Can you have a house in a different country?
Individual countries have the right to place restrictions on non-citizens who want to own properties. Even if the country you're interested in allows foreigners to buy homes, you may be required to obtain special residence permits or register with a government agency before you can complete a home purchase.
Yes, anyone can buy a property in the USA regardless of whether they have US citizenship. You can even apply for a mortgage in America as a non-citizen if you require it. However, property-owners will face more complex tax laws as a non-citizen.
Most countries will tax foreigners on any property they own in the country. Local taxes often apply to property purchases and sales and to rental income. Furthermore, you will often have to pay annual taxes on foreign property, even if you do not rent it out, and many countries also have gift and death taxes.
There are no restrictions on foreigners buying land or property in the country, and no citizenship or resident visa is required. That said, without a work visa or permanent resident status, obtaining a loan can be difficult. Foreign buyers typically opt to pay cash for this reason.
In the European Union, Greece, Malta, Cyprus, Spain, Portugal, Latvia and Ireland offers different residency types for third-country citizens in exchange for a real estate investment. Portugal, Spain, Latvia and Ireland offer temporary residence permits in exchange for real estate investment.
Buying property in Dubai
In Dubai, foreign ownership is permitted in areas designated as freehold. Foreigners (who don't live in the UAE) and expatriate residents may acquire freehold ownership rights over property without restriction, usufruct rights, or leasehold rights for up to 99 years.
Foreigners can own property in Mexico. It's perfectly legal. Outside the restricted zones—50 kilometers (about 31 miles) from shorelines and 100 kilometers (about 62 miles) from international borders—foreigners can hold direct deed to property with the same rights and responsibilities as Mexican nationals.
Do I need to report my interest in a foreign estate on Form 8938? Generally, an interest in a foreign estate is a specified foreign financial asset that is reportable on Form 8938 if the total value of all of your specified foreign financial assets is greater than the reporting threshold that applies to you.
The taxable gain from the sale of foreign real estate held for more than one year will generally be taxable in the United States as capital gain, which is subject to a lower rate of taxation (only as much as 23.8 percent) than ordinary income (as much as 37 percent).
Reporting the sale of foreign property to the IRS and FinCEN
If the income you made from the sale of your foreign property was deposited into a foreign bank, you may have to report it on a Foreign Bank Account Report (FBAR) by using FinCEN Form 114. You may also need to file FATCA Form 8938.
What countries do not allow foreigners to buy property?
Four countries in which there are extra layers of difficulty for non-citizens who attempt to purchase real estate are Vietnam, Mexico, Greece, and Thailand.
A foreigner can only own one property in China, and that property must be residential. There are additional requirements by province and city. For example, in Beijing, you must pay taxes and social security for at least five years before you are permitted to buy a property.
Just like renting a space, buying a home in Japan requires a good deal of money and savings. Japan's house prices start around 25,000,000 JPY (230,000 USD) and go up from there. The overall national average for buying a house is 35,760,000 JPY (337,000 USD).
There is no minimum stay required. A St Kitts & Nevis passport allows visa-free or visa-on-arrival travel to 157 destinations, including Hong Kong, Russia, Singapore, the UK, and Europe's Schengen Area.
An Antigua and Barbuda passport offers you visa-free travel in 151 nations across the world. Antigua and Barbuda is one of the easiest countries to get citizenship by investment.
The fastest way to obtain citizenship is in Vanuatu; on average, it takes a month. Caribbean citizenship has become popular among entrepreneurs.
China, Laos and Vietnam are Communist countries that do not allow personal ownership of property.
Four countries in which there are extra layers of difficulty for non-citizens who attempt to purchase real estate are Vietnam, Mexico, Greece, and Thailand.
Estonia. There are no restrictions for foreigners purchasing property in Estonia. As a buyer here, you also have first option of acquiring the land on which your property sits.
Foreigners can own property in Mexico. It's perfectly legal. Outside the restricted zones—50 kilometers (about 31 miles) from shorelines and 100 kilometers (about 62 miles) from international borders—foreigners can hold direct deed to property with the same rights and responsibilities as Mexican nationals.
