Fiscal Services Limited

Overseas Property

Whilst a number of countries have taken steps to increase the contribution to their revenue when properties are owned by non-resident companies there are still certain advantages in utilising a company to own such property. However, each country has its own variety of rules and regulations and needs to be discussed before action is taken. Indeed, careful consideration needs to be taken if a property is acquired by way of purchasing a company.

Certainly, proper tax advice and legal representation should be taken. If required, we are able to introduce clients to Accountants and Lawyers in appropriate countries.

The advantages of using a company include the following:-

1. By selling the company rather than the property, it is a much speedier process.
2. Local capital gains taxes do not arise.
3. Overseas sales taxes are avoided.
4. Government imposed transfer fees, such as that imposed in Spain do not have to be paid.
5. Forced heirship and the need to make a will in the country in which the property is located do not become issues.
6. Death duties and the re-registration of the ownership of the property would not be necessary on the demise of the beneficial owner.

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