24.11.2011 10:14
Buying real estate is a complex process involving many steps and often requires specialized knowledge and skills for proper transaction that protects the rights of the buyer.
Even more complicated is when you buy a property outside the country of the buyer, which requires knowledge of local laws, rules regulations, language, etc., the financial magazine says Investopedia.com.
Some countries in which the purchase of real estate is very complex, sometimes bordering on the impossible with:
Vietnam
In Vietnam, land is collectively owned, so neither foreigners nor locals can own land. Foreigners can buy property and rent the land from the government and foreigners registered in the country can buy property but can not rent it to third parties.
There is an opportunity to purchase a 50-year renewable rights of the Vietnamese real estate company for renting a significant rights, including the subletting their rent.
Also the cost of purchase of property denominated in Vietnamese currency into gold and implemented so that the change in gold price and exchange rate differences are crucial.
Mexico
Earth in Mexico falls into one of four categories. Federal area belongs exclusively to the government and includes the first 60 feet of beach to land.
Nobody has the right to buy or sell properties in this area. By the federal zone in the direction 30 miles to the interior waters "forbidden zone". Here foreigners can buy property, but must do so through a bank trust called fideicomiso.
The third category includes group ejido-land is communal property and can be transformed into private, but foreigners must pass very complex procedure and often refuse to do so.
The remaining land falls under the category "forbidden zone" and there purchase process is simpler and preferred by buyers.
Greece
For property buyers who are not EU, buying a property in Greece can be very "misleading." Along with finding a real estate agent, speaking Greek and native language of the buyer will need to hire a lawyer who to make extremely complicated procedure for the transfer of property.
Lawyers assist foreigners to acquire a Greek tax number called AFM and opening a Greek bank account required for purchase of property. The government of the country requires proof of source of funds from the buyer. Without such funds transferred to a country subject to taxation.
There are some military and archaeological areas where foreigners are not allowed to buy property or may do so only after special permission. There are also areas outside urban planning, where access to electricity and water is impossible. Buyers can not rely on a mortgage from a Greek bank, as well as transaction costs in the country are extremely high.
Thailand
In Thailand, foreigners are not allowed to own land. They can only own land, bought by a company 51% owned by Thai nationals. In general, foreigners are prohibited to give land rent. They can also buy apartments in buildings owned by foreigners which is not more than 40%. Foreigners are not eligible for mortgage financing from Thai banks.

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