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The process of buying a property is different in every country. It is essential that you become completely versed the house buying process of your chosen country before you make any offers or sign any contracts.
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| Checklist |
This is not an exhaustive list, just something to help you start on your way:
- Are you dealing with the rightful owner of the property? Ask for proof before handing over any money.
- Does the property have clear title?
- Are there any restrictions on renting out the property in your absence?
- Are there death duties?
- Is the off-plan development bank guaranteed/bonded/insured if the project goes bankrupt?
- What is the position of Capital Gains Tax?
- What about wills (in the UK and host country)?
- In the case of retirement, is entitlement to a pension in the UK transferable to the new country?
- Is there a double taxation treaty?
- Have you contacted the appropriate embassy for residency/immigration rules?
- Under what circumstance, if any, will your deposit be refunded?
- Is there a cooling off period?
- Have you taken professional financial and tax advice?
- Is your legal representative fluent in both the local language and English?
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| Cautionary notes |
Each country has its own "quirks" in the way it handles foreign purchase of its properties:
- In Spain, any outstanding debts attached to the property become the responsibility of the new owner.
- In Italy, if you own agricultural land, your farming neighbours could exercise their right of pre-emption - that is buy back your agricultural land for less than its purchase price.
- In Croatia, the Ministry of Foreign Affairs has to approve all property purchases by foreigners.
- In Turkey, foreigners are not allowed to buy property in villages, rural areas or in the vicinity of military land.
- In Australia, foreigners are restricted to buying new build properties.
- In the US, Brits are not restricted on purchasing property, but they are restricted on how long they can remain in the country each year.
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