Many of these destinations are ideal residence or buy-to-let locations for both youngsters, retirees and investors. Some of them also offer either temporary or permanent residency permits based on the amount invested in total, age of the investor and/or any other factors.
These countries also offer mortgages to foreign buyers but chances are that lower percentages of total cost are covered (which translates to higher down payment rates), or high interest rates are payable in comparison to residents. Taxes on rental income and capital gains tax on resale are also caveats to be considered. Credit checks, ID numbers and verifications are part of the process in all of these countries. There might be additional procedures also - for example, in Turkey, nationals of some countries are required to get approval from the relevant ministry before purchasing real estate while others don't have to do so.
Read our guide to the retirement age limits in some popular countries.
Here is a list of questions to answer before you think of investing;
1. Why do you need this home or houses? This reason can help you make a decision on which country to consider and what budget to have. Investors and young couples might look at re-investment and resale opportunities while retirees look at quality of life and cost of living. Some people might invest to get residency.
2. Does your country restrict investment in residential real estate in foreign countries?
3. What additional costs are incurred as a result of you being a non-resident? Is the extra cost reasonable in comparison to the property value?
4. Are mortgage options available and what taxes are payable?
5. What are the resale and inheritance rules of your country as well as the foreign country with regard to property?
6. If you are doing this for the residency permit, does the permit include your immediate family as well? Do you have to fulfill any other conditions?
7. Is the country close enough for you to conduct maintenance audits regularly?
8. Any other legal or documentary requirements of the host country.
Read our guide on how UAE expats can try and get richer before retirement
