Bulgaria property news and articles

The Need to do Something

Most of us don’t like making investment decisions.They make our heads hurt. They make us face up to unpleasant things – like taxes and death. We don’t really understand what we are doing, what the options are and what is best. We don’t know who we should trust to give us advice. We know we ought to do something, but it will wait until next week-or maybe the week after. Until then our present arrangements will have to do. If you are moving to live overseas you must review your investments. Your current arrangements are likely to be financially disastrous – and may even be illegal.

Just to reiterate: it is possible to be tax resident in more than one country at the same time. In this case you could end up liable to pay the same tax in both countries. Also, a particular item of income could, under each country’s different rules, be taxable in both the country in which it is sourced and also in the country in which the recipient of that income is resident.

For these reasons, many countries have concluded agreements called double taxation agreements with other countries to protect individuals from being required to pay tax twice. Bulgaria and the UK have such an agreement.