Will You Wait for the Date?
5 Actions to Protect Your Overseas Property Investment
Will You Wait for the Date?
Sam Orgill www.proactpartnership.com 5 Actions to Protect your Overseas Property Investment and make Tax Savings of Expenses, Capital Gains and Inheritance Tax
When you consider relocation the first thing you consider is somewhere to live. The second is to manage your income, whether from pension, investments, business or as a contractor. When you make the move to become an expat you get busy making local registrations for everything from electricity to visas, tax to social club, bank accounts to medical. We understand this.
ProACT Partnership have developed our experience and skills for Expats Living and working abroad for over 16 years. We have built a deep understanding of how to organise a Family’s overseas property, business and pension assets to make the best tax savings, and to minimise the costs and delay when something goes wrong or the family simply decide to sell up and move on or relocate back home. Will you wait for that date of destiny?
What gets missed, in the excitement and enthusiasm of relocating overseas and achieving your dream of Living and Working Aboard, is the exit strategy. Of course the property purchase has to be completed quickly before it is ‘sold to the other buyer’. You can sort the details of finances while on the beach sipping cocktails, right?
EU Brexit for Expats could impact in this areas with forced heirship and taxes invalidating existing arrangements.
Begin With The Exit in Mind
You could. In our experience it is better to prepare with the exit in mind. We have seen our client’s family lose their health through accident, disease or dementia. We have seen relationship break up in family, or between business partners, creating stress and financial loss. It could be that the children or parents back home need you to return, or that a partner dies or is seriously ill.
In every case there is a legal process to go though:
- to secure income to pay for living and medical expense
- to sell or transfer overseas property investment and business assets to family and partners
- to provide the best medical and nursing care after losing good health
Property Tax Savings When Selling or Transferring
When you do come to sell overseas property investments and business there is also a potential tax liability. Capital Gains and Inheritance Tax Savings of up to 45% can be achieved if you have organised your assets in a tax efficient manner. By looking forward, planning ahead you can save thousands in tax when selling overseas property.
5 Things to Protect your Overseas Property Investment
1. Make a Will for the Country the Overseas Property Investment or Business is located. This can save probate costs and time delays on death for your family
- Contact ProACT to Make a Will for Overseas Property Investment
2. Write a Lasting Power of Attorney in case of accident or ill health to stop property assets, bank accounts, pensions or investments being frozen. Keep the Family in Control
- Contact ProACT for Advice on Protecting Against Ill Health Overseas Property Investment Business Assets
3. Make a Trust to hold Overseas Property Investment. Keep the Family in Control, avoid the time and Expense of a/ Probate on death or b/ Ill health
4. Make a Family Trust to achieve Property Transfer Tax, Capital Gains Tax and Inheritance Tax Savings up to 40% on overseas property, business and investments
- Contact ProACT for Free Review To avoid and save the time and delay of probate plus Inheritance Tax and Capital Gains Tax Savings
5. Review the tax residency of the Owners of the Overseas Property Investment – Income from rentals and dividends can be taxed with widely different tax rates and allowances
- ·Contact ProACT for Tax Saving Registration and Returns Free Review to reduce Expat Tax on saving and investment
ProACT Offer a Free Review of all overseas property investment issues to maximise tax saving and minimise cost and delay for Expats Living and working abroad.
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Make a Will Trust to Protect Overseas Property Investment
Make a Will and Trust your family and friends to protect your assets on death. A Family Trust avoids local laws of succession. By creating a Family Trust today for Overseas Property Investment you could also make tax savings in capital gains, inheritance tax and property transfer taxes.
Look Forward – Plan Ahead
Overseas Property Investment is a dream but can become a better investment with lower property taxes. ProACT can offer help and guidance for Expats. Asset Protection is about looking forward to make an exit strategy for tax savings and lower costs. ProACT expat experts offer tax saving for people living and working and investing abroad. Find out more at our website.
ProACT Expat Experts offer tax saving for people living and working and investing abroad. Find out more at our website. We value your feedback, please comment and share on our articles on our website www.proactpartnership.com/blog
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