Property Searches and Surveys Abroad Even More Important; LEGAL FINANCE
In the UK, few people would consider acquiring the house of their dreams without a few checks for hidden nightmares.
Searches and surveys are a key part of the process and provide the purchaser with comfort that the house they are buying is as expected. "When buying abroad, the importance of taking the same approach cannot be understated, particularly when there are unfamiliar systems to deal with and often language issues too," warned Kate Plummer, of Gloucestershire-based accountants Davies Mayers Barnett
"It is also important to decide who will actually own the property. For some countries, a corporate structure is often recommended, although the interaction with your UK position should be considered to avoid any unexpected increases in your UK tax exposure.
"Whatever the structure adopted, you will also need to review the general tax implications of the acquisition both in the UK and in the overseas jurisdiction. You may find that you need to register with the overseas tax authorities and submit annual returns too. …