Buying Property Overseas
Our client is a retired consultant to the oil and gas sector who recently sold his business and decided, along with his wife, to purchase a property in Spain which was likely to be used for letting purposes, but predominantly for personal use. Our client was also in the process of drawing down on his pension and wanted EQ to assist him with the property purchase, its financing and any related taxation issues.
How we helped our client
Rather than researching Spanish tax law, we put our client in touch with a Spanish local firm from within our network, Kreston International. The English-speaking firm in Spain was able to provide our client with detailed information about Spanish wealth taxes, estate planning and other legal matters. In conjunction with the Spanish professionals, EQ were able to advise our client of his obligations to record rental income and return that properly in both Spain and the UK. Our client recently completed the acquisition and has just returned from his first, sun-packed trip. He commented, “It’s so reassuring to have the link between a local expert and the accountants I’ve used for over 20 years – it made the acquisition seem easy”.
For more information or to discuss further, please contact the International Tax – For Individuals Taxperts.