International Agent

Whether buying within the US or overseas call me!   I have buyers, investors and developers waiting to talk about opportunities. I can help you meet your real estate buying goals and have many contacts at your disposal both nationally and internationally.

Certified International Property Specialist (CIPS). The CIPS Designation is the only designation of its kind in the real estate community. It’s synonymous with advanced expertise, a global perspective and distinct understanding of a global buyer, and comes with powerful brand recognition with designees in nearly 40 countries.

International’s Buying within the US.

We live in a global marketplace. While all real estate is local, not all property buyers are. A significant share of home purchases are made by people whose primary residence is outside of the U.S. Find out which are the top five countries of origin for foreign home buyers and how these buyers are using the services of REALTORS®.

This year’s Profile examines purchases of real estate in the United States by international clients for the twelve-month period ending in March 2011.

• Of the approximately $1.07 trillion in existing-home   sales between March 2010 and
• March, 2011, approximate $41 billion dollars-worth were purchased by   foreign buyers.
• Recent immigrants—those who have moved to the U.S. within the past 2   years—and individuals with visas for more than 6 months, purchased an   additional $41 billion.
• Therefore, total purchases by foreign or foreign-born buyers were $82   billion, up from $66 billion reported in 2010.

US Citizens Buying in the International Market Place

Charming Tuscan villas lure with views of lush olive groves and ancient hill towns. Beachfront retreats in the Caribbean call like modern sirens. While traveling abroad, who among us hasn’t been tempted to splurge on an exotic vacation home?

But international real estate is more than an impulse buy–or, it should be if you’re smart.

Along with the appeal of owning a second (or third, or fourth) home, there are pragmatic reasons for buying abroad. It can be a way to diversify an investment portfolio or provide rental income. Buy in Dubai, and you automatically receive a visa that permits you to do business there. Some international purchases made a decade ago would be considered very wise today.

It turns out investing in Europe has been a good idea, because the euro has increased in value to the dollar.

Of course, there are risks as well: Currencies can slide, taking with them the value of overseas investments; political changes can affect ownership laws; and the buying process can be complex and confusing. So while it may seem like a lark, international buyers should put even more care and thought into purchasing internationally than at home.

Everything from how it’s marketed to the tax system can be different.

There are some principles that should be followed when buying real estate anywhere. It is common sense to make sure that the person selling you your dream home–whether it’s in Miami or Mexico–has full title to the property. Check that the company behind that new development in Thailand or Toronto has a rock-solid reputation.

Every country has different rules and conventions, which means prospective buyers need to take a number of issues into consideration, including ownership restrictions, tax ramifications, development regulations, currency issues and political climate–before they fall in love with a home.

There are no statistics available on the number of people who buy real estate abroad.  Overseas home ownership by British households rose by 95% between 1993 and 2003, according to a report by the company. Buyers have been encouraged by increasing affluence, as well as by a travel industry that has made the world easier than ever to explore.

I think it’s safe to say that more people in this country are looking overseas. The world is smaller. There are more job opportunities overseas.

But before you jump into a deal, experts say it’s smart to get to know a place in more than a passing fashion. Many advise that prospective buyers take several trips to an area and rent a house instead of staying in a resort.

Real estate is very local.  You require enormous local information about the investment–it is not like simply buying into a mutual fund of overseas companies.

Check whether you are legally able to own property as a foreign national. Until a few years ago, foreigners could not own in Dubai, which is marketing new developments there. In the past, Mexico’s constitution bans foreigners from owning within 30 miles of the coastline or 60 miles of the U.S. border. So, until a dozen years ago, ownership was only permitted through a 28-year trust. The regulations have been relaxed; though foreigners must still own through trusts, they now last for 50 years and can be extended indefinitely.

Once you ascertain that you are willing–and able–to buy, you may discover that there are differences in how properties are marketed.

The multiple-listing system that you enjoy [in the U.S.] is not prevalent in Europe. You have to go from real estate agent office to real estate agent office and put together your own schedule of viewing. That’s especially true in Spain, where many properties are offered privately and require local contacts to track down.

Offers may also be made differently. In the U.K., when a buyer’s offer is accepted, there is no deposit required.

Between that point and the point of any binding agreement, you have mortgage applications and inspections.  You would end up spending money before you even have a binding agreement.

When buying internationally, it’s important to consider currency risks as well as government controls.

If I invest my U.S. dollars in Italy, does the seller take U.S. dollars, or do I need to convert them to lira to pay him? Once I sell my property, am I able to freely take out my money without being taxed by that country?

In the Bahamas, you can obtain a verification from the government that you have invested in the country. If you sell and want to wire $1 million back home, you can easily exchange the money and send the cash from a commercial bank. That may not be true everywhere, however.

Tax and estate laws are another concern. Some countries have no taxes, other have very high taxes. Some levy taxes only on legal residents, others may tax foreigners at a higher rate. Will there be a huge capital gains hit if you sell for a profit? In some places, if a property owner dies, the government automatically divides the estate evenly among survivors.

Also check with your tax person here in the U.S. You can’t escape paying taxes just by buying a house in France and saying you’re living there.

And if concerns about historical restrictions (local laws may say that charming stone cottage can only be repaired using original materials), security (who will look after the place in the off-season?), transportation (Costa Rica is known for rutted and bone-jangling roads) and utilities (in some countries, a water connection isn’t part of the real estate deal) aren’t exhausting enough, there are political issues to consider. Is a place safe? Is it stable? Does the government respect property rights?

All these questions are important, and Robin Torres and Company will help you know the answers!