Overseas property investment entails a different purchase process than the one in the UK or Ireland and overseas real estate regulations are unique in every country. It is advisable to take independent legal advice to ensure your investment in property abroad is carried out with due diligence. Some of the main issues are outlined below in a guide to overseas property investment.
The first concern for those investing in properties overseas is entitlement to ownership and whether foreigners encounter any restrictions when buying property abroad. Other legal issues in a guide to overseas property include encumbrances and debts that may be attached to the property you plan to buy as an investment vehicle.
By using a lawyer when you invest overseas, you also ensure that independent research is carried out in every area of the purchase. Your lawyer will also be able to advise you on aspects of local and state taxes and fees, associated with overseas property investment. In addition, a solicitor has access to up-to-date tax information.
If you are planning investment in property overseas, particularly in Europe, you should ensure that you obtain up-to-date information on taxes and legislation involving property purchase. This is especially important for countries that have recently joined the EU or are about to become members.
