Before making your foreign property acquisition save money, save time, save tears speak to one of our
experienced consultants at JTE Consultancy.
Purchasing property abroad can range from a dream come true or your foreign nightmare. It is important to appreciate and understand the laws that govern the specific country where you choose to purchase including understanding local laws and customs which can be very different from your own country of origin.
First you should identify the reason for purchasing property abroad. Is it to be a holiday home or for investment purposes or even because you want to buy and run the local bar?
Whatever the purpose you should always consider the tax implications and inheritance consequences of your purchase and also whether you wish to buy in your individual name or in the name of a company.
You must also consider very carefully the running costs of the new property and how you intend to pay for these costs. When buying in numerous European countries there is often an annual wealth tax charged, together with substantial service charges for maintenance of swimming pools, grounds and in some cases the local roads. If these taxes and service charges are not paid, the laws in some countries eg Spain be allow for the property to repossessed and sold in order to to pay for these expenses.
At JTE our consultants work with excellent lawyers, accountants, bankers and agents around the world who can offer sound independent advice. This saves on costs and increases the accuracy of the information you receive, as they are able to expertly advise in the ways of their country of origin.
When buying property abroad it can be divided into three categories
Of these three choices, speculative investing in a foreign country is the most difficult with the
highest degree of risk and reward.
We would never advise speculative investing in foreign property unless you know the country and its economic nuances very well. However, if you feel confident enough, we may be able to assist you as we are offered discounted commercial and residential property opportunities worldwide.
One of the most rewarding ways to invest in property is to secure a holiday home. We can provide the proper advice and assistance to turn your dreams of a holiday home into a reality. Not only is it wonderful to own a vacation spot, but it can really be a smart investment. There are some excellent opportunities for holiday homes in Southern Europe and other countries around the world, and we can source opportunities for you and guide you through every step of the way.
In most countries there is always the opportunity to produce income from letting a property on either a
short term (holiday let) or long term basis. In some cases there is also the opportunity to purchase
property with a guaranteed rental income.
If you intend to let property abroad you must familiarise yourself with the local laws and regulations and employ a good and honest letting agent unless you plan to live in the same area as the rental property and manage it yourself.
At JTE Consultancy, we are skilled at sourcing rental income producing properties for our clients. Many of these properties are being sold by motivated vendors or are bank repossessions, which offer excellent value for the money.