Expat thinking of changing things up?

Expat thinking of changing things up?

9:54 AM, 4th November 2016, About 6 years ago 3

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I am in the process of selling my sole property in the UK, (which I have been letting for 10 years), and plan to buy 2 flats instead. My agent has priced the house at £325,000 and suggests 2 properties at around £160,000 each.Norway

There is £45,000 left to pay on my repayment mortgage, therefore (excluding costs, taxes etc.), I need to borrow £40,000 to finance the 2 flats and after investigation, it would appear to be easier to raise this cash in Norway, (where I live), than trying to get an Expat mortgage.

My questions are :-

1. Should I set up a limited company ?
2. Are there any charges when transferring such a sum internationally ?
3. Is this the correct way ahead ?

Many thanks


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Neil Patterson

9:58 AM, 4th November 2016, About 6 years ago

Hi Colin,

My first question that stands out is how much are you gaining by making the above three transactions and then what are the costs involved?

The 2 flats would have to have an awful lot higher yield to offset agents fees, solicitor costs, raising finance, transferring money etc etc.

Neil Patterson

10:00 AM, 4th November 2016, About 6 years ago

Please also see our tax planning page to assist on the tax aspect too >> https://www.property118.com/tax/

Although I have no idea what the tax rules will be in Norway.

Konstantin Matveev

11:17 AM, 4th November 2016, About 6 years ago

Hi Colin,

I can advise with regards to money transfer as I usually work with Chinese clients. The amount of fees for the transfer would be very marginal, I would say about 20 pounds at the most if done via bank but don't get caught on currency exchange.


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