Invest in Your Future - Top Exotic Locations to Own Rental Property
Having your own luxury rental property in an exotic location can be a really smart investment for both functional and personal reasons, therefore you need to carefully choose your destination. There are a couple of important things you need to consider things like foreign ownership laws, tax liability, and the whole buying process. The most important thing you need to think about is how the purchase will fit into your financial plan.
Because you are going to be working on unfamiliar grounds, it is better that you work with a real estate agent and attorney because they will know the language, their laws, understand the local regulations, so you don't end up in any unpleasant situations.
Belize
Belize is an English speaking country that has a lot of visitors because it has the world's second-largest barrier reef, abundant wildlife and lushes jungles that shelters Mayan ruins. It is a popular place for Americans to buy properties.
For this one, you will need government approval because you are a foreigner, and there are a couple of restrictions where you can buy it. The taxes are low and they have a fixed exchange rate you don't have to worry about currency fluctuations.
But you will need a real estate specialist with experience in property purchases in Belize because their market is completely unregulated.
Portugal
Because of its amazing climate, low costs of living and relaxed culture, Portugal is gaining popularity with property buyers. Portugal has one of the best values for real estate purchases in Europe and has a strong capsule for high rental demands. It has the most beautiful coastline with decent prices, but overall the whole country offers a good value. Portales has a program called a Golden Visa, which lets you have Portuguese residency and gain their citizenship with no relocation requirement if you invert a certain amount into their real estate.
Costa Rica
Costa Rica has a tropical climate and breathtaking natural beauty, and it offers similar things as Belize does. When it comes to buying property, foreigners have the same rights as their citizens. But neither foreigners nor their permanent residents are allowed to build or own on beaches in the Maritime Zone, and that extends from the 200 meters high tide mark. Their prices have been rising but they are still lower than in Europe and North America. There are no tax or capital gains, and the property taxes are low. It is advisable that you consult with an experienced broker because they have no licensing requirements or regulations that cover buying and selling real estate.
Bali
Many know Bali as heaven on earth, because it has the most famous and beautiful beaches ever. It has beautiful mountains, coral reefs, breathtaking beaches, and nature is amazing.
Bali has a large number of has a lot of people that are interested in owning property because they have really low living and housing costs. Because of that, there is an increasing number of foreigners that are trying to invest in the island by purchasing the property.
But when you are looking into Bali land for sale it is important that you hire a professional, because you are always at the risk of the local nominee taking over the property that you are investing in and there is really not much a foreigner can do to protect their investment.
Mexico
Because it has much lower living costs in comparison to US standards, Mexico is a very popular choice amongst Americans. Most types of properties are open to foreign buyers, the only exception is ejido land, and that island that is granted to native communities by their government.
Because Mexico is known for having gang and drug-related violence you should consult with a real estate agent to help you with finding a safe piece of land and getting to know all the laws of the country.
Malaysia
Malaysia has a tropical climate and a low cost of living and their property prices are super affordable and it has great conditions for foreign buyers. They all speak English and the country mostly follows Western banking customs.
The Malaysian government is welcoming to foreign investors, who are permitted to buy land on a freehold basis provided good conditions, including a minimum buying price. Some regulations can vary from state to state, but aside from property on Malay Reserve Land, you can purchase most types of land if the state authorities approve it.
Obviously, there are so many amazing exotic places throughout the world you can own a rental property in. And even countries that are not that exotic in the US have real bargains. But these countries are just some of the possible options you can choose to make your future profit from.
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