Who wouldn’t like to proudly proclaim to own an overseas property or two? The problem is that although this can be a very lucrative endeavor, there are also many pitfalls and these are often experienced by the investor who lets his emotions overcome his own reasoning. Below are a few important points to consider before you start investing internationally.
Don’t go it alone – hire an attorney; not just any attorney, but one in the country in which you are planning to invest and who is experienced in dealing with foreign investors. Be sure that your attorney will only be representing you and not the seller so that his allegiance is not divided. And, obviously choose one can communicate with you easily.
Although your attorney will be handling most of the legal proceedings, you will also need to stay on top of the entire process yourself as well. Be especially diligent when reviewing the deed as they may not be as familiar to you in your own country. Make sure everything is correct at closing. Tap on the expertise of your appointed attorney.
Perform all due diligence as you would in your own country – research the title, the land use codes, future town plans, possible restrictions and so forth. Always understand your rights as a non-resident property owner. Discuss tax issues with a qualified accountant. Additionally, learn how to protect yourself and your investments with an entity. As with all investments, assess your risks and rewards before proceeding into any dwellings. Talk to people who has already done it and is experienced enough to give you proper advice.