There are many things to consider when buying an international property. Such an investment can be a timely process and take up to half a year before the transaction is completed. In some instances, it is advised that you open an island bank account which can take significant time in which to do so. You also will want to look into the requirements for acquiring a Certificate of Importation if necessary. When making foreign payments of bills or taxes, the money you import will be secure.
Make sure to locate a knowledgable and professional real estate agent, you want to work with someone that is reliable and trustworthy who will be able to negotiate on your behalf when you absent. Before buying any property abroad it is best to educate yourself and learn all you can about the island, regulations, property’s location, and any other pre-purchase considerations. You will also want to make sure the area that you are buying allows for pets and provides an adequate space for your four-legged family member.
Depending on the island, the closing costs on a property may be higher than in one’s own country. However, annual property taxes may be lower. Once you have selected your island on which to buy a home, visit the local embassy. If an island does not have an embassy of its own, look for the larger Kingdom or governing country to which the island belongs. For example, Aruba is part of the Dutch Kingdom. The embassy can assist with legal paperwork, proper permits, and tax related issues.
You may want to consider turning your property into a vacation rental to offset expenses. If so, you need to furnish the property with adequate and desirable furnishings and be flexible with your availability. On many of the Caribbean islands, vacation rentals are a booming business with holiday rentals generating income. There are many options for vacation property management and listing services so it is important to perform due diligence.