subject: Canadians investing in real estate abroad [print this page] Canadians investing in real estate abroad
Many Canadians these days are planning to invest in real estate abroad. The main reasons being- the quality and affordable real estate abroad, the quality of life abroad, and the various different business opportunities that are available abroad. When it comes to Canada, it is a very cold place with a very high cost of living and many other issues which is attracting Canadians to invest in real estate abroad. With their kind of earnings, investing in real estate's abroad is not a big deal for the Canadians. Even the prices of properties are affordable by the Canadians which are attracting them to buy either the normal homes or the vacation homes abroad.
The cost of living in Canada is very high. Investing in the real estate of Canada is just like trying to catch the big fish. You might get lucky or end up wasting your time. This is the main reason why the Canadians are investing in real estate abroad. The cost of living and the real estate is relatively low in other countries. So whether it is a vacation home, or a retirement home, investing abroad is much easier. With IRA providing tax and penalty less exception for first time home buyers, it has become easier to invest in buying homes, especially abroad. With such tax free options it is always tempting to invest in real estate in other countries also where there is richness in culture and beauty.
The climatic conditions in Canada are usually very cold. This happens to be another big reason why people tend to fly off to places like Miami, Mexico, Arizona, etc where it is considerably hot. People who are tired of the cold and busy life usually show interest to buy vacation homes or retirement home abroad. Canada is a busy city where people lead a rough life trying to be the fittest. There is always a continuous race for power and money. Relaxing in Canada is almost impossible. To run away from the busy and competitive life people usually opt to go abroad especially to a sunny place.
There is a special term given to those people who are interested in investing abroad i.e. Baby Boomers. There are many issues that you should understand before you finally invest in real estate outside Canada. The most important of these issues are- the tax strategies in other countries, non-residency issues, risks in purchasing properties, legal problems and the immigration and visa issues. Without prior knowledge of these issues you should not blindly invest in the real estate abroad.
There are many online websites which provide information about the pros and cons of investing in a different country. You can easily get the necessary information about the country where you are planning to settle with the help of these sites. They provide you a whole lot of information about the living, retiring, and real estate plans that abroad has to offer. You can share the experiences of people who have journeyed ahead and experts who are dealing with real estate abroad.
These days many boomers from Canada and America are thinking of retiring abroad. This is the right when the IRA comes to use. Whether you have qualified for a withdrawal or not, you can still get funds from your IRA without any tax or penalty if you are planning to invest it into buying a house or investing in such type of options. This makes things easier and you can make the best use of your IRA. The number of Canadians and Americans that live abroad come up to approximately 7 million. Because of the various choices available and many people thinking of investing in the real estate abroad, the count might go up to a 100 million baby boomers in the next 20 years.
