UK:
The Impact Of The ROE For South Africans Investing In Property In The UK
24 October 2022
Tabacks (formerly Andersen Za)
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Many high net-worth South Africans own property offshore,
particularly in the United Kingdom.
When owning an asset in a foreign jurisdiction, the investor in
question should be au fait with the regulatory regime
applicable to that asset. More specific to the topic of this post,
in collaboration with our colleagues at Andersen in the UK, we
provide guidance on
The Register of Overseas Entities (ROE) which is linked to The
Economic Crime (Transparency and Enforcement) Act 2022 which was
passed by the UK Parliament in March 2022.
Many foreign jurisdictions, including the United Kingdom and the
United states for example, have inheritance tax which is applicable
to assets owned by non-residents. If these taxes are not factored
into the analysis regarding the return that the asset will achieve,
they could impact the economic outcomes of that investment.
In this
ROE overview we set out some technical updates relevant to any
South African owning property in the UK.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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