The most important thing is that you realize that you have to do something to secure your future. Offshore Property Investment refers to a vast variety of investment strategies, which focuses on investing in a place other than where you live.
It is an intriguing fact that so many people today are turning to offshore property as their basic investment to fund their retirement, pension or to draw an income from it. Following tips need to be considered before you look to buy any kind of property in the foreign land.
1. Do your full proof planning
Don’t get carried away purchasing a property you cannot afford. Always remember to add on approximately 10-15% to the asking price to cover fees, taxes and other costs. Ensure that at the stage of looking for your property abroad, you have enough cash available for a deposit payment in order to secure it quickly.
If you are planning to rent your property, find out what rent might be achievable over the year, both in peak and off-season, to cover your net of management fees, mortgage payments, and other costs.
2. Always take assistance from independent professional
One should appoint such professional agents who have sound knowledge of the languages, particularly of the country’s official language in which you are looking to invest. These overseas property professional agent deal with all legal requirements and paperwork for you. Investors should never sign any documents that have not been checked carefully by your lawyer or professional agent, who makes necessary checks on the status of the property.
3. Taxes need paying
Investors should pay their taxes on the property purchase. Discover your tax liabilities in the country you invest in, how you should pay them and how you expect to keep up to date with payments. At the point when purchasing off-plan you will often require to pay VAT at every stage payment and stamp duty after signing the deeds.
4. Take out insurance
Every property requires insurance for its well planned use. On the off chance that you let your property, ensure it is adequately secured for any harm caused by tenants. Vacation homes left empty for long stretches of time will frequently also require a unique type of cover.
5. Make a local will of your property
Every country has its own acquisition laws and what applies in home country can often be quite different in foreign country. Preparing a will cuts out time consuming and expensive legal troubles for your heirs, which mean they pay less inheritance tax than if it is handled through the home country system.
6. Save money in currency exchange
Investors should be aware that with a leverage as large as a property, you could save much money simply by using a professional currency exchange broker to make your money transaction on the day of completion. With exchange rate variations often as high as 10%, by booking a good conversion rate in advance, you could spare yourself plenty of money.