Sun and Sand property in Barbados, Brazil, Cape Verde, France, Italy, Spain, St Lucia and the USA

British citizens may visit the US for business or pleasure for 90 days a year, without requiring a visa. A valid passport is required. Changes were brought in in January 2009 and now all travellers wishing to use what was called the Visa Waiver system, now have to register themselves online, at least 72 hours before departure.

The online registration, called Electronic System for Travel Authorisation is valid for 2 years. The ESTA is also valid for multiple entries into the US, so for property owners it is possible to complete one online registration and then simply renew it every two years.

For those people wanting to stay between 90 days and 6 months, they must hold a B2 visa. To successfully apply for this, applicants have to be able to prove they have enough funds to support themselves during their stay.

Yes. All rental income in France is subject to tax and must be declared to the French Tax Office by 30th April each year. For amounts under 75,000 Euro’s, per annum, you pay tax on 30% of the gross income, the other 70% being allowed to cover your expenses.

For amounts greater than 75,000 Euro’s, all your business expenses including running costs, mortgage interest payments, insurance and depreciation are included, with your final net income taxed at a minimum level of 25%.

Although you are free to rent out your property in much of Florida, restrictions do exist in certain places, some Gated Communities for example, where some prohibit renting all together. The Agents we work with will be able to provide you with full details of the areas of Florida you are interested in.

In Barbados there are no restrictions placed on foreigners wanting to purchase a property on the island, but non-residents must obtain all the funds for the property, from external sources i.e. no mortgages are available from banks in Barbados. We strongly advise that you have all the necessary financial arrangements in place, including a mortgage (if required), before entering into a legally binding agreement.

As a non-resident of Barbados, you need to get permission to buy a property there, from the Central Bank of Barbados, under the Exchange Control Act. This is just a formality and your lawyer will do this for you.

Before starting the purchase process in Spain, you will need to obtain a numero de identificacion de extranjeros (NIE) or fiscal number. This is required for carrying out any financial transaction in Spain, including purchasing a property.

The NIE number is issued at the National Police Station, in the town or city where you wish to purchase a property and you have to apply for this is person, it cannot be done via a proxy. There are very few formalised rules, with regards to making your application, as each town/city has its own rules. You must bring with you, your passport and a photocopy of it, and complete the form in duplicate, in black ink.

Yes on New-Builds VAT is charged at 10%

Yes mortgages are commonplace in France for non-residents, often up to a level of 80%. However French law states that not more than 30% of a person’s monthly income can be used for mortgage repayments, and this includes any home country mortgage as well.

Brazil is one of the few emerging markets that still allow overseas investors to own both land and property in their own names, on a 100% freehold basis, making the purchase process relatively straightforward. However, before you are able to buy in Brazil, a Cadastro das Pessoas Fisicas (CPF) number must be obtained, which you can do for a small fee ( £10 approximately ), from the Brazilian Embassy. Once this tax registration number has been issued to you, you will be able to open a bank account and apply for utilities, although the main purpose of this process, is to register the amount of capital that you plan on bringing into Brazil. This will also ensure that you can repatriate your funds should you decide to sell your property.

No. Unlike the majority of European countries, there is no wealth tax in Italy

For your taxes, there are two local property taxes in France levied towards the end of each year and are based on the administrative value of your property, calculated by the Public Administrator at the beginning of each year (“Cadastral value”)

• “taxe fonciere” (exempt for the first 2 years in a new build)
• “taxe d’habitation”

If you plan to buy a re-sale property, these tax figures are readily available and can be obtained for you when you decide on the property you wish to purchase.

It is very difficult to calculate and provide an estimated general “rule of thumb” figure for the annual service charges, as this depends on the size of the apartment/chalet you purchase, as well as extraneous costs such as lift, any shared swimming pool, caretaker and need for groundsman (e.g. grass cutting).

We would be happy to provide an estimate of these costs on the specific French property you are interested in, to help you make an informed decision.

Yes. If a mortgage is used to purchase a property in Spain, there is a mandatory requirement to have adequate buildings and contents insurance in place. Buildings on a complex are often insured by the community.

There are very few restrictions on ownership of land and property by non US citizens in the USA, but regulations do differ from state to state. For more information on the location you are interested in, please contact us and we will be happy to provide you with more information.

Should you wish to live in Brazil, you will need to obtain a permanent residence visa, for this you will have to prove that you have funds in excess of US$50,000 ( roughly £31,000 ), but note visas are only issued on a 5 year conditional basis. In order to renew the visa, you have to demonstrate to the Federal Police, that you have invested in and improved the local economy. A positive view is taken by the authorities if you plan to employ Brazilian staff, which could see the initial investment figure required, reduced.

All new build construction in France must also have a 10 year guarantee against defects. This has to be supported by an insurance policy to protect you, should the constructor cease trading.

This is very easy to do. For quick conversions, switching from Sq ft to m2, you simply divide by 10 and from m2 to Sq Ft multiply by 10. For more accurate conversions, you can use the formula 1m2 = 10.76ft2.

There are a number of fees and taxes that are payable when buying a property in France.

• Transfer fees – 6-7.5% ( this is less for a new build )
• Notary Fees – 1-1.5%
• Legal Fees – 1-1.5% ( for the appointment of a solicitor )
• Property Registration fee – 0.6% for properties that are less than 5 years old, 1% for older than 5 years
• Surveyors Fee ( optional but recommended )
• Mortgage Fees ( if taking a mortgage out )
• Foreign Exchange costs ( where applicable )
• Stamp Duty, VAT, land registration

You should budget to pay between about 9% and 13% of the purchase price as costs.

Yes. Non-residents are taxed at a rate of 24% on all income that derived in Spain, which includes rental from a property.

Currently the answer is no, there are no mortgages available for overseas investors in Brazil, the most common way to raise the required funding at the moment, is to remortgage a property in your home country.

Yes. In Barbados, the ownership of a property can be in an individual’s name, through a local or overseas company, a trust or other entity. In the case of an overseas investor, it is quite common to purchase the property, through a newly formed off shore company, that is registered to do business in Barbados.

Yes. All owners of French property, be they residing in France or not, are liable to Capital Gains Tax when they come to sell.

This is calculated as the difference between the purchase price ( with the costs of any completed renovation work, added to it ) and the sale price. The capital gain is taxed at a rate of 16% for European’s (there is an extra 10% social tax for French residents) or 33% for non-European. The new rules state that renovation work, is that completed by a French Artisan, who has produced an invoice for the work that is carried out.

After the first five years of ownership, capital gains are reduced by a rate of 10% for every additional year you own the property.

For properties held for more than 15 years, there is no Capital Gains Tax to pay in France, but you will still be liable for tax in the UK.

To ensure any time you spend reading property details and any subsequent inspection visit you make is worthwhile, you need to ensure you provide as detailed a profile as possible of what you are looking for. Questions that you should have answers to include:

• How much do you want to spend?
• What country are you interested in
• Any specific resorts you are interested in?
• How far you want the resort to be from an airport?
• Location and proximity to the resort?
• Do you want to be close to the sea or inland
• Do you want a family orientated resort?
• Any particular features you are looking for e.g. swimming pool, hot tub etc.
• Type of property you want (studio, condominium/apartment, town house, chalet, villa, custom home)?
• Number of bedrooms/bathrooms you require?
• Size of the property you desire?
• Do you want to rent when not using it?

These answers then allow us to provide you only with properties that are right for your search requirements in the correct locations.