Porsche Finance UK

[W1NGE]

Totally. It is just not worth the hassle.

To your second point, I was thinking exactly that, but then I don't know where I will settle long term. Not the UAE though - it's a great home for my business and my bank balance, but not for me! Possibly Madrid, or somewhere in the Far East

That's what the next 12 months will be: working out where my base will be. Then I'll put in an order for a nice car again.

But then paying 0% corp and 0% income tax means I will no longer be interested in a Taycan.

I will instead be buying a 911.

UAE is a tempter (again) now that 30% luxury tax is to be wiped off alcohol prices - brunches will become even boozier if that's possible!

Worry that more stealth tax will come in time (increased VAT, business costs will rise) but if you can stand the heat and the boredom then it would be fine for 6 months of the year for sure.

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[Gnasher]

Hi, new to this site. Had my GTS on order since Jan 22. Due for production now, was orginally due back end of last year. APR rate was 6.2% at time of order, Fixed and approved in June at 6.9%. Now its gone to 10.8%. It added about £350 a month and £15k to cost of borrowing.

Welcome to the group..

I thought it was 10.9% going up to 11.9%. It is true that they don't have to honour the rate... i would see if you can borrow another way. Is it via a company or personal ?

 

[W1NGE]

10.9% is the current rate according to the website up to orders placed by 31/1/23.

 

[TaycanHero]

UAE is a tempter (again) now that 30% luxury tax is to be wiped off alcohol prices - brunches will become even boozier if that's possible!

Worry that more stealth tax will come in time (increased VAT, business costs will rise) but if you can stand the heat and the boredom then it would be fine for 6 months of the year for sure.

My approach is a bit different. Through the fortune of having grandparents who were born in a foreign land, I am currently going through a citizenship process where - even more luckily - it takes 6 months flat. Going to the relevant consulate in London next week. I should have a second passport by the summer. The only other route for a second passport would be property investment in St Kitts & Nevis ($200k) or Portugal/Spain (€500k) neither of which make financial or lifestyle sense to me. So my grandparents have just saved me a fortune!

With that, I can stay in any country indefinitely, even the EU. After 90 days, I just leave, then re-enter using passport #2. Stay 90 days, then rinse and repeat. No tax implications.

I really don't want to live in the UAE, and the residency rules are simple: 1 day every 180 days. Ergo you don't need to live there. If I spend my time between Europe and the Far East, that is on the way regardless.

I don't need to mess around with residency visas or tax documents anywhere else because I'm bouncing around on tourist visas using two passports. My tax residency remains in the UAE. Most people either can't afford or don't want to invest in golden visas; or they don't have the fortune of foreign descendants.

So that + the benefits of working in digital services make it even more of a no brainer to leave the UK permanently.

The UAE make money since you have to pay accounting and residency fees each year. Those are very low, but even if you aren't living in the UAE, the Freezone set up means the UAE is still generating revenue.

If you can, seriously consider it. The tax take in the UK is getting absolutely obscene and I actually think they will increase it more because people like me are now leaving. Tax receipts will go lower - blamed on "recession" or some other nonsense - then they will increase tax again before stagflation really starts biting. And it's the middle classes who are in the crosshairs...

 

[Fish Fingers]

My approach is a bit different. Through the fortune of having grandparents who were born in a foreign land, I am currently going through a citizenship process where - even more luckily - it takes 6 months flat. Going to the relevant consulate in London next week. I should have a second passport by the summer. The only other route for a second passport would be property investment in St Kitts & Nevis ($200k) or Portugal/Spain (€500k) neither of which make financial or lifestyle sense to me. So my grandparents have just saved me a fortune!

With that, I can stay in any country indefinitely, even the EU. After 90 days, I just leave, then re-enter using passport #2. Stay 90 days, then rinse and repeat. No tax implications.

I really don't want to live in the UAE, and the residency rules are simple: 1 day every 180 days. Ergo you don't need to live there. If I spend my time between Europe and the Far East, that is on the way regardless.

I don't need to mess around with residency visas or tax documents anywhere else because I'm bouncing around on tourist visas using two passports. My tax residency remains in the UAE. Most people either can't afford or don't want to invest in golden visas; or they don't have the fortune of foreign descendants.

So that + the benefits of working in digital services make it even more of a no brainer to leave the UK permanently.

The UAE make money since you have to pay accounting and residency fees each year. Those are very low, but even if you aren't living in the UAE, the Freezone set up means the UAE is still generating revenue.

If you can, seriously consider it. The tax take in the UK is getting absolutely obscene and I actually think they will increase it more because people like me are now leaving. Tax receipts will go lower - blamed on "recession" or some other nonsense - then they will increase tax again before stagflation really starts biting. And it's the middle classes who are in the crosshairs...

Sorry.... Way off topic.

I am interested in the Portugal Golden Visa scheme in the near future. Property qualifies from 350eur in rehabilitation areas, with a further 20% discount in low density areas.

Love the country and visit often. Cost of living is 40% cheaper than UK and my friend who lives there had his heating on 3 days last year.
It's currently on the high teens and sunny.

 

[Jr84]

Welcome to the group..

I thought it was 10.9% going up to 11.9%. It is true that they don't have to honour the rate... i would see if you can borrow another way. Is it via a company or personal ?

Its business.

 

[TaycanHero]

Sorry.... Way off topic.

I am interested in the Portugal Golden Visa scheme in the near future. Property qualifies from 350eur in rehabilitation areas, with a further 20% discount in low density areas.

Love the country and visit often. Cost of living is 40% cheaper than UK and my friend who lives there had his heating on 3 days last year.
It's currently on the high teens and sunny.

I've spent much time there and do prefer Portugal to Spain.

I thought Golden Visa via property investment is 500 euros regardless. To develop an old property to a value of 350k, you must commit 150k in renovations. You cannot take out a loan and the investment must be from a sole person.

Or you buy a new build from 500k euro.

They also changed the rules last year where you cannot buy in any major city, including Lisbon, Porto, Algarve and most of the desirable seaside cities. Basically all in-land places or smaller towns and villages. That's quite off-putting.

However, with two passports you can legally buy a property anywhere in Portugal, then just bounce around on 90-day tourist visas. And get this: if we were still in the EU with "FoM" (which is massively misunderstood), you would have tax implications. So if you can, get a second passport.

In fact, it might be worth looking at buying a property in a Caribbean island where their Golden Visa programmes start from $200 USD property investment (this gets you a second passport), then the $300k remaining, buy a nice apartment in Portugal. Or just rent in Portugal and then rotate passports every 90 days. Various options are available if you have a spare £300-500k.

 

[mutanthands]

Sorry.... Way off topic.

I am interested in the Portugal Golden Visa scheme in the near future. Property qualifies from 350eur in rehabilitation areas, with a further 20% discount in low density areas.

Love the country and visit often. Cost of living is 40% cheaper than UK and my friend who lives there had his heating on 3 days last year.
It's currently on the high teens and sunny.

Got to admit, Portugal's non-habitual residents / NHR scheme is pretty damn tempting.
0% income tax for 10 years, and then a low 20% after.

Great food, people, weather, easy to get to and from the UK to see friends & family.
Your investment money can buy a pretty spectacular property, too.

 

[W1NGE]

My approach is a bit different. Through the fortune of having grandparents who were born in a foreign land, I am currently going through a citizenship process where - even more luckily - it takes 6 months flat. Going to the relevant consulate in London next week. I should have a second passport by the summer. The only other route for a second passport would be property investment in St Kitts & Nevis ($200k) or Portugal/Spain (€500k) neither of which make financial or lifestyle sense to me. So my grandparents have just saved me a fortune!

With that, I can stay in any country indefinitely, even the EU. After 90 days, I just leave, then re-enter using passport #2. Stay 90 days, then rinse and repeat. No tax implications.

I really don't want to live in the UAE, and the residency rules are simple: 1 day every 180 days. Ergo you don't need to live there. If I spend my time between Europe and the Far East, that is on the way regardless.

I don't need to mess around with residency visas or tax documents anywhere else because I'm bouncing around on tourist visas using two passports. My tax residency remains in the UAE. Most people either can't afford or don't want to invest in golden visas; or they don't have the fortune of foreign descendants.

So that + the benefits of working in digital services make it even more of a no brainer to leave the UK permanently.

The UAE make money since you have to pay accounting and residency fees each year. Those are very low, but even if you aren't living in the UAE, the Freezone set up means the UAE is still generating revenue.

If you can, seriously consider it. The tax take in the UK is getting absolutely obscene and I actually think they will increase it more because people like me are now leaving. Tax receipts will go lower - blamed on "recession" or some other nonsense - then they will increase tax again before stagflation really starts biting. And it's the middle classes who are in the crosshairs...

In Scotland we pay even more so some folk now will be considering heading 'South'.

I lived in UAE for 2 years but decided not to relocate my businesses despite the obvious financial attractions - money isn't everything.

 

[mangobay]

That money can be used for so many better things and let's face it, we are only buying a Taycan becuae of the tax benefits. If those benefits evaporate, then what's the point?

This tickled me, and isnt correct. Some of us are stupid enough to buy the car because its great, not get any tax benefit, pay tax, and accept the £10k pa depreciation that inevitably follows

 

[TaycanHero]

This tickled me, and isnt correct. Some of us are stupid enough to buy the car because its great, not get any tax benefit, pay tax, and accept the £10k pa depreciation that inevitably follows

Hey that's half the reason for my purchase ... Which is now looking increasingly unlikely courtesy of the 12+ month wait.

 

[Andy0565]

Totally. It is just not worth the hassle.

To your second point, I was thinking exactly that, but then I don't know where I will settle long term. Not the UAE though - it's a great home for my business and my bank balance, but not for me! Possibly Madrid, or somewhere in the Far East

That's what the next 12 months will be: working out where my base will be. Then I'll put in an order for a nice car again.

But then paying 0% corp and 0% income tax means I will no longer be interested in a Taycan.

I will instead be buying a 911.

Let’s face it, the Taycan is an amazing EV. IMHO it can’t be beaten. It’s a fantastic drive, has 4 full seats and a decent boot. However, it has all of the range and charging challenges or any EV. If you want an ICE alternative from the Porsche range, then the Panamera is the obvious choice.

But, if what you’re really after is one of the best sports cars ever, the 911, I really don’t understand why you’d compromise, just to save a bit of tax.

 

[TaycanHero]

Let’s face it, the Taycan is an amazing EV. IMHO it can’t be beaten. It’s a fantastic drive, has 4 full seats and a decent boot. However, it has all of the range and charging challenges or any EV. If you want an ICE alternative from the Porsche range, then the Panamera is the obvious choice.

But, if what you’re really after is one of the best sports cars ever, the 911, I really don’t understand why you’d compromise, just to save a bit of tax.

I will see how things go if I do leave the UK. I am tempted to keep the Taycan (once it's delivered) even if it means only driving it for less than 90 days each year.

As you mention, it is an incredible and unique car.

 

[tchavei]

Got to admit, Portugal's non-habitual residents / NHR scheme is pretty damn tempting.
0% income tax for 10 years, and then a low 20% after.

Great food, people, weather, easy to get to and from the UK to see friends & family.
Your investment money can buy a pretty spectacular property, too.

You forgot the most important thing...

You'd could buy me a coffee in the Algarve which is worth the golden visa just by itself

 

[mutanthands]

You forgot the most important thing...

You'd could buy me a coffee in the Algarve which is worth the golden visa just by itself

Then pop up to the Douro valley to pick up some amazing wine and cured meats.
Living the dream!

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