All Topics / Help Needed! / Purchasing overseas IP through SMSF

Viewing 11 posts - 1 through 11 (of 11 total)
  • Profile photo of Charlie manlyCharlie manly
    Participant
    @charlie-manly
    Join Date: 2012
    Post Count: 6

    Hi All

    Is it possible to purchase a property half cash and half through a SMSF? I don't currently have one but considering setting one up if it's possible as I want to buy a property in Northern Ireland, Uk

    Thanks!!!

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Yes, possibly.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of gmh454gmh454
    Member
    @gmh454
    Join Date: 2003
    Post Count: 537

    as Terry said it is possible but it depends, and those issues would take a small book, if you want more advice give more facts

    Profile photo of Charlie manlyCharlie manly
    Participant
    @charlie-manly
    Join Date: 2012
    Post Count: 6

    Am I right in thinking you can setup SMSFs Terry? 

    Profile photo of Charlie manlyCharlie manly
    Participant
    @charlie-manly
    Join Date: 2012
    Post Count: 6

    Hi gmh454, I'm a uk citizen wanted to buy a property in northern Ireland but dont think its possible to get finance for buy to let non resident so I thought a SMSF which would own half the property (only have around 75k) and using half cash so I'd own the other half. Concerned this may be very complicated to setup.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    Charlie manly wrote:
    Am I right in thinking you can setup SMSFs Terry? 

    Yes, as a lawyer I can set up SMSF and provide legal advice, and I am in the process of registering as a fin planner so I will be able to give financial advice and provide a Statement of Advice (SOA) as well (soon). I can also provide taxation advice and estate planning advice. And I can also provide Finance advice as a mortgage broker as well.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    No Charlie you wont finance a property in Northern Ireland from a UK lending institutions in a SMSF or otherwise.

    As discussed previously there is only 1 lender in the UK who will finance property to non residents and they are purely location based. :London and the SE only.

    There are a couple of ways to finance an overseas deal inside a SMSF but will depend on a couple of factors.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of Charlie manlyCharlie manly
    Participant
    @charlie-manly
    Join Date: 2012
    Post Count: 6

    Hi Richard, sorry I know you've told me finance isn't available for NI before. I'm just looking for a way around this without using all my cash to purchase.

     Thanks 

    Profile photo of nicolas_bnicolas_b
    Member
    @nicolas_b
    Join Date: 2009
    Post Count: 21

    Hello,

    I am currently living overseas and looking to buy a property with saved funds.

    I am not planning on returning to Australia for a couple of years.

    Is it possible to use funds from a SMSF to renovate the property I have purchased outright ? (Funds not associated with my SMSF)

    For example completely update an apartment. (Kitchen. Bathrooms, flooring etc….)

    Thank You

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Nicolas,

    I don't think that is possible.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Sorry don't quite understand your post.

    Are you asking can I renovate a property using cash funds in your SMSF that is owned outright by your SMSF. If so the answer is YES

    The bigger issue is how are you managing your SMSF when you are not a resident.

    Unless you have a member of the Fund who is a resident your are breaching the SISA legislation and the Fund is likely to be non complying.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

Viewing 11 posts - 1 through 11 (of 11 total)

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