If earlier foreign real estate was bought as an investment, now the main concern is a cozy and comfortable house by the sea where one can spend a vacation.
Today, domestic housing used as a source of income has lost its former popularity, giving way to foreign real estate. For example, according to real estate market experts, the amount of property on sea coasts increases by 25 percent annually, due to the developing economy in the tourism sector. Thus, it becomes quite obvious that purchasing such property is a profitable investment. Moreover, the owner of such a house can always count on a full rest by the sea.
Property in European countries is especially popular among investors, as their economies are most stable. The least profit from real estate can be obtained in the UK, but having a house there means not worrying about getting a visa. Owners of Spanish property can easily get a Schengen visa. However, owners of Swiss property are allowed to stay in the country only for 6 months a year.
One of the drawbacks of foreign real estate is its distance from one's permanent residence. As a result, it is difficult to fully control such property, which is quite inconvenient. In this case, one must account for additional expenses for administrative services, such as finding tenants, collecting rent, and looking after the house. Visits to one's property are not very frequent.
When purchasing real estate abroad, one will encounter some peculiarities in taxation. Indeed, each country has its own tax legislation. Moreover, it is necessary to know that in some regions and countries, only EU residents are allowed to buy property.