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


Mansion Global

Vietnam: The Next Frontier in Asia's Luxury Real Estate Market ...
Mansion Global
Activity in the luxury real estate market is surging in Vietnam, mirroring a booming economy that posted a 7.38% year-over-year increase in GDP in the first ...

and more »


RisMedia.com (press release)

Traditional Real Estate and the 'New Normal'
RisMedia.com (press release)
Christina Pappas: Everything old is new again. The saying comes from the lyrics of a Peter Allen song originated nearly 40 years ago, but the words were never truer than they are today, especially in the real estate industry, which has changed and ...

and more »


Wall Street Journal

Lawsuit Accuses Westchester Real Estate Firm of Conflict of Interest in Home Sales
Wall Street Journal
The suit takes on a thorny issue in real-estate transactions known as “dual agency,” when the same brokerage firm, and sometimes the same agent, represents both buyer and seller. These arrangements create a conflict of interest that can compromise the ...



Meet the Inman Innovator finalists: Most Innovative Real Estate Team
Inman.com
Chris Suarez, Xperience Real Estate: Chris Suarez built his business on his deep experience in real estate law and real estate sales, and he's crafted his team strategy around one-on-one agent training that helps elevate agents' strengths and minimize ...



The Columbus Dispatch

Real-Estate Matters: Age shouldn't sway couple from purchasing their first home
The Columbus Dispatch
Q: My husband and I are both in our 60s. Because of various circumstances — job losses and helping our sons through college — we never brought a house. But now we are in a position to buy our first home and have about 20 percent to put down.



Meet the Inman Innovator finalists: Most Innovative Real Estate Team part 2
Inman.com
Kristan Cole Team: Alaska is a destination real estate market, with clients from all over the world, and Kristan Cole's team has figured out how to leverage this international interest to its advantage. Cole's team sells in multiple Alaskan cities, and ...



Real estate transfers: Reported July 15, 2018
Herald-Whig
Real estate transfers recorded in the office of Adams County clerk and recorder. Quincy area. Quincy Park Foundation Inc., property in Quincy, to Quincy Park District. Douglas Falk and Lisa Falk, property at 611 Sycamore, to Felicia Wires and Raphael A.



The MReport

Non-Resident Foreigners Sold $10.5B of US Real Estate in 2015
The MReport
There's international appeal in U.S. real estate, and, according to recent IRS data, certain countries seem especially smitten with it, Zillow Research reports. Back in 2015, non-resident foreigners sold $10.5 billion of U.S. real estate, trouncing the ...



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 June 8. AKRON • 13 Marshall, John R. Schrock Sr. to Courtney L. Flick, $195,000. • 206 East Ave., Karen A. Sowinski; Karen ...



6abc.com

Vigil held for slain real estate developer Sean Schellenger
6abc.com
At a vigil for slain real estate developer 37-year-old Sean Schellenger Sunday, long-time members of the Point Breeze community told Schellenger's family how he grew to become like family to them. They said Schellenger went beyond building homes, ...
Murder Charge for College Student in Stabbing of Philadelphia Real Estate Developer Near Rittenhouse SquareNBC 10 Philadelphia
College student charged with stabbing Philly real estate developer to death: What we knowPennLive.com
Cops: Real estate developer fatally stabbed by man on bikeBeaumont Enterprise
CBS Philly -Philly.com
all 48 news articles »

Google News

home | site map
© 2006 TIGER MEDIA