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 offer a straightforward process for purchasing real estate internationally, making it accessible and attainable for individuals seeking affordable housing and a lower cost of living, particularly for retirement. Here are some promising options:
– Colombia
– Brazil
– Panama
– Costa Rica
Expensive Places to Buy International Real Estate:
While some international real estate markets are appealing, they can also be quite pricey, varying significantly by city and neighborhood. For those with a more flexible budget, exploring these areas might be worthwhile:
– Portugal
– The United Kingdom
– Germany
Places with Restrictions or Requirements:
Certain countries impose restrictions on real estate ownership, often based on residency status, both on paper and physically. These locations may require additional approval processes. Here are some examples:
– Vietnam
– Mexico
– Greece
– Thailand
In Vietnam, for instance, all land is owned by the country, and even locals cannot purchase land outright. Instead, land is leased for building or maintaining homes, with restrictions on subleasing. It’s advisable to engage with local legal and tax professionals who understand international property and monetary transfer laws. For instance, Greece mandates a strict process for proving funds for real estate purchases, and failure to comply can lead to substantial taxes when transferring money to a Greek bank for property transactions.
