Moving Abroad | A Guide on Emigrating

©Article written and supplied by: www.buyassociation.co.uk

 

Did you know? ... This Guide is an Introduction of Moving Abroad. We have a number of Guides in this series that can be found at Living and Buying Abroad.

 

It's all a dream

There are millions of searches performed each day from people all around the world looking at properties in far off destinations.  For most it’s simply a dream, something to do while taking a break with a coffee.  For a few chosen others it is the beginning of something completely new. 

You may be looking for a house to use as a holiday home and or holiday rental.  For some, the steps are more permanent, and the search is for an affordable property where they can reside full time.

Before you go any further you need to answer some basic questions and these differ for those looking for a holiday home to those seeking a permanent move, so we will cover both aspects.

The Holiday Home Purchase

Do I have cash funds or do I need a mortgage?

These are just a few of the basic questions you will need to ask yourself.  Here is an example and will outline how careful you need to be.  The author lives in Thailand and is a property expert …

So you really want to buy that property abroad, as a holiday home and or as a holiday rental investment.  You will need to clearly establish the laws of the country in which you wish to buy.  There are many countries that you cannot own freehold property.  Thailand has some of the most draconian property laws I have ever encountered and would urge anyone considering buying in Thailand to tread with extreme caution.  In the first instance a Foreigner cannot own land in his/her own name.  Therefore you have a choice of either A) Setting up a Thai Company that owns the land or; B) Lease the land.

Thai Company, under Thai Law, only allows foreign ownership of 49% therefore you will have to establish Thai partners who will in effect own 51% of your assets.

Whether you decide on either of these ownership routes you are allowed by Thai Law to own the building. So in effect the only asset tied up in either a company or lease is the land.

All condominium projects offer Foreign Freehold on units.  Under Thai Law developers may offer 49% of the units constructed as freehold properties for foreign nationals.  This is probably the safest way to own property in Thailand … but BE AWARE … DO NOT get involved in any type of Condo Residents Management Committees.  Recently a foreign national was arrested, detained and fined for attending such a meeting as it was deemed he was working without a valid work permit.  Luckily he was not deported.

The ownership of property outside your own country needs careful consideration and planning.  You must always establish a firm understanding of the Law within that country.  To buy property without a solid understanding could well leave you considerably out of pocket.

 

The Permanent Move

Am I able to leave everything behind?

Will I be able to work if I need to?

Can I own a property?

Can I get a mortgage?

Review the comments made above.  Note here that with a permanent move you should always have a plan to return to your country of residence if things turn sour.  Our advice here is simple … if you are really serious about moving abroad the do so on a temporary basis.  Going on holiday for a week or two and deciding that this is the place for you is fought with danger.  No matter where you go in the world, a holiday is a holiday, it’s relaxing and fun.  Actually living there from day to day is an entirely different matter and you will begin to see another side to your chosen destination.  Before taking the plunge, find out what it is really like to live there.  Visit online forums, go and see the County’s Embassy and enquire about residency and working. 

 

Other things you will need to know…

What is the system of healthcare?

What schools are available (if you have children)?

What is the cost of renting a house? 

Note from the Editor: “Trust me … If you are serious about moving permanently abroad do as much research as you can.  Get yourself a long terms visitor’s visa, if possible, and then stay for 6-12 months.  After this period you will have a much clearer understanding of your chosen destination.  I was one of those people living in the UK who decided that life was too short not to take a chance and moved to a new destination.  5 years on I can honestly say that while I don’t really like where I am now (yes I am thinking about moving again) I do not regret leaving the UK.  You might feel differently, so do your research and try it out without making the whole committed move.  If you need advice or what to know more on how I did it please contact me: graham@realtorplus.co.uk   

 

Location, Location, Location

Before you start looking for a property, it's worth asking yourself a few basic questions, which should save you time and money in the long run.  Just remember everything always seems cheaper in another country and it is easy to over spend:

Do you prefer the town or country?

Do you want to be inland or on the coast?

Do you want to be isolated or in the thick of it? (Most people prefer to be within about an hour's travel time of a town.)

How much outside space do you want?

How close do you want to be to your neighbors?

How close do you want to be to shops, bars and restaurants?

Where's the nearest public transport, how often does it run, what time does it end?

How far is the beach?

How close are you to the nearest airport?

How far is it to sports facilities, golf, tennis, swimming, and so on?

How good are the local health and social services?

Arts and entertainment - what's available in the area?

Neighbors - what are they like and how often do you want to see them?

 

Get Professional Advice

Make sure your interests and the property you buy are protected.  If you find a house online do not simply try and buy it over the internet.  Buy a plane ticket and go and see it.  Where possible try and arrange a viewing through an agent.  Ask them about the local market and get them to show you a selection of properties within your price range. 

BEWARE: It has been said that some agents abroad will try and selling you something more expensive.  If they appear to be avoiding your questions, showing higher priced properties or seem only interested in selling you a particular property, walk away.  Most agents however are trustworthy.  At RealtorPlus we always highly recommend the use of a Realtor or Agent.

Estate agents are a good source of local knowledge and advice. Only negotiate with ones that are officially registered and hold a licence. Ensure you have a good lawyer with an excellent command of English and the native tongue, to deal with the endless stream of rules and regulations.

Did you know?  If you're buying in Spain you'll need to make out a will in Spanish before buying, or that you can inherit debts from a previous vendor?

 

So what is it all going to cost?

The only sensible thing you can do is sit down with a pen and paper.  Make a list of all the things you will need.  Ask your Lawyers, they will be able to advise and assist you.  DO NOT try and purchase a house abroad, or at home for that matter, without proper legal representation.

Before you have decided on a property it's important to be fully aware of the legal process and costs involved in your purchase. Here are two companies that we recommend that can help you buy abroad:

Prepare your finances carefully; you could end up paying a lot in taxes. Consult your Realtor or Agent and then talk to your lawyer and accountant. Set up a direct debit from a native bank account to pay for bills. Be careful not to miss payments and read those red letters; foreign banks are not lenient with those who don't pay up in time. If you're considering renting out the property when it's empty, bear in mind that advertising in the UK for a property abroad could result in tax demands from both the English and foreign authorities.

 

Making an offer

Always make any offers you wish to submit in writing and clearly indicate ‘Subject to Contract’. Include the following:

Amount

Amount of Deposit

Date of Deposit Payment

Prepared Completion Date

A List of what must be included in the purchase prices (fixtures, fittings, etc.)

Stipulate that all Appliances, Heating Systems and other essential are in working order

 

Children's education

If you plan to move the whole family abroad, your children's education is highest priority. You can choose from international, state and private schools.

©Article written and supplied by: www.buyassociation.co.uk