Understanding the Difficulties of Buying Foreign💟 Real Estate

Buying property is a complex process involving numerous steps and requiring specialized knowledge. Take that process, translate it into a foreign language, and add unfamiliar customs and laws, and the proc𝐆ess of buying property abroad can seem like a minefield.

The ownership rules, borrowing and payment restrictions, and local customs make it very difficult for foreigners to buy real estate in some💎 countries.

At the very least, you'll need the professional services of a real estate agent with experience helping foreigners purchase property in their coun𝄹try. In a few cases, you might want to look at nearby countries with similar amenities but fewer barriers placed in the way of foreigners seeking to buy properties.

Vietnam

Vietnam is a communist country, so all land is owned collectively. Technically, neither locals nor foreౠigners may own land.

Still, foreigners can buy a residence and lease the land from the government. Resident foreigners can purchase homes but cannot sublease them.

One Vietname♔se real estate company, however, helps foreigners꧋ acquire 50-year renewable leases with significant rights, including sublease rights.

Real estate transactions are priced in Vietnamese Dong but carried out in gold, so fluctuations in gold prices and currency values make it difficult to anticipate the actual transaction cost.

Mexico

All land in Mexico falls into one of four categories. The federal zone belongs exclusively to the 🌠government and ꧋includes the first 60 feet of all coastal land, as measured from the average high tide line. No one can buy or sell property here.

From the federal zone up to 31 miles inland of any coastline and 62 miles of its natural borders is the "restricted" zone. Foreigners can buy property here, but it must be held through a bank trust called a "fideicomiso."

A third category of "ejido" lands consists of communally owned agricultural land. This can be converted to private ownership, but foreigners may want to avoid this complex process.

All other land falls in the "unrestricted" zone, where the ownership process is the least complicated for foreign buyers.

Greece

Buying property in Greece can be tricky for those who are not citizens of a European Union member nation. In addition to hiring a real estate agent who speaks both Greek and your language, you will need to hire a lawyer to complete many steps in the process. The lawyer helps foreigners to obtain a Greek tax number, called an AFM, and a Greek bank account, both of which are required to purchase real estate.

The Greek government requires proof of the source of funds for the bank account on what is known as a pink slip. Without this proof, ꦉthe Greek government considers funds wired into the country to be taxable income.

There are also some militarily or archaeologically sen🌠sitive areas where foreigners cannot buy property or can buy only with special permission.

There are also areas outside of town planning zones where it is not possible to get electricity, water, or phone service. It is difficult to get a mortgage from a Greek bank and real estate transaction fees are high.

Thailand

Foreigners cannot own land in Thailand. The workaround for a foreigner is to form a corporation that is 51% owned by Thai nationals to buy land.

Otherwise, foreigners are generally restricted to leasing land, with very weak property rights, or buying a condo or apartment, so long as foreign ownership does not exceed 40% of the building's units.

Many types of title deeds in Thailand do not convey clear ownership.

There are restrictions on foreigners getting 澳洲幸运5官方开奖结果体彩网:mortgages from Thai banks, and a specific process must be followed when moving money into the country to purchase real estate.

The Bottom Line

Some nations make it harde♔r than othꦚers for foreigners to buy real estate. All have their own laws and regulations regarding real estate transactions.

In any case, an experienced loca♉l real estate agent is critical to ensuring that your purchase goes through properly🅺 and with a minimum of fuss.