Maximilian
8 Jan 2016
Real Estate / Contemplating moving to Poland with the intention of buying a property out-right and living there [36]
Hello!
I have decided this is the year for making the big decision although I've had to rethink many things.
I'm strongly considering a place in central Warsaw only I won't buy outright. I will buy a place with a £20-25k deposit so there will be a mortgage to pay off. This is because it will be another 2 years to earn the money to buy a place outright and when I do I'd be out of pocket.
The plan would be to rent one of the rooms Air B and B style to help offset the mortgage payments every month.
I am still working offshore which means that I am outside both the UK and Poland 183 days a year (and I keep a strict log to prove this continuously). However, because I am essentially going to be living in Poland (and I don't plan to work offshore for much longer anyway) I think it is plausible to become a tax resident here so that when I do quit offshore and end up staying more than 183 days there will be no troubles. I want to do everything 100% legal no questions asked. Eventually I am going to change career and become an English teacher (or something else) at least for a few years (I'll go back to offshore eventually). Someone told me that teaching English in Poland is tax free for the first 2 years but I can't any source to verify this.
So my question is - what would be the proper procedure for doing this? I am of course paid into a British bank account and taxed in the UK (my UK based company deals with the tax). I am guessing I would need to hire a really good accountant in the UK to deal with transferring my tax paying over to Poland? Would I need to have a Polish bank account? I am guessing there isn't much choice because I'd have to keep transferring my money over from my British account to my Polish and getting currency charges (although i do have a 0% charge halifax credit card which I use abroad? Someone told me that I would need a bank account to buy a property anyway.
As for buying a property - I'd need to find a good bilingual lawyer to do the deed and buy the place right but after I've dealt with all the tax stuff?
Hello!
I have decided this is the year for making the big decision although I've had to rethink many things.
I'm strongly considering a place in central Warsaw only I won't buy outright. I will buy a place with a £20-25k deposit so there will be a mortgage to pay off. This is because it will be another 2 years to earn the money to buy a place outright and when I do I'd be out of pocket.
The plan would be to rent one of the rooms Air B and B style to help offset the mortgage payments every month.
I am still working offshore which means that I am outside both the UK and Poland 183 days a year (and I keep a strict log to prove this continuously). However, because I am essentially going to be living in Poland (and I don't plan to work offshore for much longer anyway) I think it is plausible to become a tax resident here so that when I do quit offshore and end up staying more than 183 days there will be no troubles. I want to do everything 100% legal no questions asked. Eventually I am going to change career and become an English teacher (or something else) at least for a few years (I'll go back to offshore eventually). Someone told me that teaching English in Poland is tax free for the first 2 years but I can't any source to verify this.
So my question is - what would be the proper procedure for doing this? I am of course paid into a British bank account and taxed in the UK (my UK based company deals with the tax). I am guessing I would need to hire a really good accountant in the UK to deal with transferring my tax paying over to Poland? Would I need to have a Polish bank account? I am guessing there isn't much choice because I'd have to keep transferring my money over from my British account to my Polish and getting currency charges (although i do have a 0% charge halifax credit card which I use abroad? Someone told me that I would need a bank account to buy a property anyway.
As for buying a property - I'd need to find a good bilingual lawyer to do the deed and buy the place right but after I've dealt with all the tax stuff?