Expats with regular savings encouraged by new buy-to-let offerings
“Demand for buy-to-let mortgages from British expats continues to be strong and by opening up our mortgages to more countries we can continue to give British nationals living around the world the opportunity to invest in property in the UK,” commented Jim Coupe, managing director of Skipton International.
Some UK expats with regular savings may find it difficult to invest in buy-to-let in their country of origin though; the UK property market continues to grow at a rate which outstrips that of most other countries in the UK, meaning it can be difficult to get a foothold on the buy-to-let ladder. For example, in 2015 the rate of house price growth in the UK was 4.5%, a full 1.5% higher than the average global increase over the same period. Only a few countries, with popular UK expat destination Malta among them, managed to keep pace.
Tax avoidance and tax evasion have received substantial media attention in recent years, with reports on the tax avoidance strategies employed by wealthy individuals and corporations hitting the headlines.
In 2012, it was revealed that comedian Jimmy Carr was one of many high net worth individuals involved in the Jersey-based K2 tax scheme, which sheltered a portion of his income from HMRC. In the ensuing public backlash he issued an apology and withdrew from the scheme.
As retirement draws near, many of us begin to think about how we want our hard-earned earthly possessions to be distributed amongst our nearest and dearest. Making a will, of course, is a good starting point, but you also might want to think about the slice of the pie that the taxman will take from our relatives’ inheritance.