Hi,
I have been thinking lately about whether to purchase another house in Australia, where the banks are easier to deal with and the interest rates are great, or buy my 4th property in either Moscow or St Petersburg but the banks are extremely difficult and the rates are around 12% for a loan in US dollars... Unfortunately, I haven't got much more equity left in my Aussie properties to use but have around 1million in equity in Russia but an immature banking system and hefty rates are holding me back..
Anyway back to the heading of the thread and to explain the amazing situation here in more details... Most properties here are still rented out under the table without paying taxes.. In my situation as I target foreigners, their companies need it to be official, so they are prepared to pay an extra 13% on the going market rate and pay the tax on my behalf.. At the end of the financial year I receive a tax certificate which I send to the tax office... Also rents here are between 450-650pw in my pocket, as it's not common to use a property manager, for a small 1 bedroom flat with very little maintenance costs...
Also here I have very few costs as the tenant usually pays for most things compared to Australia and the nanny state it has become, for example- annual fee for testing the fire alarms, property management costs, pool certificate, gas certificate, termite inspections, high council rates etc....
However, Australia is a lot more politically stable and the law is respected where here you never know what's around the corner...
I have been thinking lately about whether to purchase another house in Australia, where the banks are easier to deal with and the interest rates are great, or buy my 4th property in either Moscow or St Petersburg but the banks are extremely difficult and the rates are around 12% for a loan in US dollars... Unfortunately, I haven't got much more equity left in my Aussie properties to use but have around 1million in equity in Russia but an immature banking system and hefty rates are holding me back..
Anyway back to the heading of the thread and to explain the amazing situation here in more details... Most properties here are still rented out under the table without paying taxes.. In my situation as I target foreigners, their companies need it to be official, so they are prepared to pay an extra 13% on the going market rate and pay the tax on my behalf.. At the end of the financial year I receive a tax certificate which I send to the tax office... Also rents here are between 450-650pw in my pocket, as it's not common to use a property manager, for a small 1 bedroom flat with very little maintenance costs...
Also here I have very few costs as the tenant usually pays for most things compared to Australia and the nanny state it has become, for example- annual fee for testing the fire alarms, property management costs, pool certificate, gas certificate, termite inspections, high council rates etc....
However, Australia is a lot more politically stable and the law is respected where here you never know what's around the corner...
