Want To Buy Property Overseas? Follow These Tips

Legal aspects:

To buy a property abroad, buyers need to concentrate much on legal aspects. Buyers need to be aware of both India’s foreign investment laws and the particular country’s laws where the buyers intend to invest.

Krishnan cited that "An Indian can buy a house overseas under the liberalized remittance scheme by making a remittance of up $200,000 per financial year. The Foreign Exchange Management Act also allows an Indian resident to acquire a property outside India by way of gift or inheritance from a person resident outside India. In addition, a person resident in India may hold an immovable property outside India acquired when he was not a resident in India (when he may have been working outside India)," reports Business Today.

According to Narayanan, buyers should look for the incorporate service providers who provide services both in India and abroad, the place where buyers want to buy property.

Buyers should check all the rules and regulation of that particular place where they want to purchase property. Ensure to check the taxation cost and the maintenance cost of the property before buying, as many countries expect foreign buyers to pay huge amount for property transactions and taxes.