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I came across this topic and although old it is worth giving my 2 cents worth. There are 2 issues to consider. Do you just want a IP or something you can also use to holiday in yourself or retire to? The most touristy and popular Greek islands can be very expensive (Rhodes, Santorini, Corfu, parts of Crete, etc). Being touristy there is an element of seasonality and lack of demand in the off season. In the on season you can expect short/summer tennancy with good returns. Smaller places lack demand. However there is a glut on some islands and tourism has suffered with the Euro and high prices in the last 3-4 years. Buying a farmhouse with olive-groves etc may be more suited for a future sought after lifestyle but location location location is the key….once again you may rent it out to tourists but few locals would rent out a farm for long-term. If you want a more stable IP in the typical sense then buying a boring apartment in a larger mainland city (Athens, Thessaloniki) may be of more benefit, especially in areas close to universities, TAFE;s etc…We have had one in Thessaloniki for 15+ years and it has never been unrented.
Just some food for thought!This is not necessarily an answer and I am not sure what the immigration disclosure rules would be for new migrants but i can definitley say that many older migrants from Southern Europe and the Middle East have properties in their homelands, many of which collect rent, and most are invisible to the ATO. The rent is used for holiday money or brought over in small cash sums. By and large there is nothing Ozzie authorities can do in most of these countries…….cheeky I know!!![buz2]
I have been trying to research this topic through the forums as my 2004-2005 tax return will have implications on some projects coming up next year. I am still confused. In one discussion there was mention of “ACQUISITION COSTS” which are added to the cost base (stamp duty and legal fees) and “BORROWING COSTS” which can be ?depreciated or deducted immediately (loan est fees, mortgage stamp duty, mortgage insurance etc). Does anyone have the definitive lowdown on this tax mess?[blink]
So Rick if I understand correctly- if you want the CGT 50% discount on properties you have developed yourself you may have to keep them and rent them out for a while? ??12months??….sorry I am a bit slow when it comes to tax issues!![biggrin]
I am a Darinian although not presently living in Darwin. My family are in building and I have friends in development, real estate and analysis in government in Darwin. The running joke in building and real estate circles in darwin at the moment is how a ” Sydney investor bought 3 apartments over the phone!!” It seems that to flee from high prices and taxes, Sydneysiders are looking elsewhere to invest (NT, NZ, WA) and there is a legion of property developers building blocks for this market. The Top End has LAND GALORE yet 6,7 and 10 and in the future 30 storey apartment buildings are going up. With a small and slow growing population and outdoors lifestyle I wonder who in Darwin really wants to live 20 floors up!! I would stay clear of such investments. Small suburban units and houses would fare better in my opinion. Rentals in Darwin are finicky. If you are lucky you may get Defence Personnel or some relocated professional on a contract but generally there is a large transient population in Darwin that proves problematic.
