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Hi All,
This is a great article on the taxes you need to consider when investing offshore -
Here's an excerpt from the article:
'How is any gain on the property you are going to invest in going to be taxed in that country where you are investing in?
How is any rental income going to be taxed? Is there a minimum tax on rental income? Is there a withholding tax (which means that the country where you get the rental income from somebody has to pay over a certain amount of tax to their tax authorities first)?
The third most important tax consideration is 'What Inheritance Tax will be levied on death or a gift of the property by the owner in hat country where the property is situated? '
The fourth one I would say would be 'Are there any other local taxes to consider such as, purchase taxes when you buy a property, annual rates, (the equivalent of UK rates or council tax), and one that you probably won't have thought of is - annual wealth taxes, which are based on the value of a persons assets situated in that country?'
And the fifth is to probably make sure that you know all the tax implications before you sign any legal binding agreement on the property.
If I invest overseas then when and where do I pay income tax?
The article is here:
http://www.propertytalk.com/content/view/914/65/
Cheers,
Donna
This is a great article on the taxes you need to consider when investing offshore -
Here's an excerpt from the article:
'How is any gain on the property you are going to invest in going to be taxed in that country where you are investing in?
How is any rental income going to be taxed? Is there a minimum tax on rental income? Is there a withholding tax (which means that the country where you get the rental income from somebody has to pay over a certain amount of tax to their tax authorities first)?
The third most important tax consideration is 'What Inheritance Tax will be levied on death or a gift of the property by the owner in hat country where the property is situated? '
The fourth one I would say would be 'Are there any other local taxes to consider such as, purchase taxes when you buy a property, annual rates, (the equivalent of UK rates or council tax), and one that you probably won't have thought of is - annual wealth taxes, which are based on the value of a persons assets situated in that country?'
And the fifth is to probably make sure that you know all the tax implications before you sign any legal binding agreement on the property.
If I invest overseas then when and where do I pay income tax?
The article is here:
http://www.propertytalk.com/content/view/914/65/
Cheers,
Donna