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Buying property abroad - and bringing the money home.
chunter
Posts: 2,031 Forumite
I've had a couple of very interesting pub conversations lately with people who were thinking of buying property in the old Eastern Bloc - now the EU.
The questions we were stumbling over was over the selling of this property, eventually.
1. What sort of percentage tax do you pay to the country in question to take the money out of their country.
2. How much do you pay in taxes here for bringing the money into Northern Ireland. That includes bank fees and euro-pound conversion fees.
I think the overall percentage to be paid out could be substantial, depending on the country.
For example, Capital Gains Tax in Bulgaria is 15%. In Portugal, it's 25%.
The Double Taxation Treaty means that seller also pays "the difference between the two countries' capital gains rates". Whatever that means. And what countries does it apply to.
Anybody any experience of this?
The questions we were stumbling over was over the selling of this property, eventually.
1. What sort of percentage tax do you pay to the country in question to take the money out of their country.
2. How much do you pay in taxes here for bringing the money into Northern Ireland. That includes bank fees and euro-pound conversion fees.
I think the overall percentage to be paid out could be substantial, depending on the country.
For example, Capital Gains Tax in Bulgaria is 15%. In Portugal, it's 25%.
The Double Taxation Treaty means that seller also pays "the difference between the two countries' capital gains rates". Whatever that means. And what countries does it apply to.
Anybody any experience of this?
0
Comments
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Pop along to the house buying forum. I'm sure that kind of question has been asked before and if not there's more chance of someone there knowing the answer.Stercus accidit0
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My wife & I bought in Bulgaria in Sept 05.
You're effectively tied in for 5 years by capital gains tax where as the likes of Spain has a 15 year tie in.0
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