Overseas property purchase through limited company

[Roger Rabbit]

Hello,

I am looking to possibly purchase a property overseas, (Greece) via my limited company.
(My limited company has been operating profitably for over 5 years doing IT services.)

Am I right in saying that I have to have the property rented out for a certain number of weeks a year for it to be a legitimate business purchase?
If this is the case, does anyone know the minimum number of weeks it needs to be rented for?

Also, does anyone know what the usual deposit percentage, (for mortgage purposes) is for a UK company buying a property in Greece?

Thanks

 

[Frank the Insurance guy]

I would suggest talking to your accountant.

If you are planning on using it yourself you will need to either pay the market rental to your limited company or declare it as a Benefit In Kind and pay the tax on it!

Don't forget that as a director of a Limited company, you must act in the interests of the company and not your own interests.

 

[Financial-Modeller]

Also, consider that in some countries it can be mandatory / useful / adviseable to own property through a locally-registered company, formed specifically for the purpose.

I don't know if this is the case in Greece, but can add a further layer of complexity and cost, with potential advantages and disadvantages.

Pay for proper advice before doing anything.

 

[WaveJumper]

Well I echo the above I would certainly get some detailed legal advice, I was actually looking at this topic just recently as quite a few friends have moved their boats recently from Spain to Greece here's a couple of links from library:

Buying Property in Greece after Brexit Best Guide 2022 | Roula Rouva Real Estate Agency. | Corfu - Paxos - Ionian Islands - Greece

The UK’s withdrawal from the EU has had an impact on buying property in Greece after Brexit. Our agency is up-to-date on all relevant developments.

rrcorfurealestate.com

Can A Company Buy Property In Greece? - Tales Of Travelling Sisters

Once the tax office issues the AFM in the name of the foreign company, the company can purchase property in Greece. However, this type of AFM is limited to

talesoftravellingsisters.com

 

[Roger Rabbit]

Thanks all.