Are you considering buying a home in sun, a peaceful home abroad or lucrative investment property abroad? If yes, then you are not alone! Huge number of people are seriously considering to settle in other country! No matter what reasons you have of considering buying UK property Hong Kong one thing for sure is; before you set ahead and purchase you must know some far reaching financial, legal, and taxation suggestions of buying overseas.
1) Do your research to see if the property market you are interested in will support and maintain your ambitions and hopes for it.
2) Factor in the regular travel expenses required to visit your second home while you make your budget. Know any extra visits that you may need to take occasionally for organizing any repairs or renovation.
3) Suppose you are planning to rent your home you should declare the income of your second home to the tax person of your residence country!
4) Suppose you want to let out the property ensure you are aware about how much it will cost you to have a property agent to manage both the daily running of the property together in organizing your rental things for you.
5) Consider local tax implications for buying, selling and owning your property as the property and the land tax in countries will make for UK stamp duty & council tax pale in insignificance.
7) Factor legal bills you may incur while buying, renting and selling your overseas property investment in your budget.
8) Stay aware about legalities of a contract that you enter in. Find the reputable lawyer, get documents translated rightly, and ignorance is not a valid excuse!
9) Buying through offshore firm to avoid some expenses, taxes, and laws is at times an option that is open to a person who is interested in buying overseas.