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Acquisition of real estate

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To acquire property in attractive locations and in particular in the new country of residence contributes to the quality of life, satisfies prestige needs, and to some extent also constitutes an investment. It is, however, a good idea to consider renting before purchasing a property as this is the best way to become familiar with an area before committing to a purchase. Obviously, there are many factors to take into account when acquiring property, besides tax and legal issues. It is usually advisable to appoint qualified professionals to assist with the acquisition and to navigate through the pitfalls of buying in a foreign country. Also, consideration needs to be given whether to own the property directly or through a structure, and how easy it may be to sell again in the future.

Although most countries, including Canada, the UK and the US, do not impose any restrictions on acquisition of real estate, there are countries such as Austria, Croatia, Greece and Switzerland5 that restrict foreign persons from buying property there. It is imperative to check that there are no restrictions applicable that will pose a problem or that could affect resale.6

Global Residence and Citizenship Handbook

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