Life in the USA is fun, exciting, and full of opportunities. But the adventurous spirit inherent in Americans often prompts us to explore other options, meet new people, experience different cultures, and further expand our business opportunities. Investing in properties overseas might not only be a profitable undertaking but also become an amazingly personal, spiritual, and entrepreneurial quest worth giving a try. You can learn about the taxation rules for a real estate agency, on this website: www.housemuscle.com
Check out the six countries offering great investment opportunities for those who want to purchase the coastal property without paying hefty property taxes.
The real estate market in the UAE has always been very popular especially in its well-renowned City of Dubai. After all, it’s one of the fastest-growing metropolises in the world and is known for its towering skyscrapers with scenic waterfront attractions.
The UAE features a distinct yet unifying atmosphere of luxury and comfort. Buying property here is quite easy as there are no holds on foreigners from investing. The property is completely handed over to the individual buyer without any restrictions but only on a lease basis that expires after 99 years. Still, this is an ideal place for buying or investing in real estate as property tax, capital gain tax, and other such payments are almost zero.
Another great place to buy your second home is Turkey. Famed for its mild climate, authentic culture, affordable resorts, and jaw-dropping landscapes, Turkey attracts thousands of tourists and investors every year. You would be surprised to know that Turkish villas sales in the most popular destinations are a commonplace in the country that straddles the oriental and occidental traditions. You can also buy an affordable apartment in a place that won’t be inferior to any world-class resort in terms of its natural beauty and top-notch amenities. With the lenient tax system, you won’t need to fork out to enjoy your new home. The annual tax will be around 0.1% in small towns and 0.2 in big cities like Istanbul. Also, you’ll need to pay a 0.9% stamp duty that’s calculated over the value defined in your sales agreement.
Georgia is a Eurasian country with an incredible Caucasian landscape in conjunction with a rich historic and cultural significance. It’s a country where one can buy property cheaper than in most other European countries mentioned one this list. Almost half of the properties in its major cities like Batumi and Tbilisi are purchased by foreign investors every year, and for good reason. Unlike in other countries, there’s no stamp duty to be paid, and if you do not reside in the country, you are exempt from annual property taxes. If you do choose to live in one of Georgia’s magnificent cities, be prepared to pay the annual property tax, which is accumulated around 1-5%. Another perk of buying a property here is that the law enables investors to extend their temporary residence permit so long as they hold it.
The island of Dominica is a country in the Caribbean that has managed to remain largely untouched by mass tourism. This means that the pace of life here is much slower and more relaxing, which makes it perfect for those who are looking for a little peace and quiet. The country is also a great place if you wish to invest in property with no restrictions on foreigners wanting to buy real estate. And the government even welcomes foreign investors by granting them the opportunities to obtain its citizenship by actually acquiring property. When it comes to taxes, the country levies a zero property tax. However, there is a municipal tax put on properties which, nonetheless, can be avoided by steering clear of certain areas of this country.
Estonia, a country in the north of Europe bordering the Baltic Sea, is home to an inviting financial sector that can rightly be regarded as a tax haven due to its low taxation opportunities, especially for non-residential businesses and individuals. Foreigners are exempt from any restrictions and can freely own or buy property in the country. Annual property tax in this country falls within the range of 0.1% to 2.5% depending on the property type, as well as the conditions of its purchase. Although there’s no fixed stamp duty on the purchased properties as such, the usual values are quite nominal and can be paid off without much hassle. Owing to all these accommodations, as well as the fact that there’s no special gain tax, this is an ideal spot to be investing in Europe for real estate.
A Balkan country known for its mountainous terrains and affordable coastal cities, Bulgaria is also a great place for investing in real estate, especially if your prime goal is low taxation, low investments, and high returns. Taxes averaging to a mere 0.15% of the overall property make Bulgarian apartments, condos, and villas lucrative investments. Plus, foreign residents are allowed to buy land or property anywhere within the boundaries of the country. It’s a prime spot to be kept in consideration when looking for places to invest in coastal properties.