International Property Tax
What rates will I pay overseas, and how do I go about declaring International Property Tax due locally and internationally.
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Many buyers and investors will wonder about tax when it comes time to sell their property or asset, as this is when the largest amount of tax is usually due. There may be some closing taxes as fees to pay when purchasing but these are usually lower and to be expected.
Tax rates will alter from country to country and something to be mindful is to avoid paying double taxes on the same property - meaning don't go paying tax to your own local resident country and tax to the government where the property you are selling is located if it's overseas. Many governments have agreements in place where tax is only paid in one country, and this is called a tax treaty which is very useful for avoiding paying too much tax or paying to the wrong place.
Many investors will seek out overseas countries where tax rates are low or zero - these are usually called tax havens. Tax Havens, is a real estate focused tax haven location providing solutions where certain taxes are low rate or non existent. Citizenships can often revolve around real estate and Tax Havens. While Tax Havens have been widely criticized they are used widespread by Fortune 500 companies, politicians, the wealthy and well known celebrities, as there is nothing illegal about using a country as a Tax Haven as long as transparency remains and everything is above board and done legally.
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