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Which Country is Easiest to Buy a House In? (You’ll Want To Read This!)

If you're looking to buy a house but aren't sure where to start, you should always consider countries with low living costs and almost no restrictions on foreign buyers.

Another thing to factor in is countries that have pretty low property prices, but that also have a great chance of appreciating going forward.

Finally, the most important point is that you need to make sure it is in a part of the world where you would want to live and/or invest.

So, Which Country is Easiest to Buy a House In?

There are no restrictions on international buyers in Panama, Spain, and Costa Rica. Now, Costa Rica is incredibly stable and very beautiful, with lush rainforest, palm-covered beaches, and waterfalls that are certainly worth exploring. In contrast, Canada is experiencing a real estate crisis due to its foreign buyer activity, but overseas investors can still purchase property there. The downside is that unless you want to move to a rural town, you’ll be spending more on a place to live since property prices are higher inside of major cities. Now, in this article, I have a list of countries where it is fairly easy for foreigners to buy houses, including 3 of the ones I mentioned above and a few others.

Costa Rica

Costa Rican Waterfall

So, number one on my list of places to buy a house in which to live or as an investment, that isn’t in my native country, would be Costa Rica.

With its beautiful landscape, including beaches, rainforests, & waterfalls as well as a climate that is considered fairly mild year-round, you really can’t go wrong.

There are also lots of activities for you to do, in which most of them encompass the outdoor arena.

Costa Rica is also considered to have a stable government as well as being known as a safe place to live.

Now, when it comes to buying property in Costa Rica, you as a foreigner would still have the same rights as a local citizen and you can buy a house using your business name or your own

Unlike a lot of other places around the Globe.

Finally, property in Costa Rica is still considered pretty economical, while having continued to increase in value over the years.

Panama

When purchasing houses in Panama, foreigners will find it a pretty easy process.

The country's pro-immigrant laws benefit foreign buyers.

For example, foreign real estate buyers will get a 30-year tax-free period provided they buy a property worth $50,000 or more.

Furthermore, any renovation costs that they incur will be tax-deductible.

In addition, the profit that they earn from renting or selling their Property will be tax-free for 10 years.

Now, while finding a house builder in Panama may seem difficult, it’s not impossible and you can find someone to build it.

In Panama, you can also find architects who specialize in building houses for foreigners.

Also, if you find a legitimate local contractor, they should be familiar with the local building codes.

Generally, they will build homes with more concrete than traditional wooden structures, which are less likely to suffer earthquake damage.

Now, if you are accustomed to traditional building practices, you can also use your architect instead.  

Spain

If you're an expatriate looking for a place to buy a house, Spain may be a viable option.

Spain has a thriving real estate industry.

Also, acquiring a property in Spain is pretty straightforward, and the process is relatively painless.

Although, one problem with purchasing a house in Spain is that setting up utilities can sometimes be time-consuming and frustrating.

Another thing, if you’re just looking to buy a vacation home there and not a permanent residence, you should definitely do your due diligence on the bureaucratic side of things.

However, typically the government in Spain advocates for foreign purchasers.

Portugal

Purchasing a Portuguese Property is one of the most affordable ways to buy a house in Europe.

The minimum investment is probably around 281,000 EUR, and you can rent or sell it after five years.

You must live in Portugal for at least seven days a year to obtain a residence permit.

A recent survey of Portugal's residential property market found that prices increased by 0.5% in the first quarter of 2021.

I know this doesn’t seem like much, but this is an encouraging sign considering the restrictions on property purchases in many other parts of the world.

The average price in Portugal is 4,500 EUR per square meter, but it varies according to the area.

When you want to buy a home in Portugal, the next step would be getting your financials in order.

Make sure you arrange for a property valuation and even consider making appointments with some banks.

Portugal has a modern banking system and many international and local banks.

Which includes over 15 banks that offer mortgage loans.

So, if you're not a Portuguese resident, you can still apply for a mortgage from any of the major banks in Portugal.

These banks include BBVA, Santander, Bankinter, Banco Best, Banco CTT, and others.

Bankinter and Novo Banco are two of the largest banks in the country.

Santander is a global bank that has a local presence in the country as well.

Also, if you want to purchase a home in Portugal as a foreigner, you can obtain a mortgage from a local bank too.

Keep in mind, that it is helpful to have your mortgage pre-approved before you begin the purchasing process, no matter where in the world you’re purchasing.

Italy

St. Peter’s Cathedral, Rome, Italy

You're not alone if you're considering buying a home in Italy.

The country has some of the lowest property taxes in the world, and buying a house can take less than $1000.

But you need to know how to navigate the purchasing process in this country.

Here are some helpful tips.

1. Make sure you're a resident of the country before starting the buying process.

2. Know that the buying process is not as simple as it sounds. It can be a bit difficult to find a trustworthy property consultant.

3. Be aware of the cultural differences between Italian and US Real estate agents. Also, as with anywhere you would buy, it is important to find a trustworthy real estate agent.

Another thing, there are a few landing sites similar to Zillow, but the process isn't as convenient in Italy.

Generally, you must go through an agency representing the seller and the buyer.

Furthermore, Taxes on Property are calculated based on the value registered with the land registry, known as the Valore catastale, which may be considerably lower than the actual market value.

Bulgaria

Buying a house in Bulgaria is relatively easy but still requires a little work.

It usually takes less than two weeks, and you can hire a translator to assist you throughout the process.

You must sign a preliminary contract with a seller and pay a at least 10% deposit.

Once you have agreed to buy the Property, you'll need to register it with the Registry Agency.

This can be difficult at times, and you should be prepared in case you have to face some legal issues.

If you’re considering making the move to Bulgaria, you might want to check out Plovdiv, it is a city with a long and colorful history and a beautiful historical center.

It has a well-preserved Roman Amphitheatre and traditional Bulgarian houses.

Roman Amphitheatre

It's also got some cool cafes.

You can visit the Craftsman Quarter called Kapana, which once had 900 stalls.

Today, it's home to hipster cafes and art galleries.

So, to Sum it up

There are a lot of foreign countries where you can buy a house or condo if you’re not happy where you’re at or you just want a change of scenery. Such as Spain, where buying a house is probably easier than you might think. However, it's important to do your research. There are several bureaucratic hurdles that foreigners may face when buying Property. The process is not intuitive, and it's important to have a clear understanding of the process. The process of buying a house in Portugal can be very simple. Unlike in the UK or other countries, you can obtain a mortgage even if you are not a Portuguese citizen. Most banks will offer mortgages to foreigners. However, as I mentioned above, if I ever decide to buy a house out of the country, my number one pick would definitely be Costa Rica.  

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