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81 pages

English

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Description

Buying Property Abroad is a clear guide, aimed generally at individuals and property investors, and anyone who may wish to relocate to a particular country, to the processes involved in investing in property in overseas countries. This book will prove invaluable to all who are considering travelling abroad and investing in the property markets in Europe and beyond.

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Gestion et management

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Publié par	Straightforward Publishing
Date de parution	25 septembre 2019
Nombre de lectures	0
EAN13	9781913342180
Langue	English

Informations légales : prix de location à la page 0,0300€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

Extrait

A STRAIGHTFORWARD GUIDE TO BUYING PROPERTY ABROAD
Steven Packer
Editor: Roger Sproston
www.straightforwardco.co.uk
Straightforward Guides
Straightforward Co Ltd 2019
All rights reserved. No part of this publication may be reproduced in a retrieval system or transmitted by any means, electronic or mechanical, photocopying or otherwise, without the prior permission of the copyright holders.
ISBN: 978-1-84716-946-4
EPUB ISBN: 978-1-913342-18-0
KINDLE ISBN: 978-1-913342-11-1
Printed by 4edge www.4edge.co.uk
Cover design by BW Studio-Derby
Whilst every effort has been made to ensure that the information contained within this book is correct at the time of going to press, the author and publisher can take no responsibility for the errors or omissions contained within.
Contents
Introduction
Buying off-plan
Pitfalls to watch out for
The Reasons to buy in a particular country
Chapter 1. Financing a Purchase Abroad
Different ways of purchasing property abroad
Disadvantages of overseas mortgages
Using currency brokers
Taxes
Inheritance tax
Different types of market abroad
Fractional ownership
Chapter 2. Buying in France
New build projects in France
Stamp duty generally
Other VAT considerations
Payments and Rebates
Selling your property
Selling a property Plus Values or Capital Gains Tax
Buy to let
Inheritance tax
French healthcare
Useful addresses and websites
Chapter 3. Buying in Spain
The Spanish property market
Should you rent or buy in Spain?
The BREXIT effect
The process of buying in Spain
Fees and charges
Capital gains tax
Choosing a reliable lawyer
Finding a translator
Debts transfer with property
Buying off-plan
What are you looking for from a home in Spain?
Health and social security in Spain
The Canary Islands
Useful information
Chapter 4. Buying in Portugal
Financing a purchase in Portugal
Investing in property in Portugal
Madeira
Useful Information
Chapter 5. Buying in Italy
The process of buying in Italy
Step by Step Guide
Offer to Purchase
Preliminary Contract
Final Deed of Sale
Post completion formalities
Taxes and costs
Renting a property out in Italy
Settling in Italy
Useful Information
Chapter 6. Buying in Greece
The process of buying in Greece
Greek Mortgages
Benefits of a Greek property mortgage
Drawbacks of a Greek Property Mortgage
General
Useful Information
Chapter 7.Buying in Cyprus
Buying and selling property in Cyprus
Cypriots E.U citizens living in Cyprus
E.U citizens not permanently living in Cyprus Non E.U citizens
Making an offer
Acquisition of real estate property in Cyprus
Specific performance-safeguards for the buyer
Fees, charges and property taxes
Transfer fees
Stamp duty
Immoveable (Towns) property tax
Capital Gains tax
Communal expenses
Renting out a property in Cyprus
Investment generally
Useful Information
Chapter 8. Buying in Malta and Gibraltar
Malta
Where to buy
The process of buying a property in Malta
Tax on sale/Capital gains tax
General
Gibraltar
Useful Information
Chapter 9. The United States of America and Canada
Florida property
The process of buying a property in the USA
Financing
Investment and Immigration into the USA
Canada
Reasons for choosing Canada.
Look for the popular locations
Buying a property
Costs of transactions
Financing a purchase
The taxation system
Useful Information - United States and Canada
Chapter 11. The Caribbean
Barbados
The Cayman Islands
Useful Information
Chapter 12. The Growth of Eastern Europe
Bulgaria
Estate agents
Costs of buying in Bulgaria
Romania
Rental yields
The Baltic States
Popular buying locations
Legal issues
The buying process
Finance
Fees and taxes
Visas, residency and work permits
New-build versus resale
Investment potential
Health and education
Transport
The Czech Republic
Slovenia
Poland
Slovakia
Hungary
Croatia
Property hotspots in Croatia
The process of buying a property in Croatia
Buying costs
Buyer beware
Useful Information
Chapter 13. Other Second Home /Investment Opportunities
Turkey
Buying process
Buying costs
Buyer beware:
Morocco
Buying process
Buying costs
Buyer beware
Brazil
Buying process
Buying costs
Buyer beware
South Africa
The process of buying a property in South Africa
Buying costs
Fees and Taxes
The purchaser
Transfer Duty
Legal Or Conveyancing Fees
Bank Mortgage Costs
Buyer beware
Australia
Process of buying a property in Australia
First home owner grant
Buying costs
Buyer beware
New Zealand
The process of buying a property in New Zealand
Buying costs
Buyer beware
Dubai
The purchasing process
Fees and taxes
Thailand
Hotspots
Buying process
Buying costs
Buyer Beware:
Useful Information
Buying a property abroad. Summary
Index
Introduction
In the last 30 years or so, the world has shrunk considerably. Whereas not so long ago, most people, British and others, were buying property in Southern Europe, particularly France, Spain, Portugal and Italy, (with the exception of a few adventurous souls) nowadays virtually the whole of Europe is open thanks mainly to the proliferation of countries entering the European union. However, the situation in the next few years will change and the process of purchasing a property will alter as a result of the UK exiting the EU.
BREXIT is a wide reaching event that will affect not only the whole of the UK but potentially the wider world for years to come. one of the changes over the last three years, and particularly now in 2019, is the fluctuation and recent weakness of the pound against other currencies. This has made the process of purchase of overseas property inevitably more expensive. Another way that those looking to buy in Europe are likely to suffer from BREXIT is with regards to house deposits. EU citizens are charged smaller deposits than non-EU citizens. For example in France, minimum deposits for EU citizens are 20% of the full price whereas for non-EU citizens they can go up to as much as 50%.
Current owners of property could potentially lose out on some perks when the UK finally leaves the European Economic Area (EEA). An example of the perks include loss of tax breaks such as capital gains and gains on renting and selling which will increase for non-EU members.
Having said all that, there is an industry consensus that, in the short term, at least during the two year transition period, little will change for British buyers within the EU. In addition, people from all over the world buy properties within the EU so, whilst it may become a little more complex for Brits it will still be very possible. In addition, there will be no change in buyers costs.
So, having said all that, it is possible to buy a property, for leisure or for investment throughout the whole of Europe and also, thanks to ever cheaper air travel, in many countries throughout the world. Many people invest in countries where the climate is better than the UK, although just as many seem now to be investing in Eastern Europe, in search of culture rather than weather.
Other factors influencing would-be investors or those in search of a second home are stable interest rates and the low costs of borrowing money. Many hitherto inaccessible countries are now literally bending over backwards to make themselves attractive to foreign investors. An influx of foreign capital, along with foreign expertise is exactly what is needed now the old shackles have been removed and membership of the EU created the conditions for future prosperity. The average investment in property in the various EU countries is around 150,000, with lots of variations above and below that price. Whereas it was once mainly the elderly who desired that retirement home abroad, the mix of people buying abroad, for whatever reason, spans all age groups. Indeed, since property prices started to escalate to the absurd situation we have today (writing in 2019), especially in the south of England, and the cost of living has generally spiralled, many people have chosen to leave the UK in search of a better life.
This book aims to provide a general introduction to buying and selling property abroad. Many countries are covered. Obviously, for such a wide-ranging book, it is not possible to go into great depth about the legal and social systems in each country. The main aim is to introduce the systems peculiar to each country to hep give a flavour of property investment and what to look out for.
Many a dream has been shattered by the realties of different countries regimes covering property purchase. For sure there are estate agents now in most countries who will help guide a person through the maze. However, it has to be realised that those agents are also acting in their own interests. It is for this reason that a book such as this is highly pertinent in that it should provide pointers and highlight the possible pitfalls that lurk under the plethora of attractive advertisements that induce people to invest.
There are a number of more in-depth companion volumes to this book which explore in greater detail the processes of buying a home in a particular country. However, this book should provide a firm foundation for you to make up your mind and sort through the many options that you have.
Below are a few tips to ponder when thinking of buying a property abroad.
Buying off-plan
In the UK, a growth industry, corresponding to the opening-up of the property market, has been that of property exhibitions. Everywhere you go or look there are now property exhibitions selling the delights of property investment in just about every country that you can think of. Many of these exhibitions will be selling properties off- plan, i.e., before they are built. Clearly this is good for developers in that th