Property Investment in overseas

Viewing 5 posts - 1 through 5 (of 5 total)

kaus
Member
@kaus
Join Date: 2004
Post Count: 14
February 26, 2004 - 5:23 am
Can a Australian resident but property in overseas?
Given that you have borrowed against the home equity, so you borrowed funds to use it, i understand that no lender will provide finance for overseas property.Can you claim negative gearing for such investment.If so how it works. Surely people from overseas are investing in buying properties in Australia and i believe they are entitled for all this negative gearing stuff.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
February 26, 2004 - 5:52 am
Of course you can buy overseas.
If you have borrowed against the equity of your home, maybe you have a LOC setup. If you have a LOC, you may be able to pay cash for your overseas property. If no Australian bank will lend you money, try banks in the country where the property is located.
Terryw
Discover Home Loans
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
kaus
Member
@kaus
Join Date: 2004
Post Count: 14
February 26, 2004 - 6:02 am
Thank , now futher question is income from the rent and expenses will balance each other, in other words i will incus loss of interest in australia for the amount i borrowed , ie insterest on the amount. That interest i will user as negative gearing, Is that correct. In overseas it will not attract any tax as the rent is low.
Please respond
thanks
Sati
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
February 26, 2004 - 2:09 pm
I am not sure about that. If you use a LOC to buy a property OS, then the expense would be here, but the income would be over there. It may depend on the reciprical tax arrangements with that country, and/or if the income is declared in Australia.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
JetDollars
Participant
@jetdollars
Join Date: 2003
Post Count: 2,435
February 27, 2004 - 2:35 am
You can do a search in this forum for more details in investing oversea.
Warm Regards
ChanDollars
[Keep going, you’re on your way to financial freedom]