Overseas buyers urged to seek advice

Article Date : 26 October 2007

Overseas property buyers thinking of moving to the USA, South Africa or Australia should seek expert advice before they jump in with both feet.

The currency specialist HiFX warns that the process of moving abroad and settling into a new home can be hectic enough without the unnecessary hassle of confusing paperwork.

It says tax and legal systems can differ greatly from country to country and buyers should make sure they understand what they are signing up to before deciding to purchase.

Research from the company shows that South Africa is the most stressful country to move to thanks to unfamiliar legalities and complicated tax systems, followed closely by the USA and Australia.

Mark Bodega, director of HiFX, said: "Many of us don't fully understand the tax and legal systems in this country, however the same lack of knowledge as a foreign national abroad could lead to problems."

He said buyers should make the most of the assistance available from specialist tax advisors and legal experts to ensure the buying process goes as smoothly as possible.

Separate research from HiFX shows that the "gloomy" economic climate in the UK is causing 37 per cent of Brits to consider moving abroad.

But the firm warns those planning to relocate to foreign shores to keep in mind the effect that currency fluctuations can have on future wealth.

Overseas buyers urged to seek advice

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