Luxury Mexican Beachfront Homes

Featured Properties


Oceanfront Estate Near Trump National

Related Information


Loan Information
Real Estate Information
Mortgage Refinance Information

Residential Property Abroad


It is increasingly common for individuals to own more than one property and in many cases the first investment after the family residence is in a holiday home. Whether you are buying a place in the sun, a country retreat or a city centre apartment, if it is in a foreign country you will be exposed to an unfamiliar legal system and to taxes in the country concerned. It is therefore important, even before a contract is signed, to decide whether to make the purchase in your personal name or through a company. To change course later will always be expensive. It is however usually possible to reduce exposure to tax.

Buying in a personal name

Assuming the property is for personal occupation, the form of tax, which is most easily avoided, is estate or inheritance tax. The death of the person in whose name the property is registered will normally give rise to a liability which may exceed 40% of the value at the time and the tax will usually have to be paid before the property can be sold or transferred.

Buying in a corporate name

If, however, the property is purchased in the name of a company, the death of the owner does not create a need to transfer the property. The property will be owned by the company, and it is the shares in the company which will form part of the owner's estate and not the property itself. If the company is formed in an offshore territory, the British Virgin Islands for example, which does not impose taxation on non-residents, the objective of avoiding foreign death taxes will have been achieved. There is a bonus, in that the name of the owner of the company need not be a matter of public record, thereby maintaining confidentiality.

Ownership through an offshore company will also ensure that, on death, the property will pass to the intended heirs. It will overcome the forced inheritance provisions found in the civil law and in Sharia law.

Purchasing through a company does increase the cost. The purchase may attract a higher rate of stamp duty, the company will need to be professionally managed and it may be required to file a tax return. These costs are however generally modest in relation to the potential tax saving.

Some words of caution

Some countries, whether in an attempt to prevent tax evasion by their residents, as part of increased international co-operation against tax avoidance or merely to raise revenue from non-voting foreigners, impose taxes on a notional income of companies incorporated in tax- free centres, but not against companies formed in taxing locations. Examples are France, Spain, Portugal, Greece and Argentina.

Others, such as the U.K. have hit on the wheeze of taxing their residents on a notional benefit, where the property is owned by a company rather than by the taxpayer personally, and no occupational rent is paid. Foreign investors in U.K. property are not discriminated against however. The answer, as always, is to take advice before acting.

The Chesterfield Group provides a full range of trustee, and corporate advisory, formation and management services and invites enquiries. More particulars can be found on our web-site http://www.chesterfield-management.comREF=CH4EZ


MORE RESOURCES:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news


Forbes

Spring's 2018 Real Estate Market Is A Good News Bad News Story
Forbes
The Spring 2018 real estate market is a good news bad news story. A recently released report from Arch Capital MI points to affordability slipping, inventory declining while interest rates and housing prices rise. Key findings from the Arch Capital MI ...



Forbes

The Blockchain For Real Estate, Explained
Forbes
There is a lot being written about blockchains, bitcoin and related technologies, and for many real estate professionals, this is part of a brave, new, confusing world of technology. Like the original internet, the blockchain is a revolution in ...



Daily Beast

Why Should Hannity Have to Disclose His HUD-Backed Real-Estate Empire?
New York Magazine
Sure, they had “occasional brief conversations” about “legal questions,” which “exclusively, almost, focused on real estate.” And Hannity didn't pay him? Correct, he “never paid Michael Cohen for legal fees.” But they both think this fell under ...
Hannity Owns Real-Estate Empire, Linked to Shell CompaniesDaily Beast
Sean Hannity Reportedly Owns a Real Estate EmpireSplinter (blog)
Sean Hannity has quietly amassed a vast real estate portfolio, records in Michael Cohen case showThe Real Deal
Washington Examiner -TPM -AlterNet
all 101 news articles »


Fortune

Climate Change Is Already Depressing the Price of Flood-Prone Real Estate
Fortune
New research shows that real estate properties in areas affected by extreme weather and sea level rise are losing value relative to less exposed properties. The effects are already substantial, but they may point to a looming collapse as climate change ...



USA TODAY

Sears CEO Eddie Lampert offers tentative deal for real estate, Kenmore
USA TODAY
Sears Holdings CEO and hedge fund investor Eddie Lampert has offered to potentially buy the distressed retailer's real estate, Kenmore brand and other assets. Lampert's hedge fund disclosed Monday that it had sent a letter to the retailer on Friday ...

and more »


Sarasota Herald-Tribune

REAL ESTATE PEOPLE
Sarasota Herald-Tribune
Jackie Avenia has joined Sunset Business Brokers International LLC, in Sarasota. She has been a licensed Florida real estate agent since 2015, and recently acquired the Seniors Real Estate Specialist designation. She works in residential and commercial ...

and more »


Buffalo News

Erie County Real Estate Transactions
Buffalo News
Following are real estate transactions over $5,000 as listed in records of the Erie County clerk's office for the week ending March 16, 2018. ALDEN • 13185 Broadway St., Paul R. Hunt; Pauls Bike&sports Center to Eggink Rei, $275,000. AMHERST • 22 ...



Charleston-area commercial real estate sales
Charleston Post Courier
James Dingle of Coldwell Banker Commercial Atlantic represented The Corner of Awendaw Associates LLC in its $375,000 sale of a 2.5-acre lot at 5030 Highway 17 to Charleston County. Goose Creek. Jack Owens of Lee & Associates represented Mims Amusement ...



BRIEF-CONSUS Real Estate Realises Cash Inflow Of EUR 131 Mln From Recent Vauvau Forward Sale
Reuters
BRIEF-CONSUS Real Estate Realises Cash Inflow Of EUR 131 Mln From Recent Vauvau Forward Sale. Reuters Staff. 1 Min Read. April 23 (Reuters) - CONSUS REAL ESTATE AG: * DGAP-NEWS: CONSUS REAL ESTATE AG: CONSUS - REALISED CASH INFLOW OF EUR 131 MILLION ...



MOVES-BMO Real Estate names European logistics manager
Reuters
April 23 (Reuters) - BMO Real Estate Partners, a part of the asset management arm of Canadian bank BMO Financial Group , named Alexandre Akrap as European logistics manager. Akrap joins the company from CBRE Global Investors, where he held the position ...


Google News

home | site map
© 2006 TIGER MEDIA