Licence Partner Hong Kong, Real Estate Agency > Blog > The Best Places In South East Asia To Buy A Second (Holiday) ... Singapore is considered the easiest real estate market to enter as a foreigner. However, foreign investors can buy new properties or vacant land in Australia. Foreigners, including Hong Kong and Macau residents, are limited to buying one residential property for self-occupation only. Hong Kong, Macau, and Taiwan residents and overseas Chinese. This is not so much in several other European nations for instance, where agreements take place quite soon or investigative reporting takes place later and … Non-permanent residents also have to pay an extra 15% as Buyer Stamp Duty (BSD). You can still finance up to 80% of your property with a mortgage but how much you can really borrow is determined by your bank. It is important to note that the MIP is only available to applicants whose principal income derives from Hong Kong. If the property is being sold within 36 months of a previous sale, then there is Special Stamp Duty (SSD) payable. If you’re wondering whether you can buy property as an expat, the answer is yes – you can buy property in Hong Kong. As he or she is committed to the sale, the buyer should now consider taking out insurance. Foreigners are now limited to buying one home for personal use in Shenzhen. Buying Overseas Property. If you're a non-Singapore Permanent Resident (SPR) buying alone: You can buy a resale executive condominium (EC) that is more than 10 years old #2. A selected list of current properties from our portfolio for “buy an apartment“ follows. If your property of interest is located in Australia, Canada, mainland China, France, Hong Kong SAR, India, Malaysia, New Zealand, Singapore, UAE or the US, you may leave your details on our quick form. There are generally no restrictions for foreigners to rent out properties in Hong Kong. However, there is no capital tax in Hong Kong. There are various penalties, including not only lost deposits but also compensation, should either side pull out now. It might be for any reason such as migrating, work, or studying abroad. For instance, Hong Kong is not open to foreigners from Afghanistan, Albania, Cuba, North Korea and mainland China. Division of this sum between buyer and seller will be agreed at the provisional contract stage. Statutory declaration made by any person outside Hong Kong before a notary public, justice of the peace, or other person having authority to take or receive a declaration, confirming that he/she is a HKPR acting on his/her own behalf in acquiring the residential property in Hong Kong, is accepted for applying for exemption of BSD. 2. Renting Abroad: How To Choose The Best Option. However, non-permanent residents buying residential properties in Hong Kong have to pay a very high stamp duty to the tax authority thus making it uneconomical to buy. Mostly in the UK proper checks are conducted after a contractual deal between the entities. But that won’t benefit the Singapore housing market in any way. When the price has been agreed, the agent prepares a provisional (or preliminary) agreement, which will be signed by both buyer and seller. So far, there is no clear indication that the UK’s final exit from the EU following an agreed upon Brexit deal will negatively affect the ease of buying property in the UK as a non resident. Buying property isn't easy anywhere, but it gets even more complicated if you have to deal with an unknown property market and legal restrictions of a foreign country. When appointing an agent, please remember to sign an estate agency agreement with them, of which the conditions will include the validity period of the agreement, the amount of commission and time of payment and whether the agent acts only for you or for both you and the vendor. Foreigners can only … However, Hong Kong is not open to Afghans, Albanians, Cubans, North Koreans and Chinese from the mainland (unless they are permanent residents in another country). Foreign property buyers in Hong Kong must now pay a 15 per cent tax. However, if the residential property is jointly acquired with a Hong Kong Permanent who is a close relative, you will not be required to pay the BSD. If you're a non-Singapore Permanent Resident (SPR) buying alone: You can buy a resale executive condominium (EC) that is more than 10 years old #2. How to Live an Affordable and Comfortable Life in Hong Kong, Click here to buy/rent a house in Hong Kong, Know more about Hong Kong on Squarefoot.com.hk Facebook Fanpage. Foreigners can buy property in Hong Kong without jumping through too many hoops, though it won’t come cheaply. Also, non-Danish citizens might have to obtain permission to buy property from The Department of Civil Affairs under the Danish Ministry of Justice. The title deeds will be now sent to the buyer’s solicitor who may ask for further clarifications, called ‘requisitions’. Download this image for free by clicking "download button" below. Most foreigners can buy invest in condominium units, ... Foreigners can own property in Cambodia but there are certain restrictions. If you’ve ever been to Hong Kong, you know that it’s busy. If you're a Singapore PR buying alone: You can buy resale EC that is more than five to nine years old. No.08240556, Britons In The EU Face Investment And Pension Problems, Foreign Exchange Markets Suffer Brexit Anti-Climax. There are so many decisions to make and things to plan when you’re moving abroad, so we’re here to make at least... Switzerland is popular among the international community for the sense of reliability, stability and security it offers, its quality of life, education... Scarborough Beach, Western Australia. Stamp duty is tax to be paid to the government when someone buys a property in any city. ... profession or business in Hong Kong may make application in writing for exemption from paying the Property Tax, which would otherwise be set … Generally, there are no restrictions for foreigners who want to buy a property in Hong Kong such as condominium units. Each side appoints solicitors, who negotiate their way to a draft formal agreement of sale. In terms of mortgage, both locals and expats are eligible for the 90% Mortgage Insurance Program (MIP), which means that homebuyers only have to pay 10% of the property price as down payment. Foreigners are more desirable to invest in non-residential properties such as shops, offices and industrial buildings. Buying Property In Hong Kong The Chinese government owns all the land in Hong Kong, and property owners lease the land (or co-lease it, in the case of an apartment block). Stamp duty is tax to be paid to the government when someone buys a property in any city. If working for both, this is known as a dual agency and the agent must state how much commission he or she is charging each party. Search for real estate and find the latest listings of Hong Kong Property for sale. Renting out property in Hong Kong. Continuing Covid, Brexit and US Presidential Uncertainty For Currency Markets. All Rights Reserved. This now replaces the provisional contract, adding detail. Foreigners may deter from buying Hong Kong properties with 30 percent stamp duty. The vendor signs the documents, which are then passed on to the buyer’s solicitor for signing by the buyer. There are property websites with a list of real estate agents which you can contact and start working with to know the best one. As long as you have all cash and can stomach the average price of $2000/sqft for a home, you can buy. 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