Know the Legal Issues
while Buying Property Abroad
is a fact that no two countries will have similar legal systems. And policies
related to property acquisitions are no exception.
is common to see people buying property in other countries without knowing the
existing rules governing properties and end up losing the whole property or battling
in the court of law.
the European Union have simplified the rules and any foreigner buying property
abroad are now subjected to the same rules and regulations as the locals or any
other European Union citizens for that matter.
However, there are certain local amendments made and again that makes the system
quote one example, in Spain the responsibility of repaying the attached liability
is passed on to the buyer and the new owner has to necessarily pay the attached
In Italy if you plan buying a farmhouse or a villa with agricultural land, your
farmer neighbors has got the right to pre-empt, meaning that they can buy the
intended property even for lesser amount.
it would be much better to get someone who is competent in this line to guide
you in your endeavour of buying property abroad.
within the same country, the laws are different in different regions. For example,
in Spain the Valencian Legislature have passed legislation that give power to
local developers for demanding and recovering payments for infrastructure improvements
under certain circumstances.
Estate has become very popular for speculative buyers and also retirees.
It's a good idea to always have a Panama Lawyer review your real estate
agreement. Never sign any documents in Panama without lawyer review. Never
send any money for real estate without lawyer review of the agreements,
Croatia any purchase contract has to necessarily be approved by the Ministry of
Foreign Affairs. However, the same may change if Croatia gets into European Union
and you may have to wait till the end of 2006 to see the change.
Turkey, foreigners are prohibited from buying properties in villages, rural areas
or in the vicinity of any military land.
New Zealand limits are prescribed over the size of the land a non-citizen can
purchase, while in Australia outsiders will not be able to buy newly built properties.
the United States, the laws are still different. For instance, Britons can freely
buy a US holiday home but there are restrictions regarding the period of stay,
which normally may not exceed 90 days in one go.
In Florida there are restrictions while you try to rent out your property and
you cannot rent out more than the prescribed period.
South Africa there are no laws to restrict foreigners in acquiring properties,
but the amount involved in the transaction has necessarily to be declared with
the South African Reserve Bank.
buying property around the world are quite varying in nature, you should take
sufficient care to know the basic and fundamental legal aspects such as local
taxes, registration fees, stamp duty, death duties and tax treaties.
local terminologies involved in the real estate deals. Though unfamiliar, you
are supposed to know them for dealing better in your buying spree.
do not assume that a particular housing term in one country will have the same
meaning in another country.