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Why You Should Contact a Solicitor Before Buying Property in Asia

asia real estate agent

You’ve signed the contract and transferred the down payment. Your agent insists that all is well, and you can move in next week.

Only to find out that foreigners are not even allowed to buy that type of property.

These things happen, and overseas property buyers find themselves in hot water all the time – often as a result of working with the wrong local partner.

In this article, you will learn why you should not go directly to a local real estate agent when buying property in Vietnam, Cambodia, the Philippines or other developing countries in Asia – but to a law firm that can navigate you through a risky and complex process. Continue Reading →

Property Tax for Overseas Property: A Complete Guide (infographics)

Suggestion: Watch the 5 minutes video tutorial before reading this article

Property tax is almost universal and one of the oldest forms of taxes. It’s imposed by almost all countries in the world, to persons who own property.

No matter where you’re buying a property, it’s often difficult to escape from property tax.

There are some exceptions, for example Qatar, Saudi Arabia, and a few other Middle Eastern countries.

In addition:

There’s a huge variation in the amount you have to pay in property tax, depending on where you live.

This article explains the details you need to know about property tax in different countries.

Continue Reading →

Withholding Tax for Overseas Property: A Complete Guide (infographics)

withholding-tax-foreigners

If you decide to buy a property overseas, it’s important that you’re aware of the different mandatory taxes.

Most governments from all around the world tax your income in different forms. One of these taxes imposed on your income is called withholding tax.

If you’re an investor who is interested in buying property in other countries to generate income through rent or by selling for a higher price, you may have to pay withholding tax on your rental income or capital gain.

In this article I explain all the essentials you need to know about Withholding tax.

Withholding Tax Infographic

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What is Withholding tax?

Withholding tax, also known as retention tax, mostly applies to employment income for residents.

For non-residents, it applies to income generated through rent or the sale of the real estate.

Other income sources that are subject to withholding tax for non-resident foreigners are:

a. Dividends

b. Interest

c. Royalties

d. Service Fees

Purpose of Withholding Tax

Continue Reading →

Capital Gains Tax when Buying Overseas Property: A Complete Guide (infographics)

Suggestion: Watch the 5 minutes video tutorial before reading this article

If you’re buying property in a foreign country as an investment, that is, to sell the property after some time to make profits, make sure you have a good knowledge about the Capital Gains Tax rate.

Capital Gains Tax, or CGT as it’s sometimes called, sometimes comes as a surprise to sellers, when they try to sell for profit. Unaware of the tax at the time of buying, some people don’t include it in their calculations.

So: it’s important to learn about CGT in advance, before buying property, especially if you buy (investment property) to get a high price appreciation.

Learning about CGT helps you to make a more accurate calculation of the profit you can make in the next few years.

In this article, I have provided more in-depth information about CGT, what it is, how it’s calculated and local regulations and rates.

Continue Reading →

Stamp Duty when Buying Overseas Property: A Complete Guide (infographics)

Suggestion: Watch the 5 minutes video tutorial before reading this article

If you’re buying a property in any part of the world, the first tax you’ll probably hear about is stamp duty.

It’s important to learn about stamp duty, the rate, the thresholds, how to pay it, when to pay, and all the legalities involved.

In fact: in most cases, stamp duty is the highest amount of tax you pay on the purchase of property.

Other than a few exceptions, like when buying property in New Zealand, and other countries that are actively looking for foreign investors to invest in the real estate, stamp duty is a mandatory tax when buying property.

Continue Reading →

What is the Role of a Solicitor When Buying Property? (infographics)

Solicitors office

Buying a property is probably the biggest investment you ever make in your life.

It involves the transaction of a decent amount of money, a lot of documents and a, sometimes, tiring conveyancing and legal process.

When you’re buying property in a foreign country, the risks increases as you often don’t understand the local laws, legal processe, language and documentation involved.

That’s why it’s highly recommended, if not mandatory, to work with a solicitor when buying property.

Duties Of A Solicitor Infographic

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In some parts of the world, solicitors are also known as conveyancers. By definition, there is a difference between a solicitor and conveyancer, but they do exactly the same job, when it comes to handling procurement of property.

The Difference between Solicitor and Conveyancer

A Solicitor is a qualified lawyer who can provide you full legal services, including assistance in buying property.

A Conveyancer, on the other hand, is specialized in legal matters related to property, and cannot provide help in other legal matters.

Continue Reading →

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