EC and owning property in home country?

[blt178]

There's nothing really saying that this will KEEP you from getting EC... but it does expressly state that you must intend to make the UK your primary residence.

If we keep the condo we own in Canada, does that contradict that requirement?

Has anyone out there experienced something silimar? And if it IS ok, any idea as to how this affects the payment of taxes in your home country (Canada specifically) and in the UK? (Double-taxation treaties exist, I just don't know as of yet how they work...)

[apeterso925]

There's nothing really saying that this will KEEP you from getting EC... but it does expressly state that you must intend to make the UK your primary residence.

If we keep the condo we own in Canada, does that contradict that requirement?

Has anyone out there experienced something silimar? And if it IS ok, any idea as to how this affects the payment of taxes in your home country (Canada specifically) and in the UK? (Double-taxation treaties exist, I just don't know as of yet how they work...)

I own a condo here in the states and listed it on my EC application (because given that they specifically asked "do you own property?" Saying no is lying...and lying on your EC application is just *not* a good idea).

I was approved, so it doesn't seem to be an issue. I was a little worried too, but if you think about it, owning property doesn't necessarily tie you to that property...pretty soon, my property will no longer be my primary residence, it will be an investment property occupied by paying tenants. So my ownership of it shouldn't negate my claim that I'm making the UK my primary residence because by virtue of the lease with my tenants, they reside in it, not me.

And *hopefully* I'll have the aforementioned lease signed today

Amy

[gordon]

I've been reviewing tax requirements for overseas assets, and think that income or capital gains derived from the overseas assets will be subject to tax in the UK when you become resident in the UK for tax purposes (and then the double-taxation treaties and regulations stipulate reductions you may claim on your tax liability in what will become your former country of residence, based on tax payments made in the UK). But I'm not a tax lawyer, so you (and I) will want to look very closely at the regs. AG

[apeterso925]

I've been reviewing tax requirements for overseas assets, and think that income or capital gains derived from the overseas assets will be subject to tax in the UK when you become resident in the UK for tax purposes (and then the double-taxation treaties and regulations stipulate reductions you may claim on your tax liability in what will become your former country of residence, based on tax payments made in the UK). But I'm not a tax lawyer, so you (and I) will want to look very closely at the regs. AG

I will most definitely be hiring an accountant for taxes...I know enough at this point to know that I will have no idea what or who I owe. But as for the issues specific to property, taxes may be the *one* area where I'll benefit from being a victim of the current US real estate market. My mortgage is higher than the rent I can feasibly justify, given current trends.

Now, *next year*, when I'm at the very least breaking even, I'll be less pathetic and will need to account for capital gains. But for now, my world is all about losses, not gains

Incidentally, since the EC application didn't specifically ask, I certainly did not offer this information to my ECO! It would not have helped me to have to say that I'll be losing money every month on my property, while also living without a job.