International Real Estate: What You Should Know Before Buying AbroadWritten by Phillip Townsend
Continued from page 1
6. A word of caution about renting. You may be considering offsetting costs by renting out your foreign home while you're not there or setting it up as a short-term vacation rental. While extra income can be a big bonus, countries such as Mexico and France have strict eviction laws (in France it can take up to 3 years to evict tenants who decide to stay without paying, unless you demostrate to courts that you've found your tenant a suitable similar rental to move into). 7. About taxes. If you make a decision to rent out your property, you will be required to report rental income on your U.S. tax return (you may also be required to do same with your "new" country of residence). Since United States has reciprocal tax treaties with dozens of countries, you probably don't have to worry about double-taxation, since any amount paid abroad will be credited against your U.S. tax bill. If you work abroad, you may even be able to sidestep Uncle Sam altogether by qualifying for $80,000 foreign income exclusion (and by writing off maintenance expenses on your new home). If you decide to sell your foreign property, be aware that capital gains taxes in some countries can reach as high as 40 percent. I suggest soliciting help of an international tax specialist for information about your own situation. A top U.S. expert is: Jane Bruno, author of The Expatís Guide to US Taxes. She can be reached at (561) 222-9273 or via email: email@example.com. Just tell her I sent you.
8. Legal matters. After making your purchase, you should be sure to draft a local will to ensure your property is passed along to your heirs.
Complicated legal and financial issues, strange covenants, and squatters could make that villa in south of France or farmhouse in Tuscany seem like more trouble than it's worth.
If you do your homework and hire right people, your foreign purchase should be smooth sailing.
Phillip Townsend is a former freelance correspondent for Money magazine. His first e-Book, Passport to Canada: the Complete Guide to Living and Retiring in Nova Scotia, and the special report, the Caribbean's Best Kept Secret, are available at www.nsliving.info.
What you need to know about Ė students travelWritten by Mansi gupta
Continued from page 1
Once you through with it, look for costs. The cost includes your lodging, course fee, food and means to commute. Hunt for scholarships. These can be your best pals in turning your dreams to reality. Scholarships are offered by universities and also by different organizations working in this area. A case in point is AIFS offers a horde of scholarships. Those who are traveling with AIFS are awarded with these scholarships. Online information about domestic as well as international scholarships is available. For instance CIMO Ė Centre for International Mobility feeds you style to fund your travel to Finland.
If your providence does not click to a scholarship, donít abandon idea to touch skies for there are other channels too. Like you can resort to fund raising which apparently might seem appalling and unusual but has tremendous benefits. Last but not least, knock door of studentís loans. Loans are offered by government along with private companies and banks. All you have to do is to a little struggle, some running around but remember this sweat so dropped will make your fortune. Once you land up at your destination, you can even carry out a part time job to meet your day to day expenses and minimize responsibility on your parents.
Lodging should also be deemed. If some of your friend or relative is already nestled in that place or even nearby, idea to stay with them is not a bad one. Else try for hostels and rooms on rents. But make sure that some planning for this is done beforehand.
Finally, make sure that packing is accurate. Also initially new place, new people and their culture might perturb you but donít get distressed by these petty things. Keep in mind that if you are good to others, they too will be amicable. All that is required is some time to get accustomed to place, people and their customs.
So, waiting for what Ögo ahead and live your dreams!
Mansi gupta writes about students travel topics.