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Alex J.
Alex J., Solicitor
Category: Law
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Experience:  Solicitors 2 years plus PQE
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If i get an offshore company in order to buy property which

Resolved Question:

If i get an offshore company in order to buy property which is going to be valued at under £150, is it affected by the recent change in the law april 2013 and what drawbacks could there be for having property owned by an offshore company that i set up?
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
What do you intend to do with the property?
What jurisdiction are you setting up the holding company in?
Kind regards
AJ
Customer: replied 2 years ago.

i am going to live in it. the company will be in the seychelles

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
The annual charges and 15% stamp duty applies only to residential properties worth over £500k.
The problem with an offshore company owning the property is the administration cost - a Seychelles company is likely to have annual administration fees, and to obtain the tax benefit you would probably need the shareholder to be a trust of which you are the beneficiary - this will also require administering and probably will require and professional trustee.
Is there a particular reason you want to do this?
Kind regards
AJ
Customer: replied 2 years ago.

yes I want to protect my inheritance. Its unlikely that there would be any inheritance tax to pay as i would be well under the £325 k threshold if i died. I have tried to find out about various other options, such as reassigning my inheritance to my daughter or putting it in trust but i have been unable to get information on this

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
Could you buy the property in your daughters name?
Kind regards
AJ
Customer: replied 2 years ago.

Hi

I could but not sure if this would protect it. I think we spoke the other day but on a lightly different subject. I know you said that it was unlikely if the developer in cyprus would come after me in the UK anyway if they managed to get a judgement out there against me if they didnt know where i was here and that i could defend, and whilst i am sure you are right, i would be anxious all the time, as i just dont know what they are up to and they have already had all my money which i invested out there, so i want to make sure i protect this. You put my query out to someone else as you did not know about trusts but no one was able to answer it here, so now i am finding out everything i can about a way to protect this and the only concrete info i have been able to obtain is about an offshore company, although as you rightly say, this incurs costs each year. If there is another way i could protect it here, eg if its safe to put it into my daughters name instead that that would be the better option

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
You would have to set up as trust in order to buy the property in a trust.
This is not cheap the professional fees can be thousands of pounds. If you are looking for detailed tax advice, then you really need to go and see an accountant.
Kind regards
AJ
Customer: replied 2 years ago.

I am not looking at the issue of tax just of protecting my inheritance from dishonest and unscrupulous developers in cyprus. I want to make sure that they canot get their hands on the property

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
Setting up trust would be the safest way to do this because you can keep the beneficiary secret, the only problem is you need to either pay a trustee or appoint a trustee that you trust implicitly.
Contact the Law Society www.lawsociety.org.uk - they will be able to recommend a solicitor close to you that will be able to draft a trust deed for a reasonable price.
Kind regards
AJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3613
Experience: Solicitors 2 years plus PQE
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