Purchasing a Foreign Property Purchasing a Foreign Property

Purchasing a Foreign Property

Monday, November 19, 2018

When it comes to purchasing property, many people purchase for their own use, while others purchase property with the plan to have it as a long-term investment or as a second property for holidays or renting. In many cases, this also means that people choose to purchase a property outside of their normal place or country of residence. Buying a foreign property has a lot of advantages, but there are some things to keep in mind as you go through the process.

Find the Right One

Given that you won’t likely see the property, finding the right onerequires extra attention. Don’t be lured in by nice pictures online or promises on advertising sites. Instead, do your research and start with the end goal in mind: what do you need in a property, and what type of home or location is ideal for you? Everyone has different needs when it comes to a second home. Whether that is location, size, or price, put in some time to make sure you can find the most suitable property for you and ensure it is one you are happy with.

Understanding Finances

Holding onto the property often requires a deposit. This is held by an agent or vendor and is to secure the property while the sale completes. It is important for future owners to be prepared to pay this amount in advance of the full property cost. Also take into account tax considerations. In some places, there may be a tax incentive, while in others you may need to pay additional tax based on your country of residence. Work with an accountant to ensure you are able to understand this part efficiently and that it isn’t going to be a costly tax burden for you.

Consider Citizen Status

Purchasing property as a foreign citizen has implications in addition to tax. Those who are not a citizen of the country where the property is located will likely require specific permits. A country may have stipulations regarding ownership in this regard. The conditions may also be different should the individual be planning to purchase the property as a second home, versus rental property, versus holiday house that they will visit infrequently. Work with an agent to understand all of these conditions and to make sure the property will work for your needs. Giving special consideration to these formalities is important to ensure a smooth purchasing experience.

Whether you live abroad and are looking to buy in Florida, or you are a Florida resident hoping to buy property overseas, Carla at Global Life is the perfect person to talk to. Reach out today to ask questions, get the right answers, and receive the expert advice you need.

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