Wherever you are thinking of buying your property overseas, understanding your tax liability and the rules and regulations of that particular country is key.
As well as having a clear picture of which country you must pay tax in or whether your chosen destination has a double taxation treaty with the UK, you will need to think about income tax, wealth tax, capital gains and inheritance tax - remember the rules won't necessarily be the same as in the UK, so do your homework and consult an expert before you buy.
The end of the tax year approaches and now is the time to make full use of your tax breaks and allowances. Those not used by 5th April are lost forever. Danny Cox, Head of Advice at Hargreaves Lansdown, offers some pointers.
When buying a property in France, as with anywhere, you should make sure you factor in fees and charges that you will need to pay at the point of purchase into your budget. You need to be aware of when these monies are due so that you have the necessary funds, in the right currency, available in plenty of time...
Our experts answer your questions on inheritance: My mother (a widow) has lived in the Costa Blanca since November
2004. She is a UK passport holder but a Spanish resident. She has made a
will in both the UK and Spain. She has no mortgage and very little
money in a Spanish bank account – all her savings are in the UK. She is
the sole person on the deeds to her property. I have heard that the
Spanish government would be entitled to 40 per cent of the value of her
home on her death. Is this correct? Also how does this affect my Mum’s
For anyone who has made 2011 the year they retire abroad, we asked personal finance experts The Fry Group for some key pieces of advice.
To the untrained eye, making a profit from overseas property can seem pretty simple. Property prices are continuing to rise by 20 per cent per annum in several markets. However, looking at capital growth alone does not reveal the whole picture. There are a number of costs, fees and taxes to be taken into consideration.
A British couple has emerged victorious - and £10k richer - after being overcharged for taxes on the sale of their property in Spain
Bill Blevins, Co-founder of tax and wealth management specialists Blevins Franks, explains Cypriot income tax and tax rates in Turkey.
We explore the criteria for paying tax in Spain and Capital Gains Tax in Italy.