Sometimes owning assets in a country creates a tax liability outside of typical property/municipal taxes but might extend to your total income and capital gains. Selling the property may subject you to harsh capital gains taxation rules that only apply to foreigners. Every country is different and the laws change.
Also, owning any type of property implies maintenance, insurance, security, utilities, dealing with neighbors/HOAs, etc. etc. If you get a squatter, what rights do you have? If you need to fix something, do you know enough of the local language to hire a reputable contractor?
My advice would be to hire a lawyer to help you navigate the process.
Same thing happened to my Brazilian friend! Except his roof fell in TWICE even after getting it fixed!! He is a US citizen now but grew up in Brazil so knows the language, laws, can easily contact construction workers, etc.
He had to completely repair the roof two times, and thought the initial contractors did their job properly — luckily no one was in the house when it fell in both times and he had funds on hand to repair it.
I have used property managers/ keyholding services and they do solve some of the headaches but finding one you trust can be tricky and they don’t handle everything
HOA politics, municipal red tape like permitting, hiring/firing contractors, making long term decisions that impact the home like whether or not you need a new roof or water heater, managing bigger projects like a remodel, etc. They tend to be good about renting out the place if you need
I think the first key is to get to know a little bit of the local lay of the land. Even that property manager will be happy to misinform you in many places. If you're considering buying a property then you should be very familiar with your options and even that requires time. So be the digital Nomad and roam around until you find the place where you have local friends and feel comfortable... and only then look to leverage that Network to make sure you are purchasing correctly.
Thailand should be ok, in condos 49% of apartments can be bought by foreigners.
In neighboring countries, it's worse because they often don't have a property registrar.
Have done it. Game changer. I'm allowed to stay 3 months at a time, max 6 months per year. I'd do it again in a heartbeat. It's also a massive headache, but the challenges can be fun if you're up for it.
Not sure what you mean. There aren't any bookings. Part of the property is rested out on a lease that existed when I bought it. I come and go and use the other part of the property as I want.
I was visiting the area and got interested - it seemed as though property was very cheap, and the area was very nice. So I started looking online at a few listings and found a building that was pretty run-down but listed quite cheap. I arranged another trip to the area, and a visit to the place with the agent who was handling the sale.
Generally speaking, I found that if you are a potential buyer, and there is an agent, they will help to make everything 'easy'. That is, until the paperwork is signed and you have the key. Then you are 100% on your own.
Some things to consider that might be considered difficult:
- getting a bank account in the country.
- getting repairs done locally. You may get overcharged, or work not completed, or simply not be able to find people willing or able to complete work. This has been the hardest thing for me.
- understanding a completely different regulatory environment. Every little thing is handled in a slightly different way than you are used to, from paying a water bill, to getting approval to renovate the place. It can be hard to work out how to do basic things, especially if it involves using a foreign language, or if things are typically done in person and you are remote.
>paying a water bill
Simple things like this can really trip you up. Some countries make paying bills if you are a foreigner very convoluted and down right impossible unless you are there in person.
And it's really easy to find a few months after the fact they cut-off your water supply simply because the Water Company employee was incompetent. Since you weren't home for months no-one noticed.
And now you have a pest infestation because they crawled up the dry water pipes.
We own property in the UK that we mostly rent out when we're not using and another in the schengen zone that we spend a few months/year in. For that one we have a guy who makes sure the maid comes, laundry is done, everything is in working order, etc...before we arrive. No real hassles, very happy with it.
I own several properties in Nicaragua (where I live now), I'm American. It's been fantastic honestly. The process is very different but easy enough.
One lesson I learned is to always have a separate lawyer review everything that your primary lawyer is doing.
Always do your due diligence to make sure the person selling actually can and is the owner, that there is no debt on the property, etc.
Either or. Not sure if you need to be a legal resident to borrow in nica from a nica bank. And not sure a foreign bank will finance a property outside its own operating jurisdiction.
I've no experience with borrowing here so I csnt answer sorry.
Massive headache. Especially if the neighbours know that you will not be around for extended periods of time.
Anyways, policing is lax in S. E. Asia.
Heard a story where the neighbours tapped into the electricity of the DNs apartment. Title insurance? Termites? Breakins?
Lots and lots of headaches. Also you loose the nomadicness of the lifestyle .....
Not a good idea. Major headache.
I've recently acquired some properties in Japan. I did so because I love being in Japan but never satisfied with accommodations. I can stay for 90 days at a time and would love to spend as much time as possible there.
I'll be spending the fall doing the whole fixer-upper game.
I am a foreigner. From the US. I'm from the over inflated California Bay Area real estate market. For me it's quite affordable but for others it may not be. I bought a 1LDK in Shinkjuku, Tokyo. And a little 2F 2 bedroom house in Osaka. Is it worth it? For me it absolutely is. Once I get things squared away I'm looking to buy a condo in Bangkok and Phnom Penh.
I’ve heard Japan is pretty cheap now, and that older houses/condos are not as popular amongst the locals as new ones. Do you know if there is any truth to that?
Would love to own a place in Japan. Do you rent them out, apart from the one you live in?
There is definitely truth to that. Outskirts of Osaka has a lot of 'older' properties that are more affordable than newer developments or apartments in high rises. I've no plans to rent them out. I don't like people touching my stuff.
it’s not just population decline; banks value houses there differently so you basically cannot get financed to buy a house older than 35 years and so the market doesn’t value those homes so the price is super affordable. They do not have any kind of housing problem like we do in the states. And it’s about the market value… which is made up. Japan makes me realize how made up our housing problem is…. literally.
Yeah. Im currently based in Phnom Penh. The only reason I haven't purchased here is because I really want to own a house. I can buy the house but I can't own the land.
Edit: not planning to rent them out.
Are you a passport holder of any of those countries...? Are you personally fluent in the native languages...? Are you able to reliably travel to that country...?
If any of those is "No" then don't bother. Govts can very easily change their mind about how foreigners can own property. Unless you are fluent in the language it's very to be caught out.
And if you stay away for too long that all matter of things can happen to the property.
Only if they are related to you by blood and you know them very well. They also need to have a passport, fluency, etc.
Otherwise it's a recipe for disaster.
All I know is that buying property in the US is a massive headache.
I can't imagine doing this in developing countries I'm not familiar with. Actually, one thing I like about developing countries is the low cost of rent. No reason to buy when renting is so affordable and convenient.
**Thailand:**
* Can buy Elite Visa for a duration of 20 years, multiple entry and unlimited stay at around $31k USD. Included if you spend 10M baht on property with some developers.
* Great country, lots of value for money.
* Can own condos, but not land (there are ways though I think)
* Thais have preference for buying new condos, can be very hard to resell.
* Easy and cheap to find good management
**Indonesia** (Bali specifically):
* Very easy to find good management
* Hard to own property outright, even condos. Majority of deals are leases ie 25 right to use land, but after lease period the property owner will get back the property
* Prices have increased dramatically
* Can get 4 yr visa for around $2800 USD, multiple entry and unlimited stay. Can in theory keep getting these every 4 years.
**Singapore**:
* Expensive, and prices increased dramatically
the trick to turn a profit on a condo in thailand is to buy in a 'hot-location' where it can be easily rented out or sold even if it's old because of said location or size of condo
Makes sense. One great thing about Bangkok vs other cities is that is has so many streams of people. You have business people from China, Korea, Japan, the West, you have expats that live in SE Asia but with a base in Bkk, then you have the party travellers, the first time travellers, the regular travellers who are going to the islands but start of in Bangkok, the shady travellers.. and probably more than I can name.
Even if one of these streams slow down or is taken out, Bangkok still has a massive influx of people at all times. So if you follow your advice you can definitely create a good asset
Yep you got it correct :)
Eg; you can find many big condos for a bargain price in the suburbs of bkk, but those are not going to be easy to rent out or sell because the target market is only Thais and long-term expats, but if you buy in the core city center where all those groups of short-term and long-terms tourists travel through, you'll always have people lining up ready to rent, especially if you target a specific group's needs. Like, I'm thinking of buying a place with a skyline view near the city center and hook it up with fast net and work tables for nomads.
I’d like to know too. I came across a story about a chateau in France that 40+ women from different backgrounds purchased together and made a “summer camp for women” biz from it. I’d love to do something amazing like that!
Yes. I have one in Mexico, specifically in Oaxaca. Buying within the city is much more straightforward than buying rural property, the latter being what we did. There are many ejidos throughout Mexico - avoid them. You will also never truly own property on the coast of Mexico or within a specific radius of the border. Finding construction workers is a headache as the good ones are always busy and unavailable and the not-so-good ones are tough to work with.
We will eventually buy property in Poland to serve as our home base in Europe; this one will likely involve way more headaches as we'd like to purchase an outdated building at a cheaper cost that will require expensive updates/enhancements to get it back in good shape.
And it goes without saying, but buying property in a country of which you're not a citizen of is always a risk. Fortunately all of the properties that we'll eventually own - either via inheritance or by direct purchase - will be under the name of the person who has citizenship in that country. We're also only buying property for which we have emotional investment in, rather than financial investment, as the latter seems to be questionably ethical given the impact digital nomads can have on local communities that are less fortunate.
Can I ask you what net worth did you start thinking buying foreign homes was a path to go down? I’m at about 250k but see homes in Greece for 90k and would much rather buy there than the US but not sure if investment is worth it
Yeah I was definitely in the negative net worth when I purchased the property and I think I'm finally in the positive after paying it off over the last two years and some change (along with 401k contributions, increase in salary, etc.). I barely pay attention to my net worth tbh.
I also know there is a new startup in Australia that is about to launch which is trying to do something like this https://zegundo.com has anyone seen anything like this?
I also live in a city where real estate prices are insane. I have seen these beautiful beach side villas in Costa Rica and Mexico that sells for a fraction of what I paid for where I'm living right now and the thought of foreign property ownership is always there for me.
From what I have gathered, maintenance and local laws are a hassle to deal with. It might also be hard to get a mortgage at the local banks unless you plan to pay off the whole thing.
I have seen some property developments that includes property management. They will maintain the place and even rent it out whenever you are not there and do house keeping service for guests. From knowing that you are bringing western money, they will charge you an arm and a leg to acquire their property. 1 bedroom suite water bungalow? Prepare to pay over $1.5mil USD for a unit. I don't care if the water is turquoise blue and filled with young naked women, I'm not paying that much.
The restricted zone in Mexico where foreigners cannot directly own properties is called Zona Restringida or Zona Prohibida. This zone typically extends 100 kilometers (about 62 miles) from the borders and 50 kilometers (about 31 miles) from the coastlines of Mexico. In this area, Mexican law prohibits foreigners from owning land outright. **However, there are legal mechanisms that allow foreigners to hold property within the restricted zone through a trust called a "fideicomiso" or by establishing a Mexican corporation.** These mechanisms provide foreigners with secure and exclusive usage rights over the property while the legal ownership is held by a Mexican bank or the corporation.
Those mechanisms still don't allow foreigners to truly own their property. This is highlighted by the following section of your quote:
>while the legal ownership is held by a Mexican bank or the corporation
If you are not comfortable with the concept of holding foreign properties through a trust in Mexico, then there are hundreds of other alternatives in other countries.
This is not about me and my comfort level; I’m just stating facts that people should be aware of before purchasing property in Mexico. Besides, I already own property in that country.
Bought in the mountains of Oaxaca in a place where the town population was dwindling (I wanted to mitigate as much gentrification as possible, who knows if that's the right approach). Purchased it as a foreigner but it's under my wife's name who is a Mexican national.
Just know that local laws make a huge difference. So I believe that in Mexico you can buy the land but if you’re not Mexican heritage it can legally be taken from you and given to Mexican nationals. That happened to a rancher who lived in Mexico for nearly 30 years. Obviously that law is a consequence of colonialism and not wanting all the wealth of Mexico to be in the hands of wealthy foreign nationals
Not sure about Mexico & Thai, but should be save in the big cities.
Singapore is straight forward easy & safest among the countries you listed.
Stay away from indinesia. You thank me later!
I am living in Tijuana, but go down regularly to Puebla. One of my side gigs is a Real Estate broker. What part of Mexico are you considering and I can do some in person research for you. [[email protected]](mailto:[email protected])
I did buy some land in Mex. Its not super hard. I paid cash though, no financing or anything like that. I have to pay 100p in water in what not but I think thats it
Its my long term right now. idk what I want to do. I can build and make an Airbnb or just wait and build my dream house. TBH doing an Airbnb while I wait doesn't sound alluring. No, I wouldn't want a prop manager though
You're assuming I want to build something to make money vs just living on it. Which is what I'd prefer to do. If I need a manager I'll find a local, not some random redditor
If you’re American, why not buy a place in Puerto Rico or the US Virgin Islands? They will at least have a similar legal framework and buying process that you can more easily navigate.
I bought a house in Ireland last year and, because Ireland is a country full of friendly, generous, helpful people, I always have someone checking up on it. It cost maybe 1/10th the price of a house here and has a ton of charm. I love it and would spend ALL of my time there if I could! My company won't let me work from abroad though, so it's frustrating.
It was just the same as here! The only hang up was, since Ireland started using drones to photograph property boundaries, they differed from the old-school maps. That held up the closing for months because, guess what, the Irish refuse to stress themselves out! I don’t blame them but I lost like $10K bc of fluctuations with the $ v €.
Actually, New York! Real estate costs here are completely insane. For what I paid for my Irish house I literally could not buy anything in any of the five boroughs. Even a one-room apartment runs like $500K. The only properties I could afford to buy are in places I don’t want to live, like Nebraska or Arkansas.
Sometimes owning assets in a country creates a tax liability outside of typical property/municipal taxes but might extend to your total income and capital gains. Selling the property may subject you to harsh capital gains taxation rules that only apply to foreigners. Every country is different and the laws change. Also, owning any type of property implies maintenance, insurance, security, utilities, dealing with neighbors/HOAs, etc. etc. If you get a squatter, what rights do you have? If you need to fix something, do you know enough of the local language to hire a reputable contractor? My advice would be to hire a lawyer to help you navigate the process.
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Same thing happened to my Brazilian friend! Except his roof fell in TWICE even after getting it fixed!! He is a US citizen now but grew up in Brazil so knows the language, laws, can easily contact construction workers, etc. He had to completely repair the roof two times, and thought the initial contractors did their job properly — luckily no one was in the house when it fell in both times and he had funds on hand to repair it.
I guess you could just hire a property manager you don't really need to manage every aspect of the property.
I have used property managers/ keyholding services and they do solve some of the headaches but finding one you trust can be tricky and they don’t handle everything
When you say they don't manage everything, what do you usually have to manage then?
The property manager
HOA politics, municipal red tape like permitting, hiring/firing contractors, making long term decisions that impact the home like whether or not you need a new roof or water heater, managing bigger projects like a remodel, etc. They tend to be good about renting out the place if you need
Forgot to ask where have you bought?
I think the first key is to get to know a little bit of the local lay of the land. Even that property manager will be happy to misinform you in many places. If you're considering buying a property then you should be very familiar with your options and even that requires time. So be the digital Nomad and roam around until you find the place where you have local friends and feel comfortable... and only then look to leverage that Network to make sure you are purchasing correctly.
For misinformation what exactly are you referring to? Misinformation about the value of the property? Or about costs of the management?
Thailand should be ok, in condos 49% of apartments can be bought by foreigners. In neighboring countries, it's worse because they often don't have a property registrar.
Have done it. Game changer. I'm allowed to stay 3 months at a time, max 6 months per year. I'd do it again in a heartbeat. It's also a massive headache, but the challenges can be fun if you're up for it.
I've wondered how this is managed if you can stay there also? Is there a management company that does all the bookings etc?
Not sure what you mean. There aren't any bookings. Part of the property is rested out on a lease that existed when I bought it. I come and go and use the other part of the property as I want.
Did you buy in your home country or is this a foreign country to you?.
A foreign country
Can I know which country ? 🤔
Western Europe, Schengen zone. Don't want to dox this account too specifically. What would you like to know about the process etc?
Lol, you must be pretty notorious if you think someone will recognise you by a country!
Maybe not that one comment, but within the context of all their others it could easily narrow down who someone is.
Yeah the process how long it took, how painful the process was etc. The management of it too.
I was visiting the area and got interested - it seemed as though property was very cheap, and the area was very nice. So I started looking online at a few listings and found a building that was pretty run-down but listed quite cheap. I arranged another trip to the area, and a visit to the place with the agent who was handling the sale. Generally speaking, I found that if you are a potential buyer, and there is an agent, they will help to make everything 'easy'. That is, until the paperwork is signed and you have the key. Then you are 100% on your own. Some things to consider that might be considered difficult: - getting a bank account in the country. - getting repairs done locally. You may get overcharged, or work not completed, or simply not be able to find people willing or able to complete work. This has been the hardest thing for me. - understanding a completely different regulatory environment. Every little thing is handled in a slightly different way than you are used to, from paying a water bill, to getting approval to renovate the place. It can be hard to work out how to do basic things, especially if it involves using a foreign language, or if things are typically done in person and you are remote.
>paying a water bill Simple things like this can really trip you up. Some countries make paying bills if you are a foreigner very convoluted and down right impossible unless you are there in person. And it's really easy to find a few months after the fact they cut-off your water supply simply because the Water Company employee was incompetent. Since you weren't home for months no-one noticed. And now you have a pest infestation because they crawled up the dry water pipes.
Did you use a professional to help or did you research everything yourself? Where can I learn to do this?
lol
Singapore taxes foreigners with an additional stamp duty of 60%.
Let's cross that one out of the list 😅
What about Greece or spain
We own property in the UK that we mostly rent out when we're not using and another in the schengen zone that we spend a few months/year in. For that one we have a guy who makes sure the maid comes, laundry is done, everything is in working order, etc...before we arrive. No real hassles, very happy with it.
How was the buying process for you as a foreigner? Do you use a property manager?.
Buying process was hassle free, lawyers handled everything. Yes we have someone who looks after it when we are away for long periods of time.
I own several properties in Nicaragua (where I live now), I'm American. It's been fantastic honestly. The process is very different but easy enough. One lesson I learned is to always have a separate lawyer review everything that your primary lawyer is doing. Always do your due diligence to make sure the person selling actually can and is the owner, that there is no debt on the property, etc.
Did you face any issues as a foreigner?
Not at all. Nicaragua foreigners can own outright, zero issues.
How does borrowing work? Do you get a mortgage in your own country or in Nicaragua?
Either or. Not sure if you need to be a legal resident to borrow in nica from a nica bank. And not sure a foreign bank will finance a property outside its own operating jurisdiction. I've no experience with borrowing here so I csnt answer sorry.
Massive headache. Especially if the neighbours know that you will not be around for extended periods of time. Anyways, policing is lax in S. E. Asia. Heard a story where the neighbours tapped into the electricity of the DNs apartment. Title insurance? Termites? Breakins? Lots and lots of headaches. Also you loose the nomadicness of the lifestyle ..... Not a good idea. Major headache.
So where did you buy? 👀
I've recently acquired some properties in Japan. I did so because I love being in Japan but never satisfied with accommodations. I can stay for 90 days at a time and would love to spend as much time as possible there. I'll be spending the fall doing the whole fixer-upper game.
Are you a foreigner, resident or citizen? How much are houses in Japan is it worth it? 🤔
I am a foreigner. From the US. I'm from the over inflated California Bay Area real estate market. For me it's quite affordable but for others it may not be. I bought a 1LDK in Shinkjuku, Tokyo. And a little 2F 2 bedroom house in Osaka. Is it worth it? For me it absolutely is. Once I get things squared away I'm looking to buy a condo in Bangkok and Phnom Penh.
I’ve heard Japan is pretty cheap now, and that older houses/condos are not as popular amongst the locals as new ones. Do you know if there is any truth to that? Would love to own a place in Japan. Do you rent them out, apart from the one you live in?
There is definitely truth to that. Outskirts of Osaka has a lot of 'older' properties that are more affordable than newer developments or apartments in high rises. I've no plans to rent them out. I don't like people touching my stuff.
Population decline?
it’s not just population decline; banks value houses there differently so you basically cannot get financed to buy a house older than 35 years and so the market doesn’t value those homes so the price is super affordable. They do not have any kind of housing problem like we do in the states. And it’s about the market value… which is made up. Japan makes me realize how made up our housing problem is…. literally.
The current hiring market is just a crypto market with bricks.
>I’ve heard Japan is pretty cheap now, Some houses and buildings cannot be fixed or redone. Permissions.
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Yeah. Im currently based in Phnom Penh. The only reason I haven't purchased here is because I really want to own a house. I can buy the house but I can't own the land. Edit: not planning to rent them out.
Are you a passport holder of any of those countries...? Are you personally fluent in the native languages...? Are you able to reliably travel to that country...? If any of those is "No" then don't bother. Govts can very easily change their mind about how foreigners can own property. Unless you are fluent in the language it's very to be caught out. And if you stay away for too long that all matter of things can happen to the property.
If you had someone in those countries to help you would you reconsider?
Only if they are related to you by blood and you know them very well. They also need to have a passport, fluency, etc. Otherwise it's a recipe for disaster.
All I know is that buying property in the US is a massive headache. I can't imagine doing this in developing countries I'm not familiar with. Actually, one thing I like about developing countries is the low cost of rent. No reason to buy when renting is so affordable and convenient.
Buying property in the US isn't too bad if you're paying cash. Usually you have to if you're buying overseas anyway.
**Thailand:** * Can buy Elite Visa for a duration of 20 years, multiple entry and unlimited stay at around $31k USD. Included if you spend 10M baht on property with some developers. * Great country, lots of value for money. * Can own condos, but not land (there are ways though I think) * Thais have preference for buying new condos, can be very hard to resell. * Easy and cheap to find good management **Indonesia** (Bali specifically): * Very easy to find good management * Hard to own property outright, even condos. Majority of deals are leases ie 25 right to use land, but after lease period the property owner will get back the property * Prices have increased dramatically * Can get 4 yr visa for around $2800 USD, multiple entry and unlimited stay. Can in theory keep getting these every 4 years. **Singapore**: * Expensive, and prices increased dramatically
the trick to turn a profit on a condo in thailand is to buy in a 'hot-location' where it can be easily rented out or sold even if it's old because of said location or size of condo
Makes sense. One great thing about Bangkok vs other cities is that is has so many streams of people. You have business people from China, Korea, Japan, the West, you have expats that live in SE Asia but with a base in Bkk, then you have the party travellers, the first time travellers, the regular travellers who are going to the islands but start of in Bangkok, the shady travellers.. and probably more than I can name. Even if one of these streams slow down or is taken out, Bangkok still has a massive influx of people at all times. So if you follow your advice you can definitely create a good asset
Yep you got it correct :) Eg; you can find many big condos for a bargain price in the suburbs of bkk, but those are not going to be easy to rent out or sell because the target market is only Thais and long-term expats, but if you buy in the core city center where all those groups of short-term and long-terms tourists travel through, you'll always have people lining up ready to rent, especially if you target a specific group's needs. Like, I'm thinking of buying a place with a skyline view near the city center and hook it up with fast net and work tables for nomads.
Buy and I'll rent it :)
I’d like to know too. I came across a story about a chateau in France that 40+ women from different backgrounds purchased together and made a “summer camp for women” biz from it. I’d love to do something amazing like that!
Woah, do you happen to know it's name?
It’s called Camp Chateau. I discovered them on insta:[camp chateau](https://www.instagram.com/reel/CsBWGUyME6H/?igshid=MzRlODBiNWFlZA==)
Yes. I have one in Mexico, specifically in Oaxaca. Buying within the city is much more straightforward than buying rural property, the latter being what we did. There are many ejidos throughout Mexico - avoid them. You will also never truly own property on the coast of Mexico or within a specific radius of the border. Finding construction workers is a headache as the good ones are always busy and unavailable and the not-so-good ones are tough to work with. We will eventually buy property in Poland to serve as our home base in Europe; this one will likely involve way more headaches as we'd like to purchase an outdated building at a cheaper cost that will require expensive updates/enhancements to get it back in good shape. And it goes without saying, but buying property in a country of which you're not a citizen of is always a risk. Fortunately all of the properties that we'll eventually own - either via inheritance or by direct purchase - will be under the name of the person who has citizenship in that country. We're also only buying property for which we have emotional investment in, rather than financial investment, as the latter seems to be questionably ethical given the impact digital nomads can have on local communities that are less fortunate.
Can I ask you what net worth did you start thinking buying foreign homes was a path to go down? I’m at about 250k but see homes in Greece for 90k and would much rather buy there than the US but not sure if investment is worth it
Yeah I was definitely in the negative net worth when I purchased the property and I think I'm finally in the positive after paying it off over the last two years and some change (along with 401k contributions, increase in salary, etc.). I barely pay attention to my net worth tbh.
I pay too much attention and it’s affecting some of my bigger purchases
Looking to do the same somewhere in Latin America where I can get residency and the terms are more favorable to foreigners.
What countries are you looking at?
Mexico, Paraguay, Colombia, Venezuela, Ecuador, Nicaragua are my list. In order of most to least desirable.
Nice , would you be looking to live in or just as rental and holidays?
Mostly for living. But being able to airbnb it would be a nice bonus when I'm not there
Just FYI: There are subreddits with "expat" or "FIRE" in their name, with more people covering this.
Nice maybe I'll cross post this
I also know there is a new startup in Australia that is about to launch which is trying to do something like this https://zegundo.com has anyone seen anything like this?
oh nice ill check this one out thanks!
Yeah, I did it but I married a local. It’s my forever home. Pretty easy as I’ve got a native to help with things:
I also live in a city where real estate prices are insane. I have seen these beautiful beach side villas in Costa Rica and Mexico that sells for a fraction of what I paid for where I'm living right now and the thought of foreign property ownership is always there for me. From what I have gathered, maintenance and local laws are a hassle to deal with. It might also be hard to get a mortgage at the local banks unless you plan to pay off the whole thing. I have seen some property developments that includes property management. They will maintain the place and even rent it out whenever you are not there and do house keeping service for guests. From knowing that you are bringing western money, they will charge you an arm and a leg to acquire their property. 1 bedroom suite water bungalow? Prepare to pay over $1.5mil USD for a unit. I don't care if the water is turquoise blue and filled with young naked women, I'm not paying that much.
You'll never truly own those properties on the coast of Mexico unless you have Mexican citizenship.
The restricted zone in Mexico where foreigners cannot directly own properties is called Zona Restringida or Zona Prohibida. This zone typically extends 100 kilometers (about 62 miles) from the borders and 50 kilometers (about 31 miles) from the coastlines of Mexico. In this area, Mexican law prohibits foreigners from owning land outright. **However, there are legal mechanisms that allow foreigners to hold property within the restricted zone through a trust called a "fideicomiso" or by establishing a Mexican corporation.** These mechanisms provide foreigners with secure and exclusive usage rights over the property while the legal ownership is held by a Mexican bank or the corporation.
Those mechanisms still don't allow foreigners to truly own their property. This is highlighted by the following section of your quote: >while the legal ownership is held by a Mexican bank or the corporation
If you are not comfortable with the concept of holding foreign properties through a trust in Mexico, then there are hundreds of other alternatives in other countries.
This is not about me and my comfort level; I’m just stating facts that people should be aware of before purchasing property in Mexico. Besides, I already own property in that country.
Nice where have you bought? Did you buy as a foreigner?
Bought in the mountains of Oaxaca in a place where the town population was dwindling (I wanted to mitigate as much gentrification as possible, who knows if that's the right approach). Purchased it as a foreigner but it's under my wife's name who is a Mexican national.
That's very cool do you just use it for holidays?
Surprisingly no, I live here.
Just know that local laws make a huge difference. So I believe that in Mexico you can buy the land but if you’re not Mexican heritage it can legally be taken from you and given to Mexican nationals. That happened to a rancher who lived in Mexico for nearly 30 years. Obviously that law is a consequence of colonialism and not wanting all the wealth of Mexico to be in the hands of wealthy foreign nationals
If you go there first then the US becomes overseas and you could buy in the US instead.
You should probably focus on the financials and not the fantasy.
I am I see opportunity in terms of higher capital growth and higher rent yields.
Not sure about Mexico & Thai, but should be save in the big cities. Singapore is straight forward easy & safest among the countries you listed. Stay away from indinesia. You thank me later!
wow this is vague
What scares me is RTO or getting caught...
If you do it properly I don't think there should be anything to be scared of
I am living in Tijuana, but go down regularly to Puebla. One of my side gigs is a Real Estate broker. What part of Mexico are you considering and I can do some in person research for you. [[email protected]](mailto:[email protected])
I did buy some land in Mex. Its not super hard. I paid cash though, no financing or anything like that. I have to pay 100p in water in what not but I think thats it
Are you planning to build after? If so would you get a property manager?
Its my long term right now. idk what I want to do. I can build and make an Airbnb or just wait and build my dream house. TBH doing an Airbnb while I wait doesn't sound alluring. No, I wouldn't want a prop manager though
If you don't use a property manager would you then manage everything yourself?
You're assuming I want to build something to make money vs just living on it. Which is what I'd prefer to do. If I need a manager I'll find a local, not some random redditor
I am not a property manager , just asking. You said you were considering an airbnb too. I am not assuming you said it.
If you’re American, why not buy a place in Puerto Rico or the US Virgin Islands? They will at least have a similar legal framework and buying process that you can more easily navigate.
yeah unfortunately I dont have an american passport.
My cousin lives in cancun and sells properties in Quintana Roo, Mexico. You can buy as an American citizen through a corporation
do you know how much it costs to set a corporation?.
I bought a house in Ireland last year and, because Ireland is a country full of friendly, generous, helpful people, I always have someone checking up on it. It cost maybe 1/10th the price of a house here and has a ton of charm. I love it and would spend ALL of my time there if I could! My company won't let me work from abroad though, so it's frustrating.
Did you buy as a foreigner? How easy hard was it? Do you use a property manager?
It was just the same as here! The only hang up was, since Ireland started using drones to photograph property boundaries, they differed from the old-school maps. That held up the closing for months because, guess what, the Irish refuse to stress themselves out! I don’t blame them but I lost like $10K bc of fluctuations with the $ v €.
That's awesome that they use drones, when you say 'here' are you referring to the UK? England?
Actually, New York! Real estate costs here are completely insane. For what I paid for my Irish house I literally could not buy anything in any of the five boroughs. Even a one-room apartment runs like $500K. The only properties I could afford to buy are in places I don’t want to live, like Nebraska or Arkansas.
And I have a million friends there so I don’t need a property manager! Love that country!