It’s no secret among Americans that many would-be homebuyers have been priced out of the market due to rising mortgage interest rates and persistent inflated listing prices. Some are now considering more affordable options abroad, but experts are warning potential buyers to do their homework before shelling out their savings for the American Dream overseas.
Kathleen Peddicord and her husband Lief Simon, owners of Live and Invest Overseas, noted the biggest surprise for most first-time overseas investors is the transfer tax that most countries impose when buying a property.
“This is not common in the United States, and it can be as little as 1 percent of the purchase price or as high as 10 percent,” Simon told The Epoch Times. “For example, Belize charges an 8 percent transfer tax, while Ireland is only 5 percent, and has very low property taxes.”…