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Thread: Watches etc and relocation to EU

  1. #1
    Grand Master MartynJC (UK)'s Avatar
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    Watches etc and relocation to EU

    Anyone considering relocating permanently to the EU should be mindful there is a hefty 40% tax on import for personal possessions unless you have them itemised and signed off by the respective consulate. The items have to be have been in your personal possession for at least six months.

    For a serial watch flipper like me it means no watch purchases for me until I relocate. I was just about to close a deal on an AP but now can’t proceed.

    Ouch.

    Martyn.
    “ Ford... you're turning into a penguin. Stop it.” HHGTTG

  2. #2
    Master
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    Can you give the reference to the law for this 40%?
    I have always had / been told that personal possessions are outside any import tax/VAT etc when relocating (and I have moved countries multiple time in the last 20 years).

    Ps - what’s the AP as I may be willing to help you out there ;)
    Last edited by JP28; 11th June 2021 at 15:00.

  3. #3
    Master
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    I'd like this confirmed too. EU or just country specific? What counts as personal posessions?



    This article confirms that there is some potential cost, but mainly around VAT and it does indeed infer that it's country-specific - 40% seems excessive?

    https://www.rsmuk.com/blog/moving-pe...t-brexit-world

    Edit: Just found this information: https://www.britannialanes.co.uk/brexit-update It seems you can get a Transfer of Residence (ToR) exemption from EU to UK, but no confirmation that it's avialable the other way?

    Edit: Found this. It does seem that full relief is available to Spain for personal posessions (and includes yachts!) as long as you've had them 6 months - and it's an EEC derived regulation so I would defintiely check up on this for Portugal:

    https://www.taxmarine.com/documents-...riculation-tax
    Last edited by Scepticalist; 11th June 2021 at 15:11. Reason: more info added

  4. #4
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    Watches etc and relocation to EU

    Having relocated a few times, there is usually a one-off exemption to import personal possessions (I’ve certainly never been taxed for the move itself!!) - otherwise doing so would be completely impossible.

    Also no customs authority is going to sort through your items one-by-one and ask you “how long have you had these socks? How long have you had this TV? How long have you had this mug? How l…”

    You can see how that wouldn’t be workable.

    Sent from my iPhone using Tapatalk

  5. #5
    Grand Master
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    If its a new AP I dont think the warranty cards are dated anymore so how would they know?
    Yes officer I bought this at Christmas 2020

  6. #6
    Grand Master MartynJC (UK)'s Avatar
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    Quote Originally Posted by Scepticalist View Post
    I'd like this confirmed too. EU or just country specific? What counts as personal posessions?



    This article confirms that there is some potential cost, but mainly around VAT and it does indeed infer that it's country-specific - 40% seems excessive?

    https://www.rsmuk.com/blog/moving-pe...t-brexit-world

    Edit: Just found this information: https://www.britannialanes.co.uk/brexit-update It seems you can get a Transfer of Residence (ToR) exemption from EU to UK, but no confirmation that it's avialable the other way?

    Edit: Found this. It does seem that full relief is available to Spain for personal posessions (and includes yachts!) as long as you've had them 6 months - and it's an EEC derived regulation so I would defintiely check up on this for Portugal:

    https://www.taxmarine.com/documents-...riculation-tax

    there are various sites and confirmed by our lawyer.

    http://aerointel.com/CustomsDocuments/portugal.pdf
    “ Ford... you're turning into a penguin. Stop it.” HHGTTG

  7. #7
    Master Mark020's Avatar
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    I'd be more worried about your telly:
    Television sets must be registered at local Port Office for License control and details such as type, make, serial number, etc. must be indicated on inventory

    Curious to see whether anyone moving to Portugal will actually have tried to do that

  8. #8
    Master mycroft's Avatar
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    Good grief Martyn, what a minefield

    The sentence in that document that I find both horrifying and bizarre is this one:

    All new items less than 6 months old or items that appear new are subject to duty.

    So if your watches have been well liked after and appear new, they reserve the right to tax you! Good God.

    Are you absolutely sure about this move?

    Simon

  9. #9
    Master jukeboxs's Avatar
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    Time to give all watches some WABI, especially the gold YM. Oh, and you'll have to ditch your porn / gun collection and drug stash.

  10. #10
    Grand Master MartynJC (UK)'s Avatar
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    Quote Originally Posted by mycroft View Post
    Good grief Martyn, what a minefield

    The sentence in that document that I find both horrifying and bizarre is this one:

    All new items less than 6 months old or items that appear new are subject to duty.

    So if your watches have been well liked after and appear new, they reserve the right to tax you! Good God.

    Are you absolutely sure about this move?

    Simon
    I’m seriously wondering if I should put my small collection into a vault in the UK then bring them back piecemeal over a few visits. I have papers that prove the date of purchase for all of the expensive ones. It is a bit of a headache that we don’t need.

    the TV is staying / being sold second hand - it would probably cost more to ship than move a 5 year old TV - also the seller is leaving theirs (contents is included).
    “ Ford... you're turning into a penguin. Stop it.” HHGTTG

  11. #11
    Master mycroft's Avatar
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    I think that’s what I’d be inclined to do.

    Simon

  12. #12
    Craftsman
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    I think that is a prudent approach. I think likely some countries are hotter on this than others.. no issues when I went to Budapest or Bangalore but your collection is far more opulent than mine :-)


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  13. #13
    Grand Master Mr Curta's Avatar
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    Quote Originally Posted by MartynJC (UK) View Post
    I’m seriously wondering if I should put my small collection into a vault in the UK then bring them back piecemeal over a few visits. I have papers that prove the date of purchase for all of the expensive ones. It is a bit of a headache that we don’t need.
    That's how I moved my collection from Colombia to the UK, but I always had a copy of my ToR1 form with me just in case.
    Don't just do something, sit there. - TNH

  14. #14
    Journeyman
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    Ive heard they also work on a different time zone too! Think of all the time taken to alter all your watches.

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