International Real Estate: What You Should Know Before Buying AbroadWritten by Phillip Townsend
1. Do your homework. Familiarize yourself with laws and customs of country. Research tax codes, currency restrictions, and qualifications for residency. Having a local attorney is a must. Ask your real estate agent or a fellow expatriate to recommend an attorney. The local American embassy can also provide a list of referrals. If you plan of purchasing property in a place where English is not official language, you should insist on a bilingual lawyer who is able to translate all relevant legal documents.
2. Research. Find out specifics about your new home-to-be: from local political and economic situation to daily cost-of-living. The last thing you want is to sink money into a place that's unstable. Check out U.S. State Department's site, www.state.gov, for up-to-date assessments of virtually every country.
3. Finding a realtor. Once you're ready to look at property, you'll need to find a competent local real estate professional. There are many horror stories of people who have either dealt with either unscrupulous or misinformed parties, costing them thousands of dollars (and in a few cases, their entire investment). Don't be one of those who learn hard way. Some U.S., UK and Australian firms have representatives or prescreened affiliates abroad. In some countries (Mexico, Honduras and Bali, for example), real estate agents are not required to be licensed and con artists abound, waiting to prey on cash-rich foreigners. A good resource for competent real estate professionals is International Real Estate Contacts list, which is available at: www.thegloballife.net. 4. The process. While every place has it own set of rules and nuances, process of buying abroad generally works like this: First, buyer and seller to agree on a price, a security deposit (generally, 10 to 25 percent) will probably be required to take house off market. Your attorney should then receive a copy of title and verify that property is free from any liens or claims against property. They should also advise you of any strange archaic laws, like those in parts of Canada that allow anyone to fish on your land, those in England and France that allow sheep to pass through your property, those in rural Italy that give your neighbors first-refusal rights on any land used for agricultural purposes (which could leave someone else with fruit in vineyard or olive grove on "your" property), or historic construction bans that prevent you from making any external changes to a property (even installing a pool). Also, if you are buying anything in need of restoration (or more than a hundred years old), have a structural survey done.
5. Mortgages? Financing your dream home may not be possible abroad. Your U.S. bank will only lend you money for your foreign abode if you're willing to use other assets for collateral, like your exisiting home or automobile, CDs or brokerage account. Some foreign banks will extend a mortgage once you've opened an account, but most likely, you will have to pay cash. If you decide to open a foreign bank account, you must report its existence to U.S. Treasury Department. The IRS recently warned U.S. expatriates that they risk up to a $10,000 fine or 50 per cent of value of account if they fail to report overseas bank and financial accounts. For details, get IRS Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad online at www.irs.gov/publications/p54/index.html.
What you need to know about – students travelWritten by Mansi gupta
When traveling across globe can be edgy for adults, what to say of students! However traveling abroad for learning or picnic can be entertaining for students too.
·The reason of your trip The foremost task is to mull over raison d'ętre of your trip for this determines destination, monetary issues, accommodation etc. for your tour.
·For Holidays With Pals If sole motive is enjoyment then your destination should gratify your desires. If cartoons and rides fascinate and beguile you, place like Disneyland is just what you want. If along with merriment you crave to enhance your learning and art and architecture absorb your attention, Germany, Barcelona and like should be ascend your list.
Subsequent to deciding a perfect destination, collect information about expenditure that is likely to befall your parents’ pockets. Rummage around for some beneficial packages that can take you round world in least overheads. Try to go in groups for that might save good bucks. But individual traveling too can be economic if you know how to govern your outlay corresponding to what little you have.
·The Age Factor The age of student makes lot of difference. If a student is quite young he should be associated with a chaperone. If a young student takes on flight for first time without parents, packing and reservations should be considered in detail and significance. All medicines, warm clothes etc, should be vigilantly packed. It is always better and prudent to pin I-Card of student on his shirt. Along with phone numbers of hotel where kids will take a breather, parents should have complete itinerary.
·Travel For Purpose Most often students travel abroad to participate in some international competitions or to enhance their educational qualifications like going to States for a doctorate program. If studies have hogged your attention, search university that can live up to your expectations. Surf Internet; collect every small and big detail. Consult your teachers and other bigwigs in that area that which university will be an ideal one for you.