I am looking to purchase property in South America.Can depreciation ,and other tax benefits be used as same as investing/leasing an Australian property?I am new to oveseas investing ,so any help appreciated.
thx all!I don't see why you are looking to buy your first investment in South America, Australia has great opportunities and it's a safer bet for you here before you start looking offshore.
Just my opinion.
thanks, yes its only that my wife is from south america,and prices/return on some property, beats here five fold..
Just not too sure also , if banks include offshore property as equity eg, when appying for home loan/business loan etc..?You will need to find out about South American Tax Law, whether they allow foreign nationals to hold property, whether there are any reciprocal rights with regard to tax paid on SA income. You will also need to get a good understanding of property law from a local point of view. Latin American countries are more likely to have a european system of land tenure where tenants rights are much greater than here.
All income is subjected to tax in the US regardless of where it comes from. According to US tax law, all investment property that an individual possess at the time of death is subject to tax. Most US states have an estate tax that is combined with the federal estate tax but that connection is being phased out. However, the phase-out of the federal tax is not good in terms of revenue for the states so a few states have passed their own laws to substitute the dropping revenues.
One way of avoiding tax is to own through an offshore company.
I am my team have done this many times.
Try to goole "offshore comapneis for tax reasons"
Good luck!
I am not sure how to find a quantity surveyor for an overseas property.
So far, I have been able to get a building cost of $300 per square foot from the original developer, verbally.
Is this sufficient to give to a local quantity surveyor here in Australia, to do up a depreciation schedule for me?
Hope SOMEONE can help me!
thanks
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