Almost 40% U.S. millionaires plan on buying a home overseas within the next 12 months, according to the latest Trend Report by Coldwell Banker Global Luxury."Living in a country is not the same as spending a lovely three weeks there," said certified financial planner Jude Boudreaux, a partner and senior financial planner at The Planning Center in New Orleans.Another two-thirds of respondents plan to purchase a home abroad within the next five years, according to the report.
But in most cases, the U.S. buyer will need to open a bank account in the country they're buying real estate. And that process is not always straightforward. "Get familiar with the city, get familiar with the streets ... do a lot of due diligence," Mujcin said. "Is this an investment? Are you planning to retire there? Are you planning to visit and rent it out?...You have to really understand the environment you're purchasing into," she said.
And if you do decide to use the property for rental or commercial use, you may have additional tax burdens in that country, Boudreaux said."Make sure you have local experts and professionals advising you" when shopping in housing markets outside of the U.S., said Boisson Aries."There are so many variables that affect each purchase."
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