Thinking of buying property in a foreign country? It’s a pretty good investment and one which will yield many benefits. Read on to pick up some useful tips on buying property abroad.
Let’s Look at The International Property Market 2018
While top real estate markets like Australia are being hit by low inventory trumped up prices on rentals and property for sale, other parts of the globe are becoming more viable towards foreigners seeking to dabble in investment property.
Asia has loads of potential, with countries like Sri Lanka looking at relaxing property laws
in a bid to entice foreign buyers to invest in condominiums and holiday homes. And really those villas for sale in Sri Lanka are just too good to pass up. So, yes, if you are looking at investing in a holiday rental type property, Asia and especially, hot spots like Sri Lanka come highly recommended.
Are Non Residents Allowed to Buy Property Abroad?
Well, it depends on the laws governing a particular country. Nationals of the European Union, including citizens from Britain, for now, are allowed to buy homes from any member state and live in them throughout the year.
But, what if you are looking at more tropical locations, like Sri Lanka;
- Foreign nationals are allowed to buy condominiums/apartments while lands can be leased for 99 years. The apartments can be bought via an upfront 100% payment
- Private companies having foreign holdings and upon investing a sum of LKR 250 million and employing at least 150 people are able to lease land on long term basis.
Foreigners Can Acquire Property in Sri Lanka Under the Following
- Through inheritance
- As a gift from parents
- Being part of a company having a 50% local shareholding
- Be part of a public listings company
- Buy and apartment/condominium
- By obtaining dual citizenship
Steps to Buying Property Abroad
- Decide on a budget
- Find a good local real estate agent
- Make and offer on the property
- Sign the contract
- Research the best path to funnel in the money
Remember to research all avenues and laws pertaining to the purchase of property
in your chosen country, hook up with a professional lawyer and act smart, leave no loop holes.
Good luck folks!