Thread: Buying a house overseas...

Has anyone purchased a property overseas and currently rents it out? I may have an opportunity to buy a place but I wouldn't be living there for several years.

So I was thinking.... how hard would it be on paperwork, taxes, etc if you had a property you were renting out?

Thanks,

Zac

If you have a lot of cash,not financing.
And you can rent around 200-300 euro per room if you have the house in Bucharest.
Or you can rent around 3000-4000 euro for a month for the whole house.

it depends where you would be buying, some countries do not allow non-citizens to buy land. I own a few properties in south america and what I do is I rent them to rental agencies, they take care of maintenance and everything else plus I always have the money in the bank and I do not have to deal with the people that live there.

^^^what he said!

Also, if you are going to be dealing with renting/managing the property...it might end up being more of a headache then its worth. Unless you are getting a really good deal, know it will appreciate, etc. You should also look into the eviction laws of that country or state. This is a big point I always check before purchasing.

Like others have said, it varies country to country.

If you would like more precise or "accurate" information, mentioning a country would be extremely beneficial.

Purchasing in Dubai or Sweden, are two extremely different ball games.

Sorry guys. I was just asking in general. But to be specific there's an opportunity to purchase a brand new 2/1 apartment in Greece. I have soon to be in-laws that live there and the future brother-in-law's father is an architect and developer. He is constructing a huge apartment complex and is giving his son a free place there. Also mentioned that if I want to buy a place there as well I can get it on the cheap and they will take care of the maintenance and placing tenants in there for me.

Basically money in the bank really...

I know that in Honduras you cannot own a piece of property unless your a citizen or a dual citizen. In order for you to purchase property you have to have a Honduran person on the deed with you and this has caused a lot of problems over the years between people even leading to people getting killed. Like the other said you need to do your research and find a good lawyer that deals with real estate in the country your looking to buy in. Make sure that you or a family member can read the contract (Most contacts to be legally binding must be in the language of the country you are buying in.) and know what your signing before you sign anything! I have one piece of property in Utila because I am a dual citizen.

I agree but it sounds like your way ahead of the game. The father would surely have a link to a reputable real estate lawyer and you should go there first. Other than that, if the price is right and you can fill it easily for a good buck... I'd say it's a no brainer!

Good luck man!

It would be nice to have a international portfolio of houses...lol.

Maybe I should see if I can get some other houses and do like a timeshare or something like that..lol

Originally Posted by Zacreth

Has anyone purchased a property overseas and currently rents it out? I may have an opportunity to buy a place but I wouldn't be living there for several years.

So I was thinking.... how hard would it be on paperwork, taxes, etc if you had a property you were renting out?

Thanks,

Zac

I have 2 rental properties in Grand Cayman returning about 13% P.A. between them for the last several years. Its one of the safest Caribbean nations, with close proximity to the US (1hr flight from MIA) and has the highest standard of living in the region, etc. No taxes or restrictions on who can buy either.