Nov 2009

Buying Properties Abroad

Buying properties abroad is not a very simple thing to accomplish, mainly if you have never lived in the country where you are considering buying a home. The best thing to do is to spend at least one year in that country before deciding it is time to buy a home there.

After deciding you want to move to another country, you should go to the appropriate consulate or embassy of your own country and get some advice about the things that you have to do when buying properties abroad, including the necessary taxation or work permits.

You need to check out all the planning permissions from that specific country you want to move to. You might need some additional permission in order to renovate the property you are buying; should you also later be interested in Selling Your Property Abroad, there can be some restrictions about some things you can do whilst living there.

The best thing you could do when considering buying properties abroad is to get an attorney in the country you wish to be a new home, but continue to do your own research because knowledge is, essentially, power.

Another tip would be to actually live for a period in the area you are considering purchasing a house in order to see if you like the neighborhood and have a clear perspective on life there. You need to make sure that the price will be the same for the residents of that country as well as for foreigners because some real estate agents can discriminate.

Before starting to look for buying properties abroad you should set up a bank account in that country in order to later avoid all the rush and hassle. At the time you make the budget for buying properties abroad, make sure you put something aside for the unpredictable things such as leaking roofs or burst boiler. These things tend to happen when you buy a property, and thus you should be aware of the future costs.

You need to know that buying properties abroad is not a guarantee for getting domicile or residency in that country. Domicile and residency depend on some other things, such as the length of time you spend in that country and the location from which you are earning your living. You need to also take these things in to account at the time of acquiring a house in another country.

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