Being a landlord implies that you are basically being paid to own a property, as opposed to having to pay for you to gain ownership. The mortgage for that building or property will in many cases be covered by the rental income generated from leasing out the property. If you are savvy enough and invest in a good location, the chances are that you will earn a profit after paying your maintenance costs, taxes, and insurance. But before all this, you first have to know the best countries to buy property.
It is not uncommon for UK and US residents to opt to invest in their home countries. But have you ever considered the benefits that you are likely to earn from international investments? The following are the top countries where you can purchase property and proceed to make a handsome income as a landlord.
Malta has some exceptions when it comes to property ownership. Any European citizen who has resided in the country for more than five years prior to the acquisition date is eligible to purchase one or more immovable properties. They can do this without the need for them to obtain an EU permit.
Additionally, EU citizens who have not lived in Malta for more than five years but have the interest to relocate to the country are not required to obtain a permit. Chapter 24 of the Maltese constitution states that they are also not required to get permits when looking to acquire immovable property.
Germany has of late been attracting domestic and foreign investors in search of properties that can yield good results. Many investors are concentrating on areas such as Rhein-Main/ Frankfurt as well as in other key cities.
The interest has been occasioned by the fact that the country has very low-interest rates for depositors. This also means that investors should be ready to ward-off stiff competition from other investors.
At the moment, Munich, Dusseldorf, and Frankfurt are some of the cities with the biggest demand for properties. As such, buyers are in some cases only considering offers made by buyers who are in a strong financial position. It is, therefore, recommended that you first get your financing before you start looking for properties to acquire.
If you are going to be staying in Germany, ensure that you opt for either public or private health insurance. This is mandatory by law for anyone residing in Germany.
The Philippines is basically an island that is renowned for its stunning beaches, tropical community, and friendly locals. In total, this island nation is made up of more than 7,000 islands spread out between the South China Sea and the Pacific Ocean. The country is also known for its affordable costs of living which makes it very popular with expats. Foreigners looking to purchase property in the country are subjected to various restrictions. For instance, an expat can purchase a flat or condo in the country provided that the block remains sixty percent locally owned. It is even more difficult to purchase a piece of land which means that you can buy a building, but not the land beneath it.
If you are determined to own a piece of land, there is a way around this which involves buying the land through a corporation. But for you to take advantage of this option, you have to be prepared to invest in good legal services as well.
When looking to invest in the above-mentioned countries, it will be important to begin by doing your research. When it comes to the best countries to buy property, you will find that each property has its own set of regulations.