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Hey, everyone. Was looking to find out how to buy land in other countries. I'd like to learn about the general subject, but I'm specifically wondering about buying land when I'm an American citizen & not a citizen of any other country. I know sometimes that's not permitted, but that's part of what I'm looking to find out about. How do I go about it? Are there any snags (like scams or if paying cash sending up flags & getting you in trouble)? What about taxes? Where do I find out specifics?
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First thing I would do is find out which countries 1. allow foreigners to own land, and 2. don't have property taxes, so that you really own the land that you buy. I don't know the answers to these though.
I don't know if you've thought about this, but if you have to pay property taxes you never really own the land - you are just renting it from the government. And that means you're effectively a slave.
The issue is complicated, it depends which property and which is the visa status of the foreigner, often there are restrictions about which property can be bought and which not.
In Japan, only foreigners who are holding permanent resident status can buy land+house.
About condominium in Japan, foreigners with long-stay visa should ask for advice from the legal ward office with an estimate from the seller/construction company etc., before signing any contract. As far as I know there is rarely any objection.
In Thailand, even foreign tourist can buy condominium units but only if paid in full and in foreign currency. As a principle a foreigner cannot buy any land+house.
In Philippines, legal situation is similar to Thailand. Condominium only, but about land+house, there are reasonable lease options in guarded communities.
In Malaysia if holding long-stay visa - retirement, land and house can be bought by a foreigner, but only upper class housing in upper class districts, and this is not cheap. Rules and approval, case by case, are confusing.
3 posts • Page 1 of 1
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