The expert named the main mistakes of Russians when buying property abroad
Buying foreign real estate remains a popular way of investing among Russians, but many face legal and tax problems due to typical mistakes, Mikhail Yusubov, Director of Legal Affairs at Kalinka Ecosystem, told Izvestia on June 29.
"One of the main mistakes is ignoring tax obligations to the Russian Federation. Russian tax residents are required to declare income from renting and selling real estate abroad, but many forget about this, which leads to additional charges and fines," he said.
According to the expert, the second common problem is the failure to inform about controlled foreign companies. If the property is registered to a foreign company, and a Russian has control over it, it is necessary to submit a notification to the Federal Tax Service. For violation of deadlines, a fine of up to 500 thousand rubles per object is threatened.
The specialist also drew attention to violations of currency legislation. Residents of the Russian Federation are required to inform the tax service about the opening or modification of foreign accounts, as well as to report on the flow of funds. For failure to submit a report, the fine can reach 40 thousand rubles.
"Another mistake is the use of offshore companies without taking into account the tax consequences. If the property is purchased through a company in a low—tax jurisdiction, but without analyzing international agreements, you may face double taxation," Yusubov concluded.
Earlier, on January 9, Izvestia got acquainted with a study by the Aeroplane company, which reported on the mandatory amenities of Russians when buying an apartment. According to experts, in the new year Muscovites want to buy apartments with dressing rooms (23%), built-in closets (15%), additional outlets on the balcony (13%), a second bathroom (12%), a master bedroom (9%) and a niche for a washing machine (8%).
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