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Why Nigerians should embrace UK’s property tax incentives

By Victor Gbonegun
06 June 2022   |   2:43 am
A United Kingdom-based property investment firm, Messrs Baron & Cabot has urged Nigerians to take advantage of incentives provided by the United Kingdom government for foreigners

A United Kingdom-based property investment firm, Messrs Baron & Cabot has urged Nigerians to take advantage of incentives provided by the United Kingdom government for foreigners in the real estate sector.

The Founder, Mr. Mark Pearson, said this while speaking to journalists in Lagos.

He explained that owning a property in the UK would also keep investment safe from naira fluctuation against the Pound Sterling and other currencies.

According to him, the UK is greatly considered to be one of the lowest risk investments, with consistent long-term returns.

He said: “We have got clients who built property portfolios in Nigeria, made money in naira, but when they converted about $1 what they’ve made they would have made more money just by putting their money into properties in the UK.

“The advantages are huge for Nigerians. as you will get tax breaks. So, because of the relationship between the UK and Nigeria, all Nigerians get the same tax incentives that the British do, which means that the first one to 12 and a half 1000 pounds, you make, you don’t pay tax, which means the first one or two properties you rent after your costs, you don’t pay any tax,” he said.

The property firm recently launched its new base in Kenya and Nigeria to help Africans invest in property in the UK in a simple and effective way.

Pearson said the firm has built a market-leading research strategy for investors to choose what would be suitable for them.

“The investor is also granted a step-by-step guide on sourcing the right property to purchase. This gives the investor power and confidence to ask the right questions for profitable property investments. We also facilitate affordable mortgages for property ownership and provide legal frameworks to potential clients,” he said.

For Head of Sales, Baron & Cabot Research, James Walsh, the company will impact property investment and sourcing in the UK because of its understanding of the market.

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