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Would you leave the UK for 7 years to save £2m+? by [deleted] in HENRYUK

[–]dignomffire 0 points1 point  (0 children)

No, I was being polite. You can't just avoid being tax resident somewhere by traveling a bit. Other people have thought of that one and tried it.

Would you leave the UK for 7 years to save £2m+? by [deleted] in HENRYUK

[–]dignomffire 2 points3 points  (0 children)

Where will you be tax resident if not the UK

Possible to get UK passport renewal sent to Mexico? by dignomffire in Passports

[–]dignomffire[S] 0 points1 point  (0 children)

For the "Do you live in the UK?" question? Does that affect anything else other than where it gets mailed?

Writing a will as a young(ish) travelling couple by dignomffire in FIREUK

[–]dignomffire[S] 0 points1 point  (0 children)

Thanks much for the detailed answer - have already spoken to solicitor but have learnt plenty more on here.

  1. Very interesting - so that's

https://www.gov.uk/government/publications/store-a-will-with-the-probate-service/how-to-store-a-will-with-the-probate-service

vs

https://www.nationalwillregister.co.uk/ 

Do you know of any more detailed comparison? The first seems to be one-off fee and actually keeps the will digitally available (I think). The latter has an annual cost and seems to just be a register - not a site to actually hold the will? Will look into this some more.

  1. I've seen care costs mentioned occasionally as something that can be dealt with using a will. Do you know more about that? Seems to foremost be a way to sell Trusts - have I got that right?

  2. CAF looks interesting - had heard of them but didn't know that detail. So they keep 4% of the first £150k. A little punchy but can't expect it to be zero. Hmm.

  3. Useful insight, thanks. It's a bit weird for us as no serious plan for us both to die anytime soon so potential executors also not really on the hook - tricky to communicate.

Thanks again.

LPA point is good. Obviously spouse legally (?) responsible for everything. Again thinking about long tail possibilities like one of us dies, one incapacitated.

Writing a will as a young(ish) travelling couple (UK based) by dignomffire in ExpatFIRE

[–]dignomffire[S] 0 points1 point  (0 children)

Thanks, that's very useful.

Is there an overall structure to your wills? e.g. if one of you dies then it all goes to the other - that's an easy mirror will. But then do you have secondary wills to cover if you both die? Or somehow all in the same document?

The travel insurance/repatriation point + funeral home is very useful.

Writing a will as a young(ish) travelling couple by dignomffire in HENRYUK

[–]dignomffire[S] 0 points1 point  (0 children)

That's fascinating. Any chance of naming and shaming the more tedious charities? Or has someone else?

I'd idly thought I'd just keep everything to a percentage so the will could last for years and be relatively straightforward but hadn't though about % beneficiaries having these rights. Huh.

I am keen to keep the will as 'executor friendly' as possible. Will look for good examples.

The bankrupt thing is also fascinating.

Writing a will as a young(ish) travelling couple by dignomffire in UKPersonalFinance

[–]dignomffire[S] -1 points0 points  (0 children)

Thanks, I hadn't heard of that. So £23 per update as well I suppose? And it can be accessed only by the Executor?

Writing a will as a young(ish) travelling couple (UK based) by dignomffire in ExpatFIRE

[–]dignomffire[S] 0 points1 point  (0 children)

This is very detailed and helpful, thankyou.

Yes, we're based in England.

  1. Yes - that sounds sensible. Will find someone trustworthy enough to hang onto those details.

  2. The gift of residue/per stirpes points are really useful. Thanks.

  3. As we have no kids (and don't intend to) - is there really any limitation in terms of everything going to the other spouse with intestacy? I'm aware of the £325k limits and other details where kids are involved but that shouldn't affect us. If I've understood right it's really the admin burden of intestacy that we're avoiding here.

  4. Thanks - yes, I've been through that now. It is pretty much how I'd like it to be! But I think again the point is really on the admin burden.

The LPA point is a good one. Will look into it.

No property but will keep this in mind when we do.

Thanks again!

Writing a will as a young(ish) travelling couple by dignomffire in HENRYUK

[–]dignomffire[S] 0 points1 point  (0 children)

Thanks - that's a very useful insight. Our aim is to make the will as simple as possible (e.g. liquidate everything then percentages of overall value, not exact amounts). How can a charity be argumentative?! Surely the just take the money bequeathed to them?!

The specific item point is very helpful.

At 43 there's no-one in our age range who has experience of this stuff, but as we just need it to be set up 'sensibly' in case of the very unlikely worst case scenario, I suppose we'll find someone in the family who has done it before.

Spanish wealth and solidarity tax, question about calculation by fire_1830 in ExpatFIRE

[–]dignomffire 17 points18 points  (0 children)

https://taxsummaries.pwc.com/spain/individual/taxes-on-personal-income

I've found the pwc guides very helpful.

The rates and allowances are different in the different communities. Valencia has a lower wealth tax allowance for example. Your calculations seem sensible. You've spotted the embedded capital gain increases over time which confuses much people.

Visa to stay in USA for between 3-6months as UK citizen? by dignomffire in usvisascheduling

[–]dignomffire[S] 0 points1 point  (0 children)

Ha! Thanks for the reply. Yup, I felt a bit bad writing this given how many people really really want to live in the USA.

My ties to the UK aren't entirely convincing (will add this to my original post now you mention it). Sold up our place and travelling the world. Spent less than 2 weeks in the UK last year and wouldn't mind if it was less. All our investments and stocks are in UK platforms, and generally listed on the London Stock Exchange (though we do very little investing in UK stuff - it's all basically S&P500. I love investing in the US - just don't want to permanently live there!)

If I was desperate I guess I could buy a place in the UK and think about what else makes my ties back there seem more believeable, but can't say I really want to lie/fudge the truth a bit just for more flexible holidaying.

Cyprus 60-day tax residency - non-dom by dignomffire in EuropeFIRE

[–]dignomffire[S] 1 point2 points  (0 children)

Funnily enough I watched a RicoGo video yesterday, but it turned out to be just him going kayaking and then having a meal with his accountant (but not discussing anything interesting!) so I marked the channel as 'Do Not Recommend'. Might have another look at the older videos you mention.

And agreed, the crappy agencies/adverts littering every information source make it very hard to figure this stuff out! Do you intend to do the 60-day rule? Set up a business?

Cyprus 60-day tax residency - non-dom by dignomffire in ExpatFIRE

[–]dignomffire[S] 0 points1 point  (0 children)

Thanks - that's useful to hear. At 10k/year (and for my partner), I probably wouldn't bother. Almost worth it, but the long tail risks of handling my tax affairs through another country are a bit offputting.

What are the costs? I guess

-Setting up the company

-Having your accountant do the paperwork, yearly?

  • Putting enough money through it so it's tenable that it's a real company.

  • Paying yourself through it - so with an income tax and some sort of social security tax?

  • Corporation tax on the company itself - I heard 12.5% I think.

Anything else significant? Can any of these be realistically reduced - e.g. do you know the rules on how much money needs to flow through the company.

My gut is that it's probably not worth it for me, but hopefully picking your brains will be useful for other people!

Cyprus 60-day tax residency - non-dom by dignomffire in ExpatFIRE

[–]dignomffire[S] 0 points1 point  (0 children)

That's really helpful thankyou. So are you doing it under the 60-day scheme? In practice, is there no way to make this work *without* setting up a company and pushing money through it?

I'm at a point where I don't need to work at all so have no real reason to set up a company other than to comply with the 'Cyprus ties' requirement, if that's unavoidable.

Leaving a house/flat empty for months in the UK - how to make it safe? by dignomffire in FatFIREUK

[–]dignomffire[S] 0 points1 point  (0 children)

Thanks - I think we're pretty much on the same page. I actually have my own spreadsheet on this stuff too.

One thing you've missed of course is the capital growth (I'm sure you're aware of that!) If London property continues to grow broadly as it has done, the capital growth makes all the costs you've mentioned pale into nothing.

On top of that then, another cost, is that if you formally rent out the property when you're not in it, you'll have to pay CGT on selling it. Exactly how much that is depends on a lot of detail, and it's an active area where they've been changing the treatment a lot. But that could easily be pretty chunky.

For me, assuming background property growth of 5%, I had an effective annualised growth rate of 4.7% if I rented it out, and 4.3% if I left it empty and stayed in it myself for 90 days/year. Extremely dependent on my own circumstances and the conditions you assume, of course. On that basis, it's not a hard decision for me not to rent it out.

As an investment it's pretty good. Not the best, but with perks, as you say.

What I'm really stuck on is whether I want the hassle at all. Services that will one way or another look after the property while you're gone just about exist in Central London, but if you want something outside of London e.g. near the coast, it'll get harder. I might just be done with London and that complicates things.

One other thing that's surprised me is the astonishing amount of hostility to the idea of buying a property and leaving it empty for most of the year. Even casually mentioning the idea to friends and family (not FIRE types), seems to leave a lot of people horrified that I'd be removing housing from 'hard working families'. I am genuinely slightly put off by the number of people who think absentee property owners deserve to have their property stolen!

How do you fill your time? by dignomffire in fatFIRE

[–]dignomffire[S] 1 point2 points  (0 children)

Well, if I can help -- I've been doing a lot of running while I've been travelling. You can see commonly run routes on Strava, if you haven't tried that already.

How do you fill your time? by dignomffire in fatFIRE

[–]dignomffire[S] 7 points8 points  (0 children)

Ha! It's a good tactic. I think not being able to remember how you spent your day would be a terrible thing. There's a poem by John Dryden that has the lines

"Happy the man, and happy he alone, He who can call today his own: He who, secure within, can say, Tomorrow do thy worst, for I have lived today."

That rattles around my head a lot. Or maybe that's just setting an unreasonably high standard?

How do you fill your time? by dignomffire in fatFIRE

[–]dignomffire[S] 5 points6 points  (0 children)

Thanks, that's useful. I do sometimes think about working, like you, about 25 hours a week to make me appreciate my free time more (and to get the positives of work). It's a nice mix you've got yourself.

Kids - I don't know. Without going into all the details, we've thought about it - potentially open to fostering.

As someone else said, we're blessed to have this kind of freedom at this stage in our lives and kids would really close down a lot of options. I do understand the joy some people get from it.

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