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Can I Buy Real Estate Abroad?
If you have been dreaming about owning an exotic beach house, you may be surprised to find that it is easier than you may have thought. It can also be quite challenging to purchase real estate internationally. It all depends on where you plan to buy.
Easy Places to Buy International Real Estate
Some countries make the process of buying real estate internationally easy and attainable. With affordable housing prices and low cost of living, many people are considering moving abroad, especially in their retirement. Here are some of the best places to look if you want to buy a home in another country.
- Costa Rica
Expensive Places to Buy International Real Estate
Some international real estate is enticing but still quite expensive. It can vary by city and even neighborhood. If budget is less of a consideration, look at some of these areas.
- The United Kingdom
Places with Restrictions or Requirements
Some countries place restrictions on who can buy and own real estate. These are often based on residency, both on paper and physically. Here are some of the more difficult places to purchase real estate.
It isn’t impossible to buy a home in these areas, but you may need to go through additional approval processes. For example, all land in Vietnam is owned by the country. So even locals can’t actually purchase land. Instead, you lease the land to build or maintain your own home. This is an option for both residents and foreigners, but there are restrictions on subleasing it.
It can also be helpful to work with a local lawyer and tax preparer who knows the laws for transfer for property and money internationally. For example, Greece follows a strict process when providing proof of funds for real estate purchases. If you do not follow their procedure, you can incur costly taxes when you transfer money to a Greek bank to complete your real estate purchase.