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Are you thinking of buying property overseas as an investment? Or, are you a foreigner looking to purchase some land or a home in Canada? Our guide covers what you need to know about buying property overseas or in Canada, including some of the most frequently asked questions about investing in foreign property.
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Compared to other parts of the world, investing in Canadian property in certain cities and provinces is very expensive, where property values and rents have hit an all time high in recent years. This is why Canadians are now looking for cheaper alternatives overseas in other countries like the United States, Mexico and Greece.
When purchasing property overseas, there are important considerations that you’ll need to take into account including:
If you can’t raise the full amount required to purchase property overseas, you’ll need to find a way to finance your investment. There are financing institutions in Canada that have branches or business partners in foreign countries worldwide, which you may be able to rely on for a financial solution. Most of them will even be able to assist you in filling out the required paperwork and making the necessary transactions.
Again, the Internet has a wealth of information regarding financial options in specific countries. If you can’t find what you’re looking for, it may be worthwhile to reach out to a broker or a financial expert in order to receive more guidance when looking to invest in property overseas.
When transferring money overseas, you have a few options including:
Do I need to consider currency transfer exchange rates?
The total amount that you’ll end up spending when investing in overseas property will be greatly affected by the exchange rates. Exchange rates vary and fluctuate constantly, so it’s better for you to purchase an overseas property when the rates are favourable.
Remember that the fluctuating exchange rate will also affect any income that you’ll receive if you rent out your property, and you may find your income varying from one year to the next. You may want to consider a specialist money transfer company to help you get the best rates and lowest fees for sending your money between the country where you’re investing and Canada.
The Government of Canada regulates foreign investment in the housing sector relatively heavily, since the value of land and houses has skyrocketed in the past few years. Foreigners can generally get approval for vacant land and existing residences for redevelopment as long as they apply for approval in advance and in the correct manner.
While lenders will allow you to borrow money as a non-Canadian resident, your down-payment on the property will need to be significantly larger than if you were a Canadian buying the property. You’ll usually need to have a 35% cash down-payment. In addition, mortgage rates are normally significantly higher than those a Canadian resident would be offered.
It’s relatively easy to purchase property or land in Canada as a non-resident. Important things to consider include:
Remember that buying land or property in Canada will not result in your becoming a Canadian citizen.
Since you’ll typically need a 35% down-payment for your land or property, you must figure out how to transfer your money overseas to Canada. You generally have two options:
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What options are available to an Aussie citizen and Irish citizen with Aussie permanent residency to finance a loan to purchase vacant land in Ireland for €40000-€60000?
Thanks for your question.
Just to let you know that the home loan products we feature on our website are generally for buying properties in Australia. If you are planning to buy a property overseas, you can directly inquire from banks with branches around the world if they offer services that can help in funding your investment.
Alternatively, you can seek professional advice from a mortgage broker in the country where the property is located.
My Husband is Australian citizen making decent money in a secure job with excellent credit. I am an American citizen. We both live here in Australia but He wanted to buy me a home in the USA so I could spend time with family and friends. Is there anyway to get a lender here to approve a mortgage for a home in the USA?? Who can we talk to?
Hi Debra and Michael,
Thanks for your question.
Since finder.com is based in Australia we can only provide general advice about finding an Australian mortgage broker to help you buy a property in the United States.
Most Australian brokers should have relationships with international banks that can organise the finance for you.
Hope this helps.
can I but rural property overseas and are their any countries where this is difficult.
Thanks for reaching out.
I’ve sent you an email to follow up with this enquiry.
i am interested in purchasing a property in thailand – am i able to apply for a loan with an australian financial institution or how is the best way to go about this?
Thanks for your enquiry.
finder.com is an online comparison service so we are not licensed to provide personal financial advice regarding your options for purchasing a property in Thailand.
There are some financial institutions in Australia that have partners in overseas countries who may be able to assist you with an overseas purchase, however you’ll need to enquire with the lender directly to see whether they can help you with this kind of transaction.
Can one buy a property in Australia while not an Australian citizen
Thank you for reaching out to finder.com , a financial comparison site.
There is the possibility of a non-Australian resident or citizen purchasing property within Australian from outside the country, however, this may also come with extra scrutiny.
Please read the above section entitled “Buying Property within Australia as a non-resident” as well as our frequently asked questions for further details.