Residential Property Abroad

Written by The Chesterfield Group


It is increasingly common for individuals to own more than one property and in many casesrepparttar first investment afterrepparttar 111859 family residence is in a holiday home. Whether you are buying a place inrepparttar 111860 sun, a country retreat or a city centre apartment, if it is in a foreign country you will be exposed to an unfamiliar legal system and to taxes inrepparttar 111861 country concerned. It is therefore important, even before a contract is signed, to decide whether to makerepparttar 111862 purchase in your personal name or through a company. To change course later will always be expensive. It is however usually possible to reduce exposure to tax.

Buying in a personal name

Assumingrepparttar 111863 property is for personal occupation,repparttar 111864 form of tax, which is most easily avoided, is estate or inheritance tax. The death ofrepparttar 111865 person in whose namerepparttar 111866 property is registered will normally give rise to a liability which may exceed 40% ofrepparttar 111867 value atrepparttar 111868 time andrepparttar 111869 tax will usually have to be paid beforerepparttar 111870 property can be sold or transferred.

Buying in a corporate name

If, however,repparttar 111871 property is purchased inrepparttar 111872 name of a company,repparttar 111873 death ofrepparttar 111874 owner does not create a need to transferrepparttar 111875 property. The property will be owned byrepparttar 111876 company, and it isrepparttar 111877 shares inrepparttar 111878 company which will form part ofrepparttar 111879 owner’s estate and notrepparttar 111880 property itself. Ifrepparttar 111881 company is formed in an offshore territory,repparttar 111882 British Virgin Islands for example, which does not impose taxation on non-residents,repparttar 111883 objective of avoiding foreign death taxes will have been achieved. There is a bonus, in thatrepparttar 111884 name ofrepparttar 111885 owner ofrepparttar 111886 company need not be a matter of public record, thereby maintaining confidentiality.

Yacht and Ship Registration in the Isle of Man

Written by The Chesterfield Group


The maritime history ofrepparttar Isle of Man dates fromrepparttar 111858 eighteenth century andrepparttar 111859 Island is recognised internationally as an efficient and well- run centre for both registration and management. It was ranked third inrepparttar 111860 world by Port State Authority in September 2004.

The Marine Administration was established in 1984 and offers 24 hour cover for both yacht and ship owners. Local legislation has also been amended to adoptrepparttar 111861 “Megayacht” code and enable commercial yachts exceeding 24 metres to be registered onrepparttar 111862 Island.

Benefits of registering a vessel onrepparttar 111863 Isle of Man include

•A zero rate of tax for shipping related activities •No annual tonnage dues •A low registration fee •Attractive VAT arrangements •Security of mortgages registered onrepparttar 111864 Island •A Demise Charter Register, both in and out •British Flag and support of British Consular services •Flexibility inrepparttar 111865 requirements for registered owners including limited partnerships

Merchant ships to be registered inrepparttar 111866 Isle of Man should be registered with one ofrepparttar 111867 approved Classification Societies and it is a requirement that functions of effective management are undertaken by a ship management company, resident inrepparttar 111868 Isle of Man, having responsibility forrepparttar 111869 ship.

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