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Help! Clueless- Buying with foreign income but British Citizen
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maccle000
Posts: 2 Newbie
I have been working abroad for 6 years with my partner and we are just about to move to new jobs in Dubai. Over the 6 years away, we have managed to accumulate hopefully enough to buy a very small, modest property mortgage free.
However.... here are my questions related to bringing the money back into the country and looking into the housing market (VERY new to all of this!):
1. When I bring the money back into the UK, is it liable for tax? It has been earned and taxed in Malaysia where we have been tax residents. We will still be living out of the country for the foreseeable future.
2. I have never had a credit card nor borrowed money (apart from student loan) and therefore do not have a credit rating. Is this going to be a problem if trying to buy a property outright?
3. How easy/hard is it to buy a property with foreign income even if we are British citizens?
4. WHERE DO WE START?!
Any help/advice/tips would be greatly appreciated :-)
Thank you in anticipation!
However.... here are my questions related to bringing the money back into the country and looking into the housing market (VERY new to all of this!):
1. When I bring the money back into the UK, is it liable for tax? It has been earned and taxed in Malaysia where we have been tax residents. We will still be living out of the country for the foreseeable future.
2. I have never had a credit card nor borrowed money (apart from student loan) and therefore do not have a credit rating. Is this going to be a problem if trying to buy a property outright?
3. How easy/hard is it to buy a property with foreign income even if we are British citizens?
4. WHERE DO WE START?!
Any help/advice/tips would be greatly appreciated :-)
Thank you in anticipation!
0
Comments
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1. Almost certainly not, although I have no idea whether Dubai would tax any of it.
2. Shouldn't be a problem if you are buying with cash, although you may have some issues getting services such as phone line with no credit record.
3.You're not buying from income, you're buying from capital, so no real problem at all.
4. Do you actually want to start now, or when you return to the UK from Dubai? If you buy now while you're not resident what will you do with the property?0 -
Thank you Agrinnall for your help.
I want to invest the money in something and having some rent coming in seems like a good option? Need to look into other options as well ....
Thanks again!0 -
You need to investigate this as it's complicated.
IIRC, I think you need to find a tenant who's happy to file a tax return to pay tax on your behalf. Someone will be along soon to give more detailed advice.
And you have to be careful about the contact details that the Land Registry use for contacting you, as there have been problems in the past.There is no honour to be had in not knowing a thing that can be known - Danny Baker0 -
With no credit history and foreign income, you may struggle to obtain a Mortgage.
If you are buying a property for cash then there is no issue on that front.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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