Page 4 - Real Estate Now Jan-Feb 2022

All Abroad!

What to Know About Retiring Overseas

Jessica Bowen courtesy realtor.ca
or many people the idea of retirement means freedom to travel, or maybe even enjoy hobbies you’ve been
putting off with your busy work schedule. For others, retirement comes with dreams of homeownership abroad.
FHave you dreamt of restoring a crumbling villa in the south of France? Or how about spending your days on the
beach in the Caribbean? Rest assured; you’re not alone! The good news is, there are those who have already forged
the way who can offer you advice.

Things to consider before making the move
Countries may place restrictions on foreigners owning property, which is why it’s always important to speak with a
REALTOR® with experience working internationally, before settling on a dream destination. REALTORS® work hard to
stay on top of industry regulations and designations, In addition, they have access to CREA Global, a global directory
of resources, professional development, and exclusive networking opportunities with other REALTORS® from across
the globe. You should also look into specific visa requirements and other documentation to make sure you have
everything you need before purchasing a home. Otherwise, you may be stuck with payments on a property that
you’re not able to live in.

For example, terms and conditions vary from country to country in the EU and property ownership rules vary greatly
between regions, including taxation of pensions and land transfer taxes. In France, you can expect to pay a 10% land
transfer tax as a purchaser of any property.

Thomas Watkins, a real estate professional from Sotheby’s Realty in Turks and Caicos says 90% of the buyers in the
territory are from North America. He says there are no restrictions on foreigners owning property in Turks and Caicos,
no capital gains on property transfers, and no estate or inheritance taxes which are all big attractions to potential
retirees. However, for Turks and Caicos, there’s a one-time Stamp Duty charge payable to the Turks and Caicos Islands
government when you purchase your property. If you’re considering the powdery sand beaches of the Caribbean,
says Watkins, it’s important to know properties are in high demand.
“Many times, properties will be sold by the time buyers are able to make the trip!” he shares. Another reason to get a
good REALTOR® before getting your heart set on your dream home!

4 | REAL ESTATE NOW | LB@LoraleeBurns.com