Consider Investing in Real Estate Abroad
While some individuals may believe that investing in foreign real estate is a strategy that only the wealthiest members of society can afford, this belief no longer rings true in the increasingly globalized world. Foreign real estate is available at various price points, making it accessible for many people no matter what their net worth is. Investing in real estate abroad can serve several practical purposes as well as serve as an important way to protect one's assets.
There are many reasons an individual may choose to purchase real estate abroad. For example, it could be to secure a second home in a location in which a person spends a significant amount of time, or perhaps it's to secure a vacation home to use a few times a year. Individuals who are approaching retirement age may want a property that they have dreamed about for years, and others see real estate abroad as an investment that does not depend on the economy of the person's home country. In addition to these reasons, owning foreign property is also a commonly used measure to advocate for foreign residency or citizenship in that country.
There are several advantages to purchasing real estate abroad, including its use as a meaningful form of asset protection. By investing in foreign property, a person does not have to tie up his or her funds in a volatile market. There may be certain tax advantages to purchasing a second property that may not be realized with other forms of investments. Additionally, the acquisition of foreign real estate may not need to be reported to some foreign governments.
Some international laws have specific requirements for home ownership from non-nationals, so consulting an attorney before purchasing real estate abroad is strongly suggested.
For more information on investing in real estate, asset protection or international laws concerning these matters, contact Nagel & Associates, LLC. You can also visit Nagel & Associates, LLC at nagellaw.com.