A third of Britons wish to buy overseas properties, new figures indicate.
Although Brits are interested in property investment overseas, most of us do not want to learn a new language. So it is of no surprise that that five of the top six countries we invest in properties in speak English .
Halifax figures show that America and Australia are the top two preferred destinations for UK residents who wish to move abroad or buy overseas property. 1 in 11 of us is contemplating moving to the USA and 1 in 11 of us is considering relocation on Australia .
Spain is the most sought after European destination and third overall, with 6% of us considering buying a property there.
Halifax's Spanish wing, Banco Halifax Hispania, has come up with a guide for those wishing to buy overseas properties .
Brits ought to get all necessary current, like visas as well as work permits.
Brits need register their residency status with the Inland Revenue in the UK and the relevant authorities in the destination country .
Brits ought to check medical arrangements, as well as liaise with a tax specialist.
They need to arrange bank accounts in the destination country and ensure any regular UK payments are met whilst they are abroad. Brits also need to let their bank know about their move.
Brits also need to decide what they are going to do with their UK home. They need to let insurance companies know about changes that might affect insurance policies, including buildings and contents insurance, pensions and health insurance .
Let any relevant party know of change of address.
Check will and ensure it takes into account rules in destination country and any inheritance tax rules there.
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Brits Want to Buy Overseas
Fri, 07 Apr 2006
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