Quote: (02-16-2015 12:53 AM)JDizzle Wrote:
What are the rules around buying properties in other countries. As an American, am I allowed to buy property in a foreign country?
Also in a similar situation as the OP.
Not a lawyer but:
I don't think there's an American law against you buying land abroad, in some countries you can't buy land as a non citizen, it varies with the country.
In the Philippines, you can't buy a beachfront property or raw land directly as a foreigner, only a condo.
You could buy a house and put it in your wife's name, which would be monumentally stupid as she can kick you out any time.
I've heard of some guys in Thailand putting land in the name of the kids they had there so the mother can't steal it.
There is another risk with less stable governments or places with poor records.
There are hard-to-foreseer "gotchas" in different places.
1) The title to the land may not be clear. In the USA there are "title insurance" companies who research before you buy.
You might find there's someone who claims the land is really theirs, not the person's you bought it from.
In some countries the land may be encumbered with debts, like utility bills etc.
--The government might decide to expropriate ( steal) all land owned by foreigners. I think Cuba did this is the 1950s.
--Locals can just sweat you so you don't want to stay around and it's hard to fight back as a non-local. I have a friend who bought an apartment in Ukraine and his neighbor continually makes complaints because he is jealous my friend can make afford to make nice renovations to his apartment. My friend also has a cuter-than-average local girl living there. Imagine the hate.
However, as far as I know in Ukraine there is no property tax. People are too broke I guess. That saves you THOUSANDS--until they change it-- compared to the USA.
--Weird regulations. in Italy I've heard there's a whole profession that doesn't even exist in the USA, sort of like a building inspector but much more intrusive, you have to get all modifications approved by that person, and you can't expand an old building at all.
The local cops of course sympathize with the local guy, not the "rich" foreigner, and my friend has to endlessly cater to the asshole next door.