lumberursine
28-04-2005, 09:41 AM
Hello ,
Hopefully you can help us. We are looking to move to Spain and live in our house over there eventually. We also have an apartment over there which we will probably rent out. We have several buy to let properties in the UK, and when we decide to move to Spain we want to sell our main residence and buy 3 or 4 more buy to let properties in the UK with it.
The idea is to live in Spain and live off of our UK rental properties. What we are looking to find out is the best tax efficient way to do this.
Our main concern is that once resident in Spain, we are liable for wealth tax on all global assets. Adding that to income tax that we have to pay on rental, really starts to add up, making our returns very unattractive indeed.
Ltd companies, offshore companies, and Spanish S.L etc companies have been mentioned, but it all seems very confusing as there seem to be a lot of contradictions. From what I hear I need to disassociate myself from the properties to avoid wealth tax and put them in a company, but have read that I am liable for cap gains tax if I do this.
Thank you for your time . Hopefully you can put our minds at rest knowing that if we move to Spain, there are legal ways to minimise our tax obligations.
Rob
Hopefully you can help us. We are looking to move to Spain and live in our house over there eventually. We also have an apartment over there which we will probably rent out. We have several buy to let properties in the UK, and when we decide to move to Spain we want to sell our main residence and buy 3 or 4 more buy to let properties in the UK with it.
The idea is to live in Spain and live off of our UK rental properties. What we are looking to find out is the best tax efficient way to do this.
Our main concern is that once resident in Spain, we are liable for wealth tax on all global assets. Adding that to income tax that we have to pay on rental, really starts to add up, making our returns very unattractive indeed.
Ltd companies, offshore companies, and Spanish S.L etc companies have been mentioned, but it all seems very confusing as there seem to be a lot of contradictions. From what I hear I need to disassociate myself from the properties to avoid wealth tax and put them in a company, but have read that I am liable for cap gains tax if I do this.
Thank you for your time . Hopefully you can put our minds at rest knowing that if we move to Spain, there are legal ways to minimise our tax obligations.
Rob