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Author: Anibaldo Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 2359  
Subject: Re: Sale of House Date: 2/23/2010 2:26 AM
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I've opened online accounts from Spain; to accredit my identity I had to attend the German consulate. Some kind of form the online bank sends you which you have to sign and return. In Germany you can do that in each post office; the post folks are authorized to compare your passport with your face and sign. Elsewhere, it's the consulate staff. Costs 15 bucks or so.

BTW, I've got some money in KANAM Grundinvest and SEB Immoinvest. They usually yield between 4 and 5%. During the crisis last year, the funds were closed, as many big funds were withdrawing money at the same time, as they need it for redemptions. Seems the big funds used those Immobilienfonds to park their own cash. KANAM and SEB are open, again.

KANAM is completely tax-free in Germany for some reason I fail to understand. Seems to have to do with the location of their objects outside of Germany.


I mention this, as my experience with money in Germany is that banks will withhold 30% of your yields normally for tax purposes, even if you're not a German tax-resident. And it is a LOT of hassle to get your money back from German authorities. I've given up on that.

Regarding the tax consequences, we sold my Mom's house just a year after we inherited it. Didn't have to pay taxes. I believe usually you have to hold a real estate property for 10 years before you can sell it tax-free. But this seems not to apply to inherited houses.

Best,

Abe
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