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Buying a property being non-UK resident
heytoki
Posts: 165 Forumite
Hello all,
I have a friend (Spanish and living in Spain) who asked me if it is possible to buy a property in the UK. This person wouldnt apply for a mortgage as he has the cash.
i live in England and as far as i know that would be possible always that you demonstrate who you are and strong evidence of where the cash comes from and how it was accumulated in order to satisfy UK Money Laundering regulations.
is that correct?
Thanks
I have a friend (Spanish and living in Spain) who asked me if it is possible to buy a property in the UK. This person wouldnt apply for a mortgage as he has the cash.
i live in England and as far as i know that would be possible always that you demonstrate who you are and strong evidence of where the cash comes from and how it was accumulated in order to satisfy UK Money Laundering regulations.
is that correct?
Thanks
0
Comments
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There is nothing stopping a non-UK person from buying a property in the UK.
Not sure about the AML stuff.2nd Aug, 15: £276k. 18th Sep, 15: £269k. 30th Oct, 15: £265k.0 -
Further more, the money comes from selling a property in Madrid so it shouldnt be a problem.
In terms of taxes, only stamp duty would be applied? or is the money transfered from Spain taxed?0 -
Should try pretending to be Russian: http://www.theguardian.com/uk-news/2015/jul/07/london-estate-agents-caught-on-camera-russian-buyer
In terms of taxes it would just be SDLT. Are they proposing to live here, rent the property out, or just keep it empty as an investment?Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
Yes,no problem to buy as non resident. If letting, they will be liable for for income taxes and cgt in UK, and also applicable rules Spain (with double taxation mitigated through relevant agreements, perhaps not completely).Good to be aware the personal allowance for non resident s is widely expected to be eliminated in coming years, which may impact them if no deductible mortgage interest.0
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