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tax on savings
 
 
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inbed79
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Joined: Sep 21, 2018
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PostPosted: Sun Sep 23, 2018 1:02 pm 
Post subject: tax on savings
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hi all
iam thinking of moving to bulgaria about 2 years before retirement
and living on my savings untill i retire then be living on my state pension
what i would like to know will i be taxted on my savings?
will i be taxed on my state pension?

thanks
  
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tonytg806
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Joined: Oct 16, 2013
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PostPosted: Sun Sep 23, 2018 4:32 pm 
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That'll be post Brexit so it's partially guess work. Any state pensioners care to help?  
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Seedy
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Location: Sofia, Dupnitsa, Lincs

PostPosted: Sun Sep 23, 2018 4:33 pm 
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You'll only be taxed on any profit, ie interest, on savings; you won't be taxed on your state pension, both of those assuming that you're an EU national. Post-Brexit - assuming you're a UK citizen - God only knows what the deal will be. You may well have to declare your savings to prove that you won't be a burden on the BG state, and declare your pension since the no-dual-taxation arrangement will likely no longer apply. Very probably neither will the reciprocal health insurance (S1), so you might well need to get private health insurance. Unsurprisingly, given older folks' propensity for getting sick/falling off their perch, that insurance doesn't come cheap - and will increase as bucket-kicking time approaches, according to their actuarial tables.

Then there's the property question: non-EU citizens aren't permitted to own property in their own name, so the non-trading company routine may well be back on the cards.

We are living in "interesting times"....so don't be in too much of a rush! Wink
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inbed79
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PostPosted: Sun Sep 23, 2018 5:03 pm 
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yes iam from the uk so will have to see what Brexit brings
pobs just by buying a apartment i have read you dont need a non-trading company
for this as it will have no land

thanks for your help
  
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Seedy
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Location: Sofia, Dupnitsa, Lincs

PostPosted: Sun Sep 23, 2018 7:03 pm 
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It's correct that as a non-EU citizen you don't need a company to buy an apartment but only if it doesn't come with an "ideal" part of the land on which the block is built. This means that most apartments won't be a problem in this respect but some will, so be sure to check that out carefully. Also be aware that the various permissions, including Act 16, can be retrospectively withdrawn, so get your lawyer to check everything very carefully; it still doesn't offer cast-iron certainty but there comes a point where you've covered your @$e as much as you can. Some "investors" erecting buildings/complexes obtained their permissions through greasing palms to avoid zoning controls, building regs etc and that can come back to bite you as the new owner at any time. Don't think for a second that you're going to successfully sue some "businessman" in a BG court; you're more likely to end up in a wheel-chair - or a cement overcoat. Cool

The requirement to have a company is no big deal and it can be useful, as the company can not only own property but also buy a vehicle if, for example, you decide to maintain your primary legal residence in the UK. Since it's a BG entity in its own right, it's pretty much immune to the vagaries of changing laws etc.

Bear in mind that apartment ownership can be a bit "challenging" in terms of maintenance charges, sinking funds, and the fact that you have little control over who lives in very close proximity to you, whether they decide to obey the law/rules etc. You're also liable to pay a share of the cost of necessary repairs, renovation, re-decoration etc. If the block has a flat roof, for example - walk away smartly!

Take things slowly and think very carefully about what you're doing - and don't ever let your enthusiasm get the better of you: if you miss that "perfect" property, you can be 100% sure that one at least as good will come up sooner or later. If someone is offering you the deal of a life-time, you can guarantee that it isn't your life-time they're talking about! Wink
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tonytg806
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PostPosted: Mon Sep 24, 2018 11:41 am 
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Sound advice Seedy, that's what we expect. Trouble is we need the monkey on our shoulder whispering that in our ear when we're buying, not you as you're a trifle heavy Laughing Laughing Laughing  
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Seedy
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Joined: Feb 21, 2012
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Location: Sofia, Dupnitsa, Lincs

PostPosted: Mon Sep 24, 2018 4:37 pm 
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I've been on a diet, Tony - down to only 350 kilos now....with one foot on the floor, of course! Embarassed
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tonytg806
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PostPosted: Mon Sep 24, 2018 5:30 pm 
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Seedy wrote:
I've been on a diet, Tony - down to only 350 kilos now....with one foot on the floor, of course! Embarassed


Hmmmmm.... like any dieter I bet you've not lost as much as you're hinting at!

Mind you after the OH's wonderful shepherds pie and the "can you manage that lot?" I feel like I'm your soul twin Laughing !
  
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Seedy
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PostPosted: Mon Sep 24, 2018 7:42 pm 
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I have a "secret weapon": I go to visit the outlaws who stuff me so full that my guts revolt and I spend the next three days on the throne rather than at the dining table.....yeah, I know - too much information! Very Happy
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tonytg806
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PostPosted: Mon Sep 24, 2018 7:50 pm 
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Seedy wrote:
I have a "secret weapon": I go to visit the outlaws who stuff me so full that my guts revolt and I spend the next three days on the throne rather than at the dining table.....yeah, I know - too much information! Very Happy


Definitely tmi Shocked Confused . That's why I keep mine over 2000 miles away Laughing .....
  
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