BUYING PROPERTY OVERSEAS IS A LIFE-CHANGING MOMENT
It’s often the realisation of a long-term goal - to own a second home in the sun or even start an exciting new chapter in your life. Like any property purchase, a lot of work goes into making the dream a reality. Alongside logistical challenges like finding the perfect place and cutting through red tape are a number of financial considerations. Transfer taxes and stamp duty aren’t cheap and, together with notary and legal fees, can easily add 10% to the overall purchase price.
PERHAPS MOST IMPORTANT OF ALL IS THE COST OF CURRENCY
Financial exchanges are sensitive to a wide range of economic stimuli, from inflation to interest rates; political instability to extreme weather. Timing is everything. The exact moment you decide to purchase a foreign currency is critical, since fluctuations in exchange rates can add thousands to the final bill - or save you a small fortune. The exact same principle applies if you are selling property abroad and looking to repatriate the money.
TOP TIPS FOR TRANSFERRING CURRENCY
In any property deal there are many things that could derail the sale. The other party could pull out, structural problems could emerge, you may even have a change of heart. When it comes to overseas deals, transferring money - and specifically the cost of moving currency - add a further complication.Following these simple steps will help make sure that international payments are the least of your worries.