Renting or buying a home abroad is a big decision and can be a rather complicated affair because very few countries have similar rules and regulations. To help us sort through the procedural thicket, we spoke with Katie Stouffs, the Director of Global Marketing and Business Development for the Chicago-based National Association of Realtors® (NAR).
“Your readers should be aware that every country is different when it comes to buying or renting a home,” she told us. “Each country has its own set of rules.” In Thailand, foreigners cannot own land or single-family homes, but can purchase condos in buildings that have 49 percent or less foreign ownership. Even then, you do not own the condo in perpetuity, just a renewable 30-year leasehold. Bulgaria and Poland allow foreigners to buy condos, but they cannot own the land under the condo. In Denmark, you must live in the country five years before you can purchase property. And in our neighbor south of the border, you cannot own property within the designated Restricted Zone, which encompasses protected areas of land close to Mexico’s borders and coasts (see our article on buying a home in Mexico).
It sounds complicated, right? It is. That is why Ms. Stouffs recommends finding a Certified International Property Specialist (CIPS) to help you through the process. “CIPS designees are Realtors® who specialize in working with global buyers and sellers,” she said. “When you are moving abroad, contacting a CIPS should be the first step you take. CIPS designees have taken five days of intensive international real estate training courses and have experience working with global consumers.”
The NAR is a great resource to begin your search. It has international Realtor® members in 65 countries. Additionally, Realtors® holding the CIPS designation are located in 40 countries around the world. Ms. Stouffs noted, “All real estate licensees are not the same. Only those who are members of the National Association of Realtors® are properly called Realtors®. They proudly display the Realtor “®” logo on their business cards and other marketing materials. Realtors® subscribe to a strict code of ethics.”
The “Find a Realtor®” database is located on the realtor.org website and enables you to connect with Realtor®s worldwide to assist in researching your rent or buy a home abroad decision. The CIPS database allows you to search for a trained international specialist in your specific area. You should also check out Realtor.com/International. It lists homes for sale in over 30 countries.