International property

[PEI]

Just curious if anyone has any comments on buying property in other countries?

I think it would be great to have a new subjuect matter and a place to go to talk about International properties, resources, experiences or just to ask questions.

For instance does anyone know or have any information on buying property in France, America, maybe a unit in London, different buying tecniques for other countries etc. For example buy and rent back as council housing in London, buying and renovating in France, Italy.

I know that some of you may not be interested in this area at all or (yet!) but Just interested on your thoughts and any input you may have on this subject.

Is it possible to start a new subject matter on the somersoft forum?

 

[XBenX]

search search search wonderful search ennngine

many a thread on international property

it might be a good idea to have a seperate forum for int IP as is being suggested ... i dunno maybe it could be a forum overload tho

just some thoughts

 

[geoffw]

Forumite jslaws does the US, there are others. Do a search for posts by jslaws, America or England.

 

[strangep]

Hi PEI

There is a UK based msn forum called SingingPig. That could be a useful resource for learning about investment property in the UK.

The address is

http://groups.msn.com/SingingPig

Paul

 

[Mike]

I know that some of you may not be interested in this area at all or (yet!) - PEI post #1

Hi PEI,

What keeps the vitality of the forum going and the punters coming back is good hearty discussions. I don't think the level of interest is there yet for a separate conference on International Property Investing. Motley Fool UK have a separate conference for International PI but the quality of discussion is not up to the same standard as the main PI conference. However, perhaps you could spark some interest by doing some research and posting a few resource posts in the Information Resources conference.

Something I'm currently putting together for overseas investors wishing to buy property in Australia is a resource post on finding finance from Australian lenders. If you think we should consider buying property overseas why not provide a resource list of lenders and mortgage brokers that are happy lending to international investors?

Regards, Mike

 

[Jamie]

I found this post on the RDPD forum. Doesnt add much to this discussion , but thought it was interesting anyway...



103 apartments for $US285 000 Posted: Feb 1, 2003 9:24 AM

A Swedish council is selling 103 apartments in Ludvika, Dalarna, Sweden. They value the buyers plan for the area higher than the price, and are willing to sell it for less than 2 million Krones (ca. $285 000). Maybe this could be interesting to someone in this forum.

Here's a link (in Norwegian)

http://www.ludvika.no/




Selling apartments for less than US 3k each? Wow!

Pity the website is all Greek to me...

Jamie.

 

[D.T.]

Originally posted by Jamie

Selling apartments for less than US 3k each? Wow!

Pity the website is all Greek to me...

Jamie. [/B]

No, actually its norweigian

Seriously tho, if they were all rented out for 100 bucks a week (i've no idea about swedish rents), then that'd be 10,300 a week or 535600 a year... meaning about a 6month break even point. This seems rediculously good value, and am wondering what hte catch is.

I know quite a lot of Swedes online (and speak a couple of words of the language), if you could find out more information about the units, I could ask my friends what similar property's rents are.

 

[Jas]

You can always use a translation service. Altavista has one, so does IE.

Not something I'd like to base a $$$ deal on thou.

Jas

 

[PEI]

Thanks for the replies.

I have often been to the singingpig forum and they seem to be a good friendly bunch and a good resource for property ideas in the UK.

As you suggested Mike I think a posting with resources would be a good idea and maybe others can add to it as we go. I will post a new thread shortly with some resources after I have done some more investigation.

Cheers

 

[Phil_H]

Hi PEI,

You will find some interesting links here

http://www.escapeartist.com/

Cheers

Phil

 

[tamara]

Hi

For what it is worth I think that you should look into New Zealand. There is no CGT, no GST on property, and no stamp duty. You can protect your assets in a trust.

There are plenty of opportunities for negative gearing, creating cashflow and certainly if you pick the right part of the country captial gains. Take your pick.

Tamara

 

[D.T.]

If you had the rent from a NZ property paid into your Australian account, would ya pay tax in both countries?

 

[tonyd]

Originally posted by dtraeger2k
If you had the rent from a NZ property paid into your Australian account, would ya pay tax in both countries?

Hi DT,

It would be rather messy having oveseas rent paid into an Australian account. Better IMO to have rent paid into a local account, have a linked credit card, and spend money using the credit card.

If you are a non-resident (living in OZ) with investment income/loss in NZ then you will need to lodge a NZ tax return.

If you make a profit, you pay tax in NZ. You will need to declare the profit in your OZ tax return and will be assessed at your marginal tax rate. I believe the ATO will look at how much tax you paid in NZ and ask for their slice too.

If you make a loss, the loss will be carried forward to future NZ tax years to be offset against future NZ profits. So you do not get an annual tax refund on a negatively geared property. The NZ loss is declared on your OZ tax return, but you can't offset it against your OZ income.

cheers, Tony

 

[geoffw]

Dale,

What are the ATO regulations concerning O/Sincome vs Australian?

I had an idea there used toi be a separation between O/S vs Australian income- and even between passive and earned income- is this the case please?

I've been trying to find out via the ATO site, but information appears scan (using my search terms at least).