Recidencia and U.K. Assets (property)
Posted: Tue Mar 07, 2017 3:22 pmDoes anyone know how a U.K. Property is treated if I were to apply for residencia?
i.e., are there any tax issues?
i.e., are there any tax issues?
It would depend on the value of the property. Wealth tax (reintroduced in 2011) gives you an individual allowance of €700,000 plus €300,000 per person on your main home (if a couple owns it then you get double that allowance).
Not many of us would fall into that category but it is an advantage as a resident as you don't get the main home allowance as a non-resident.
You will have to declare your foreign assets each year on anything over €50.000 but that is not taxed. Any income from the assets will be taxed but any tax paid in UK will be offset against it.
There are no tax implications on applying for residency.