I am a US citizen and I was looking to move to Scotland for 12 months in the next year. How would that impact me. I haven’t started yet but I thought It would be a great goal to set. I can only move if I have my core 4 set. However, I was worried about taxes visas etc. Does anyone have any experience with this? If so I’d love to hear how it went for you or if you have any advice!
Hey @Daniel Farias ~ I'm on active duty, currently stationed in the UK, and investing in the U.S. Because I'm in the military, I probably haven't dealt with all of your concerns directly (e.g. visas), but send me a message and I can probably connect you with a couple of non-military U.S. citizens that live over here and invest in the U.S.
You can build your team while you're outside the country for sure, so don't let that belief keep you from pursuing this goal. What if you have your core four and then you realize your property management company isn't as great as you thought? You'll have to find another PM from Scotland, but that can be done via phone calls, emails, etc. No need to be there in person! I can't speak to the tax implications of your situation, but you can definitely build a team and make adjustments from overseas.
Best of luck and keep us updated on your progress.
@Marcus Long Messaged you!
@Douglas Spence Thank you for the advice and support! I’d love to keep you updated as things progress.
@Daniel Farias I lived in Scotland for five years and have also purchased US rental properties whilst out of the country!
As a US citizen, you won’t have any serious problems. You will pay income tax for the rentals in the US and that’s all.
As a non-resident, non-US citizen it is harder to get started, but still very much possible - I know plenty about this!
In terms of the practicalities of managing rentals remotely, I found it was all about having the right local team in place. And honestly, if you want to really build and scale a rental portfolio, you will have to do this at some point anyhow regardless of where you live - so why not start now? :)
Where in Scotland are you likely to end up ?
@Alexander Hogarth Thanks for the advice!
It will be Edinburg, i’m part Scottish and have visited before and I love the culture and country. My girlfriend was also thinking Grad school there so it would work out well.
Where did you stay during your 5 years?
@Daniel Farias I was living closer to Glasgow (the fun city) - but Edinburgh is very beautiful, and good for education. Hope it´s an interesting year!
@Alexander Hogarth That’s awesome. I didn’t know Glasgow was the fun city i’ll have to plan a few visits.
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