Three simple things to keep in mind when buying property overseas: 1. understand everything it will take to buy and live where you want to move to; 2. make sure that you know who will help you and be your support when you are overseas; 3. Find experts in the country you are moving to that can help
Washington, DC, May 26, 2016 (Newswire.com) - Warmer climates, sandy beaches and a chance to own a piece of paradise. U.S. citizens are exploring life in faraway lands finding that they can live comfortably and potentially at a better value. The Department of Social Security Administration has reported that over 370,000 US Citizens have their social security checks sent to them in other countries. Whether a US citizen looking to move to Spain or British Citizens coming to live in San Diego CA a few simple tips can help.
1. Know The Fullest Picture Possible: When looking at buying property in another country it is important to understand what this will mean beyond the real estate purchase. Things like legal fees, visa costs, medical needs, what public transportation is like, what will living costs be, taxes and travel expenses to visit back home or explore your new home country. Make sure you understand the status of the country you are looking at owning property in, politically and socially. What does the State Department have on the country, is there a US Embassy or Consulate in the city you are exploring? Take the time to write a simple plan with everything you know you will need to take into account. In addition understand what are “must haves” versus “nice to haves”. Having a full understanding of your costs both to buy and to live will reduce your stress.
"We recommend not believing everything you read or see on the internet. In the end, live, experienced, professionals in the country you are considering moving to make the difference in a transition going smoothly or not."
Kelly Cutchin, Country Manager USA, Moneycorp
2. The Right Support System Back Home: It is also important to understand your current financial status, review your investments, funds, insurances, bank accounts and see if you can afford the lifestyle you are picturing once you move. Find an International Tax Advisor who is based in the country you are moving and who is experienced in dealing with clients from your home country. Understand the regular expenses which you will encounter (monthly, quarterly and yearly) to ensure you have a clear investment strategy or plan to cover your ongoing living expenses.
Many Americans have 401K’s or retirement funds and the ability to access them while maintaining financial security is key. In addition make sure you have an up to date will in place. Identify a trusted family member or friend that you can bring into the planning activities. Longer term they can maintain copies of your important papers and directives, and can also be your emergency contact person back in your home country.
3. Find Experts In country That Have Experience: Every country has unique and specific laws, taxes and regulations for foreign nationals buying property. Finding a real estate agent and qualified lawyer in this country can go a long way to not getting burned or over spending. Like finding any trusted service provider make sure you check references and interview a few potential providers. Working with a professional real estate agent in country that has experience working with international can really help you with not just finding a property, but bring you up to speed on the full cost picture of living abroad. If you have school age children they can share the education situation for where the property is. Before flying to a country to begin looking at properties and trying to find a licensed real estate professional in country, do some research online.
Narrow your potential in country real estate agents to one or two and plan a meeting even if only through Skype or FaceTime. Make sure you are comfortable understanding what they are saying and that they speak and write clearly. Phone skills and email communications will be key as you move forward, so make sure that you feel comfortable with the professionals you are dealing with. Experience is very important.
“We find that many people looking to buy property in another country try and do everything online” shared Kelly Cutchin, Country Manager USA, Moneycorp. “We recommend not believing everything you read or see on the internet. In the end, live, experienced, professionals in the country you are considering moving to make the difference in a transition going smoothly or not.” In addition, finding value built into the purchasing process. “This includes not over paying for currency conversion or international payments, while maintaining security and control over the destination of your payments. We find that most banks are great for ongoing saving and checking products, but when it comes to foreign currency exchanges and international payments a specialist provider who is 100% focused on this service is important to getting the best value and the most control for the home buyer” Cutchin concluded.
###
About moneycorp Powered By Tempus Program:
A strategic processing and market growth alliance between two industry leaders Tempus and moneycorp, American consumers now have access to a global network for international currency trading and payments. This unique program puts currency payment control in the consumer’s hands to securely, reliably and at a value purchase international real estate, pay for expatriate living expenses and live their global lifestyle. To learn more about its services please go to: https://global.moneycorp.com/usa or call toll free: 1-877-252-8232.
Source: Moneycorp Powered By Tempus
Share: