If you are new to buying property, whether buying in the UK or overseas, the purchasing of property requires the assistance of a professional especially in relation to the legal and tax implications of your acquisition.
Property pioneers have an established network of professional service providers, who can provide advice and guidance.
1. Research local legislation, the legal requirements for one country will not be the same as another, although there may be similarities. For example many investors buying a property do not research the inheritance tax laws of the country that they are buying a property in. This is a common mistake and given the fact that many investors buy a second property for their family it should be one of the first questions asked.
3. If buying a property overseas, you may require two different lawyers for your purchase; one based in your country of residence and another based in the country where the property is located.
4. Simple Checks. Look around the area where you wish to buy, are there any other developments being built? Is the infrastructure adequate? If not are there plans to improve it?
5. Tax – Make enquiries into the specific type(s) of tax law that is relevant to your purchase (i.e. annual property tax, local community tax, town hall tax, capital gain, income tax on rental properties).
For more information speak to an advisor.