Buying Overseas Property as Investment

 

If you want your property abroad as an investment, make sure you are thinking long term. Here are some information on Buying Overseas Property as Investment :

Letting Your Overseas Property:

Make sure it is in an easily accessible location with good local amenities and in an area popular with tourists. You should also investigate the competition, and find out what the going rate is for rental on similar properties to get a realistic idea of how much you could make. It can be a good idea to market your property through a local estate agent but you will need to take its fees into account, especially if you want the agent to manage the property. Don’t forget to take into account the holiday season in the area – many tourist destinations virtually shut down when it comes to the end of the season.

Rental Income:

You must pay income tax on rent you receive. You are liable for tax both in the country itself and in the country you own the property – although there are national agreements that mean you shouldn’t have to pay the same tax twice. You can deduct some expenses from your rental income to reduce taxable profits, but this is only helpful for your business not to personal use.