Holiday Home in Cape Verde
Discussion
Has anybody looked into this ? Fancy having a weeks holiday there and have read in the past it could be a good long term investment.
A quick look on rightmove comes up with loads of places starting at a fairly low budget but i guess its a matter of right location
Any ideas, comments appreciated !
A quick look on rightmove comes up with loads of places starting at a fairly low budget but i guess its a matter of right location
Any ideas, comments appreciated !
If you are a UL tax resident, then income receiced froma holiday let is taxable in the UK.
Normally, letting income is taxed uner the Rental Income rules, which can vary substantially from Buisness Taxation rules.
Holiday lets are normally construed to be a "businesss" rather than a "rental property".
If you put the property into a limited company, you would then find yourself with the problem of having to administer a company and prepare and submit limited company statutory accounts. You would also have to account for Corporation Tax on the "profits" of the company. If the company was set up in the UK, the company would have to comply with all the UK tax and copmpany law regulations. You would have to pay personal Income Tax on any moneys withdrawn from the company.
Normally, letting income is taxed uner the Rental Income rules, which can vary substantially from Buisness Taxation rules.
Holiday lets are normally construed to be a "businesss" rather than a "rental property".
If you put the property into a limited company, you would then find yourself with the problem of having to administer a company and prepare and submit limited company statutory accounts. You would also have to account for Corporation Tax on the "profits" of the company. If the company was set up in the UK, the company would have to comply with all the UK tax and copmpany law regulations. You would have to pay personal Income Tax on any moneys withdrawn from the company.
If I were to do it at all it would likely be personally rather than through a company although I do already have a limited company if it was proved a better way to do the deal.
I first heard about the place two years ago and I did read it would be a good investiment as well as a cool place to visit.
I would probably visit no more than twice a year and would hope my holiday cost savings and some rental would cover the cost of mortgage, hopefully any real profit would be made in a rising market price.
I read it was to be the "new" Caribbean ( whatever that exactly means )
No doubt some info can be gained from the net but none so good as some first hand comments from the good people here
I first heard about the place two years ago and I did read it would be a good investiment as well as a cool place to visit.
I would probably visit no more than twice a year and would hope my holiday cost savings and some rental would cover the cost of mortgage, hopefully any real profit would be made in a rising market price.
I read it was to be the "new" Caribbean ( whatever that exactly means )
No doubt some info can be gained from the net but none so good as some first hand comments from the good people here
Eric Mc said:
If you are a UL tax resident, then income receiced froma holiday let is taxable in the UK.
Normally, letting income is taxed uner the Rental Income rules, which can vary substantially from Buisness Taxation rules.
Holiday lets are normally construed to be a "businesss" rather than a "rental property".
If you put the property into a limited company, you would then find yourself with the problem of having to administer a company and prepare and submit limited company statutory accounts. You would also have to account for Corporation Tax on the "profits" of the company. If the company was set up in the UK, the company would have to comply with all the UK tax and copmpany law regulations. You would have to pay personal Income Tax on any moneys withdrawn from the company.
Christ, whichever way you turn there is a taxman with a truncheon and a tub of vaseline Normally, letting income is taxed uner the Rental Income rules, which can vary substantially from Buisness Taxation rules.
Holiday lets are normally construed to be a "businesss" rather than a "rental property".
If you put the property into a limited company, you would then find yourself with the problem of having to administer a company and prepare and submit limited company statutory accounts. You would also have to account for Corporation Tax on the "profits" of the company. If the company was set up in the UK, the company would have to comply with all the UK tax and copmpany law regulations. You would have to pay personal Income Tax on any moneys withdrawn from the company.
Exigeowner said:
Has anybody looked into this ? Fancy having a weeks holiday there and have read in the past it could be a good long term investment.
A quick look on rightmove comes up with loads of places starting at a fairly low budget but i guess its a matter of right location
Any ideas, comments appreciated !
I own and run two property companies (one of which is a dedicated foreign property investment business) and travel to a lot of places looking at investments. I have been to Cape Verde and decided not to invest there. It will do ok, but there are a lot of things about the place i seriously didn't like as a sustainable destination. E-mail me if you want my thoughts.A quick look on rightmove comes up with loads of places starting at a fairly low budget but i guess its a matter of right location
Any ideas, comments appreciated !
Edited by stimmers on Monday 7th January 00:19
Mosi said:
Exigeowner said:
Did you go over there Mosi ?, Any direct advise you can give do's / donts etc
If you want to invest (or just get more info), email me. Our last three developments have returned an average of 77% in 3 years stimmers said:
Mosi said:
On paper on actual sales ?? If so who are you selling to?
Sorry Stimmers, after 3 bottles of vino yesterday afternoon it looks like I have given the impression that I am in the development game. I merely have a few quid invested in a Channel Island based property fund that invests in overseas developments - of which the last few developments have returned a 77% yield. Email me if you want me to put you in touch for more info Mosi said:
stimmers said:
Mosi said:
On paper on actual sales ?? If so who are you selling to?
Sorry Stimmers, after 3 bottles of vino yesterday afternoon it looks like I have given the impression that I am in the development game. I merely have a few quid invested in a Channel Island based property fund that invests in overseas developments - of which the last few developments have returned a 77% yield. Email me if you want me to put you in touch for more info I might take a punt on a one bed or something quite cheap and in 2 years hope it pays for my insurance , petrol and maybe a holiday though
Gassing Station | Business | Top of Page | What's New | My Stuff