Overseas buyers 'should get specialist advice'
People who are planning to buy property abroad have been urged to take specialist advice before making a purchase.
Chris Mackie, a financial planner with Acumen, stated that many prospective buyers did not fully understand many of the financial implications of buying overseas, particularly with regards to taxation.
Speaking to the Scotsman, he said that Britons were likely to still be subject to charges such as inheritance tax even if they lived in another country, as this applied to worldwide assets.
Mr Mackie commented: "It is often assumed that property owned abroad is not subject to the British tax regime but for most, this is not the case."
He added that taking professional advice would help to minimise the impact of these taxes.
This follows similar recommendations from PricewaterhouseCoopers, which recently said that getting good advice was "essential" for overseas property investors.
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