C
Cosmo
Guest
We are Simon and Nicky - Husband an wife from East Sussex England.
Property prices in the UK have gone through the roof in the past few years and this will enable us to sell up and move out. We will expect around $225000 dollars to spend on our new home. Once out of the UK we will be able to sell our other properties which should realise a further profit of around $200000 dollars. We know that DR is not a tax haven (our original search was for such a place) but we have come to understand that property is much more affordable. Here then is our question:
In the UK you do not have to pay capital gains tax (40%) on the sale of your home. Any other property sales are liable for capital gains taxation. If we sell the properties while living abroad and do not return to ther UK for 5 years we will not have to pay CGT however, we will be liable to CGT in the country where we are living. Does anyone know about CGT rules in the DR?
Secondly, we are considering buying a property in Florida with the other $200000 dollars. Is there a problem here? It will be our intention to live on the rental income it provides.
Thirdly, assuming that we will own our property in the DR outright, how much will it cost us (monthly) to live comfortably in the DR?
Finally, are we mad?
Best regards
Simon & Nicky
Property prices in the UK have gone through the roof in the past few years and this will enable us to sell up and move out. We will expect around $225000 dollars to spend on our new home. Once out of the UK we will be able to sell our other properties which should realise a further profit of around $200000 dollars. We know that DR is not a tax haven (our original search was for such a place) but we have come to understand that property is much more affordable. Here then is our question:
In the UK you do not have to pay capital gains tax (40%) on the sale of your home. Any other property sales are liable for capital gains taxation. If we sell the properties while living abroad and do not return to ther UK for 5 years we will not have to pay CGT however, we will be liable to CGT in the country where we are living. Does anyone know about CGT rules in the DR?
Secondly, we are considering buying a property in Florida with the other $200000 dollars. Is there a problem here? It will be our intention to live on the rental income it provides.
Thirdly, assuming that we will own our property in the DR outright, how much will it cost us (monthly) to live comfortably in the DR?
Finally, are we mad?
Best regards
Simon & Nicky