Foreign Property Guide

Many people have already made the plunge into the foreign property market. If you are considering it, you should be aware of some of the pitfalls.

If you're considering trading in your business suit for a sarong, the pulling power of overseas property is difficult to resist. The heights of property prices or the depths of your local weather may have you boarding the first flight you can get, but take time to heed a number of factors. To ensure that your wan complexion is all you lose when you buy abroad, take note of the following:

1. Know exactly what you want and why you want it

Before you approach anyone about buying overseas, check for signs of sunstroke or other factors that might affect your judgement! If the property is for your own personal use as a holiday home, make sure that you will get optimum use from it, consider accessibility, the cost of flights, holiday time, etc. If the property is an investment, ensure that you will get a suitable return. Find out the going rate for rent in the area and the number of weeks you will realistically be able to rent it out. Remember that this is a long-term investment and that you may not get a return on it for a number of years.

2. Deal with a reputable agent

It is advisable to ensure that the agent has accreditation from the Federation of Overseas Property Developers Agents and Consultants (FOPDAC), the only recognised trade body that deals with the sale and purchase of overseas property. Check out a number of different agents and find out what services they will be able to offer you. If you are considering buying from plans, find out if the agent will deal with the developer on your behalf. (Dealing with a developer through an accredited agent is a much better idea than dealing directly with the developer.) Be satisfied that the agent can satisfactorily deal with all your questions and requirements, throughout what may be a lengthy process. For this reason, it's a good idea to deal with a local agent as they will know what we like.

3. Secure the services of a registered and insured local lawyer

Chances are you will not be familiar with the law governing the country in which you have chosen your property. Hire someone who is. She/he should investigate areas such as planning permission and title deeds and will protect your interests in the sale agreement. Your agent should be able to organise a local legal representative for you.

You will need a bank account in the country where your property is located for payment of utility bills; sometimes this is a legal requirement. You should ask your legal representative there to introduce you to a local bank. Remember to bring plenty of identification such as passport, driving licence etc. when opening the account and an initial lodgement.

4. Find out about the payment terms

The terms of payment for the property may influence your overall costs. For example, you may be required to start paying a mortgage while construction is still in process, before you have an opportunity to earn any income from rental. It is a good idea to find out the following:

• When you are expected to pay a deposit.
• The cost of construction payments, if applicable.
• The figure/frequency of instalments or interim payments and the balance on completion of the property.
• Whether you will be able to organise a mortgage locally and up to what percentage of the purchase price you will be allowed to borrow.

5. Be aware of ALL of the costs

The lofty costs of buying a property in your home country may make an overseas property seem like a steal. However, additional costs will add about another 10% onto the advertised cost of the property. Added to this are ongoing charges, all of which will bump up the seemingly bargain price. Be prepared to pay for the following:

• VAT
• Legal fees
• Notary fees
• Water/electricity/gas connections
• Capital Gains Tax (known as the "Plus Valia" in Spain)
• Housekeeper/Gardener/Poolman
• Maintenance Fees
• Stamp duty
• Annual costs such as rates, insurance, community fees, fee for a fiscal representative to make annual tax returns on your behalf.

6. Other considerations

It is often advisable to organise a separate will in the relevant country for your property there. You might also like to consider the name of the person(s) in whose name the property is registered as these may save on taxes and fees each time the property changes hands. Property can also be owned through an offshore company. Your local legal representative should be able to advise on the most advantageous option for your personal circumstances.

The information provided in this guide gives only general guidance and does not constitute tax, legal, investment or any other advice.

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