Bulgarian Property
Property Services
|
-
06.02.2008
-
Bulgarian property may fall foul of UK wills, so make sure that you understand the local legalities in your new home in Bulgaria.
Wills made in the UK may not be adequate to cover Bulgarian property. With this year's wet and grey summer, more than 10,000 Britons are buying property in Bulgaria with nearly a third of them seeing an overseas home as a long-term financial investment (32 per cent) and many seeing it as a retirement plan (31 per cent), according to research by Yorkshire Bank.
WILL WORRIES
The reality is that in Bulgaria inheritance laws are significantly different to those in Britain and buyers could unwittingly end up in a position where wishes made in a UK will might not be seen through.
Investment in Bulgarian property is a growing trend and often generates a good return. While the property in Bulgaria becomes part of your worldwide estate, you must take into account local laws regarding inheritance, otherwise your wishes may not be carried out.
Even in Europe there is no common law relating to inheritance, and no matter what the size of property it is highly advisable to seek local advice and consider using a foreign will to deal with your property in Bulgaria. Consult with British Developments lawyer, who could help you. This is all the more important when your Bulgarian holiday home is the place to which you retire.
There are moves within the EU to harmonize the inheritance laws. However it is likely to be some time before this happens so seeking advice is an obvious course of action.
As many countries have also experienced rapid growth in house prices, owning an overseas property may have also greatly increased your exposure to inheritance tax.
It is important to consider the real value of your overseas property when you are looking at your assets. If the value has risen you must look carefully at your inheritance tax planning and ensure the impact is minimized.
Source: Overseas property TV Magazine
|
Partners
|
|
|
|
|
