Before planning to buy or invest in a Russia Property have a look in few tips:
1. Consider the size of your family, the age of all family members, current income tax and wealth tax position. Also, think about the impact of the future investment so far as wealth tax and income-tax is concerned on different family members.
2. You may purchase Russia Property in the names of two or more family members. If you think about of a joint purchase of a property, make sure that the investment by the co-owners is in proportion with their ownership in the property to avoid future problems.
3. If you want to invest in a residential Russia Property, then it is a good idea to take up a home loan for investment.
4. Consider that one residential property is completely exempted from wealth tax without any limit. So, if you are thinking to buy residential properties for your family, it is better to do so in the names of those family members who do not have any kind of property. If a person has more than one residential property and this property is let out for more than 300 days in a year, such a kind of property is totally exempt from wealth tax.
5. If you are thinking to make investment in the realty sector entirely from the perspective of security and safety of your children, especially daughter, in the years to come, it is recommended to invest in the sector in the name of a person who is a100 % specific beneficiary trust of your daughter rather than in the name of your daughter.
6. Keep in mind that a standard deduction is allowed in respect of repairs, etc., which is equal to 30% of the property’s annual value for rental income received from any type of commercial, residential, or industrial property. This deduction is allowed to all categories of tax payers whether or not they spend money on repairs. This tax deduction is very important because it reduces the income-tax payment burden to the extent of 30% on your rental income.
7. If you are planning to buy a Russia Property as a gift then you should consider that there is no gift tax. Therefore, you can gift any of your properties to your relatives without any upper limit. However, you should consider that all immovable properties should have compulsory registration to make the gift complete.
