| Thinking about acquiring a second home
| |
| | restricted, but a purchase may be
|
| abroad? Worried about the stories you've
| |
| | permitted if you obtain approval from the
|
| heard? The ones where, having written the
| |
| | Tourism Institute and start construction
|
| last check to the real estate agent,
| |
| | within 36 months.
|
| local officials knock on your new door to
| |
| | Italy
|
| inform you that you don't actually own
| |
| | As in France, there are no restrictions
|
| your bijou residence on the beach...you
| |
| | on who can buy property in Italy.
|
| were misinformed and you need to move out
| |
| | Mexico
|
| right now. Don't panic-help is at hand.
| |
| | Technically, as a foreigner, you are not
|
| Buying a second home in a foreign country
| |
| | allowed to buy real estate within 62
|
| can be difficult, but here at
| |
| | miles of an international border or 31
|
| International Living we've done the
| |
| | miles of the coast, but these
|
| groundwork for you already, and have
| |
| | restrictions can be sidestepped legally,
|
| sifted out the pitfalls and pluses of a
| |
| | either by buying via a Mexican land trust
|
| variety of places where you might like to
| |
| | (fideicomiso) or via a Mexican
|
| have a holiday or retirement home.
| |
| | corporation. Another issue to be aware of
|
| Read on for our country-by-country guide
| |
| | is that ejido land (land granted by the
|
| to property ownership restrictions, and
| |
| | government to Mexico's indigenous people)
|
| find out what holds for whom, and
| |
| | cannot be owned by foreigners, and
|
| where... And, before you seriously
| |
| | therefore any transaction involving this
|
| consider buying property anywhere
| |
| | is fraught with risk and best avoided.
|
| overseas, be sure to seek advice from a
| |
| | New Zealand
|
| reputable in-country attorney, who can
| |
| | There are a few restrictions for
|
| advise you on your purchasing or leasing
| |
| | foreigners wishing to buy property in New
|
| options.
| |
| | Zealand, but they are not too limiting.
|
| Argentina
| |
| | These restrictions cover non-New
|
| This market is open to all; there are no
| |
| | Zealanders wanting to acquire more than
|
| restrictions on foreign ownership of
| |
| | 12 acres, land of more than 1 acre
|
| property in Argentina. Foreigners have
| |
| | adjoining or containing "sensitive" land
|
| the same rights in this respect as
| |
| | (including reserves, specified islands
|
| nationals, except for Argentine land near
| |
| | and historic or heritage land and lakes),
|
| a foreign border. In this scenario, some
| |
| | and land of over half an acre on or
|
| additional paperwork is required, which
| |
| | adjoining the oceanfront. In these
|
| may take a little longer.
| |
| | situations, the buyer must obtain
|
| Australia
| |
| | approval from the Overseas Investment
|
| Australian citizens and permanent
| |
| | Commission, and, for applications
|
| residents can acquire any type of
| |
| | concerning "sensitive land," from a
|
| property. Foreigners not living in
| |
| | Minister. The paperwork process is swift
|
| Australia, and corporations, can acquire
| |
| | and can usually be completed within one
|
| up to 50% of residential developments,
| |
| | month.
|
| and are permitted to buy new property or
| |
| | Nicaragua
|
| land for building as long as construction
| |
| | You have the same rights as Nicaraguans
|
| starts within 12 months of purchase.
| |
| | regarding property ownership, the only
|
| Older properties can be purchased on
| |
| | areas to be wary of being in the
|
| condition that at least an extra 50% of
| |
| | autonomous regions, Regiones
|
| the purchase price is spent on
| |
| | Autonomistas, where the government needs
|
| renovation, further construction or other
| |
| | to consult the indigenous people.
|
| improvements on the property. In all
| |
| | Panama
|
| cases, however, foreign nationals need to
| |
| | There are few limitations on what
|
| obtain approval from the Foreign
| |
| | non-Panamanians can buy in terms of real
|
| Investment Review Board. This application
| |
| | estate. Property within six miles of
|
| should take roughly 40 days.
| |
| | international borders is out of bounds,
|
| Bahamas
| |
| | and there are restrictions on some island
|
| Buying property in the Bahamas is
| |
| | and waterfront property unless it is
|
| relatively easy, but you should be aware
| |
| | situated in one of the Tourism Zones.
|
| of certain requirements. Non-Bahamians
| |
| | Beachfront properties must provide a
|
| must register any purchase with the
| |
| | right of way. Building over the water
|
| Foreign Investments Board, and special
| |
| | also requires a permit with a special
|
| permits are required, if the property is
| |
| | concession from the maritime authorities
|
| land of over 5 acres in size, if the
| |
| | and the Ministry of Finance, with the
|
| property is to be used for rentals-even
| |
| | exception of Isla Contadora in the Pearl
|
| partially-or if it is to be developed
| |
| | Islands.
|
| commercially. Foreigners should also
| |
| | Poland
|
| register any property investment with the
| |
| | Foreigners, and companies where
|
| Exchange Control at the Central Bank of
| |
| | foreigners have controlling interest, are
|
| the Bahamas if they wish to sell and take
| |
| | free to buy urban plots of up to 1 acre,
|
| the proceeds out of the country in the
| |
| | or rural land of 2.5 acres, but agreement
|
| original currency of the transaction.
| |
| | must be obtained from the Polish Ministry
|
| Belize
| |
| | of the Interior. This can be waived,
|
| Government approval from the Ministry of
| |
| | however, if you have a permanent
|
| Natural Resources is needed for any
| |
| | resident's permit and have been living in
|
| property purchase by non-locals, but
| |
| | Poland for five years, or if you have a
|
| there are few restrictions. Some coastal
| |
| | Polish spouse and have been living in
|
| areas and cayes are restricted and
| |
| | Poland for two years. Permission is
|
| require municipal approval for freehold
| |
| | generally easily granted.
|
| sale. As this real estate market is
| |
| | Romania
|
| totally unregulated, make sure you get as
| |
| | The acquisition of apartments and
|
| much help and advice as possible from
| |
| | buildings is unrestricted for foreigners,
|
| specialists with experience of property
| |
| | but land is not allowed to pass to
|
| deals in this country.
| |
| | non-Romanians unless it is via a Romanian
|
| Brazil
| |
| | company (even 100% foreign-controlled).
|
| Non-Brazilians can buy almost any
| |
| | Some land, such as forest land, reserves
|
| property in Brazil, enjoying similar
| |
| | and coastline, cannot be bought by
|
| rights to nationals of this country.
| |
| | anyone, regardless of nationality.
|
| There are only restrictions for foreign
| |
| | Spain
|
| ownership of property situated in or near
| |
| | As in France and Italy, there are no
|
| areas of national security, near the
| |
| | restrictions on property ownership for
|
| coast, and near borders with other
| |
| | foreigners, with the exception of
|
| countries.
| |
| | military land and land near international
|
| Bulgaria
| |
| | borders.
|
| There are no restrictions for foreigners
| |
| | Sri Lanka
|
| wishing to buy buildings in Bulgaria, but
| |
| | Foreigners are permitted to own land, but
|
| land is restricted to Bulgarian nationals
| |
| | there is now a 100% transfer tax for
|
| only. This can be legally circumvented by
| |
| | foreigners in Sri Lanka, thus effectively
|
| setting up a Bulgarian company and buying
| |
| | doubling the price of the property. This
|
| the land through the company. When
| |
| | may be circumvented by arranging very
|
| Bulgaria joins the E.U. (it's hoping to
| |
| | long term leases, or, in condominiums, by
|
| join in 2007), this restriction is
| |
| | buying above a certain story. A recent
|
| expected to be lifted.
| |
| | law has also banned construction within
|
| Canada
| |
| | 330 feet of the shore.
|
| There are few restrictions on foreign
| |
| | Thailand
|
| ownership of property in Canada, apart
| |
| | Property ownership for foreigners in
|
| from land belonging to the British crown.
| |
| | Thailand is carefully controlled. Without
|
| Some of this land may come up for sale,
| |
| | special permission from the Minister of
|
| but will not be freehold. The
| |
| | the Interior, foreigners are not allowed
|
| restrictions tend to be at provincial or
| |
| | to own the land on which any piece of
|
| territorial level; on Prince Edward
| |
| | property is found, or to own a condo in a
|
| Island, for instance, non-residents need
| |
| | building if 49% of the other condos are
|
| permission to buy more than 5 acres of
| |
| | foreign-owned. This problem can be
|
| property, and, in Saskatchewan, the
| |
| | resolved in several ways, some more
|
| acquisition of property of over 10 acres
| |
| | realistic than others.
|
| is not permitted. Nova Scotia,
| |
| | For those with 40 million baht
|
| Newfoundland, and New Brunswick, the
| |
| | ($1,100,000) to spare, no problem, as
|
| other east coast provinces, as well as
| |
| | this sum will allow you to acquire just
|
| the provinces of Quebec, Ontario, and
| |
| | over a third of an acre.
|
| British Columbia do not have restrictions
| |
| | For the less well-heeled, one of the most
|
| on foreign ownership.
| |
| | common solutions is setting up a
|
| Croatia
| |
| | Thai-registered limited liability company
|
| Non-Croatians can purchase real estate in
| |
| | and buying real estate through this
|
| this country if they have approval from
| |
| | company, but there must be at least seven
|
| the Ministry of Foreign Affairs. The
| |
| | shareholders in the company, and the
|
| approval is issued if Croatian nationals
| |
| | foreign shareholder cannot hold a stake
|
| can purchase real estate in the country
| |
| | of more than 49%. The Ministry of the
|
| of the purchaser. This approval can take
| |
| | Interior, while ostensibly not wishing to
|
| up to 12 months, but can be reduced if
| |
| | stymie foreign investment, is cracking
|
| the property is bought via a domestic
| |
| | down on the use of Thai-owned companies
|
| company, which can be entirely owned and
| |
| | which appear to hold land for foreigners,
|
| controlled by a foreigner.
| |
| | so more foreigners are looking at
|
| Czech Republic
| |
| | alternatives to this method. Purchase of
|
| Real estate may only be acquired by E.U.
| |
| | land through a Thai spouse is one of
|
| citizens with a Czech spouse or those who
| |
| | these alternatives-if the spouse is
|
| are permanent residents in the Czech
| |
| | prepared to sign a declaration to say
|
| Republic. An officially registered legal
| |
| | that the property was purchased with
|
| entity can also buy real estate. These
| |
| | funds that they had before the marriage.
|
| restrictions are expected to be lifted in
| |
| | Otherwise, an increasing number of
|
| 2009, when the Republic's first five
| |
| | foreigners are considering long-term
|
| years' membership of the E.U. is up.
| |
| | leasing: A Thai nominee purchases the
|
| Ecuador
| |
| | property with your funds and you enter
|
| Foreigners wishing to purchase real
| |
| | into a long-term lease of up to 30 years,
|
| estate in Ecuador need permission
| |
| | which can be renewed. The initial period
|
| (usually granted) to acquire land within
| |
| | of lease and subsequent extensions should
|
| 30 miles of the coast or a border.
| |
| | be clearly stated in the contract, along
|
| Certain land considered an area of
| |
| | with the declaration that these have been
|
| national security by the government
| |
| | paid for in advance. An option can be
|
| cannot be bought.
| |
| | included in the contract to allow you to
|
| France
| |
| | purchase the land outright if the law
|
| Surprisingly for one of the most
| |
| | changes to allow foreign ownership.
|
| bureaucratic countries in Europe, there
| |
| | A right of usufruct provides temporary
|
| are no restrictions on who can acquire
| |
| | ownership rights for a period of up to 30
|
| real estate in France, and you will be
| |
| | years, which may be renewed, but although
|
| treated the same as French citizens when
| |
| | these rights can be sold or transferred,
|
| buying property.
| |
| | they cannot be inherited as they expire
|
| Honduras
| |
| | upon the death of the holder.
|
| There are some restrictions on owning
| |
| | Becoming a permanent resident is one
|
| real estate in Honduras. As an individual
| |
| | other possibility, especially if you are
|
| foreigner, you are allowed to buy
| |
| | thinking about retiring in this very
|
| property not exceeding three quarters of
| |
| | affordable country. Check the website
|
| an acre. Coastal land, and land within 25
| |
| | for details.
|
| miles of international borders, is
| |
| |
|
