Hi,
I’m looking at buying property overseas, so far these are some questions that i’ve come up with. If anyone can help in answering them that would be terrific.
Finance:
If investing overseas do I obtain finance in Australia or in the country of choice? I realise that I will need an account in that country (real estate agents fees etc etc).
There’s been some different opinions posted here, does anyone know if it’s 70 or 80% maximum lending capacity for an overseas IP?CGT:
Is Captial Gains Tax only payable if I sell the property and bring monies into Australia? What if I leave the money in the overseas account until I invest again? Do I pay anything on the weekly earinings that I bring into my Australian bank account?Insections and tax:
Although I seriously doubt it, can i claim any travel expenses for inspecting an overseas IP?(i’m going to ask my accountant when I get back from this holiday)First Home Buyers Scheme
Am I still entitled to the scheme if I own several IP’s in another country and then buy in Australia? (provided i intend to reside in the property for 12 months etc etc) PGSLOT77s[/url]Okay,
If you’ve managed to read through my list, thanks I hope your still awake? Any assistance would be excellent, especially from investors who have already made the commitment…One last one, despite how much research I do into the proposed areas, is it natural for my stomach still to churn every day about making the first big step? I realise that with time and more investing it will probably become second nature??
Thanks again, have a great New Year!!!
Itsamoorey[ ]
Hello Linksuph,
Here are some responses to your inquiries on offshore real estate investments:
Finance: You can obtain finance in either Australia or the country of your choice. It often depends on your preferences, relationships with banks, and the specific country’s lending regulations. The lending capacity may vary but generally ranges from 70% to 80%.
CGT (Capital Gains Tax): CGT is typically payable in the country where the property is located upon selling. Whether you bring the money into Australia or leave it overseas, you may still have CGT obligations in the property’s country. Consult a tax expert to understand your situation and potential double taxation agreements.
Inspections and Tax: You can unlikely claim travel expenses for inspecting an overseas investment property. However, discussing this with your accountant upon your return is best.
First Home Buyers Scheme: The eligibility for the scheme in Australia may vary depending on your circumstances. Owning several international investment properties could affect your eligibility, so consult with relevant authorities or experts for a clear answer.
Nerves: Feeling anxious about the first big step in property investment is natural. With experience and knowledge, this feeling often subsides as you become more familiar with the process and the markets you’re involved in.
Remember to conduct thorough research and seek advice from professionals with expertise in international property investment to make informed decisions. Best of luck with your investment journey, and have a great New Year!
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