Buying a Home Abroad – Making it Financially Beneficial
Real Estate | January 15, 2020
Buying a home is always a huge decision but if you are looking at buying abroad you can expect to face a much greater challenge.
It is not just a case of choosing an area where you want to live; even if you are just buying a holiday home you will still need to make sure that you choose somewhere that brings financial benefits.
Exchange rates on currency is a good place to start. You should also look for tax treaties because buying a property overseas can have important tax ramifications.
The United States has entered into tax treaties with many countries globally, but these vary so it is important to research the exact tax situation in the country in which you intend to purchase.
Some countries offer valuable visa programs to people buying real estate and this should also form part of the consideration, especially if you want to go to live in the property.
Shutterstock / Lisbon
At present, Portugal has a great visa program where you can qualify for a visa there if you buy a property within a certain price range. Residents of Portugal benefit from having free movement across all EU States.
Mexico (West Coast)
With a great climate and its location close to the Pacific and California, the west coast of Mexico has become more and more popular with Californians looking for a residence or holiday property.
Shutterstock / Honolulu
Of course, Hawaii is not abroad but even so it is certainly worth considering and many Americans are finding the state a very attractive proposition when purchasing real estate.
The area has become increasingly popular with Asians looking to move abroad.
Shutterstock / Sydney
Australia and New Zealand are always popular choices for those looking to move abroad. Not only are they two of the most beautiful and unspoiled countries you can also get a lot of property for your dollar.
Other popular places for overseas real estate include Vietnam, the Philippines, and Phuket, Thailand.