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Home»Society»Calculation options for buying foreign real estate

Calculation options for buying foreign real estate

November 14, 2019

Often, citizens of Russia, buying real estate abroad in a certain sense with the problem: how to correctly transfer the necessary amount to the seller. It is also often difficult for customers to navigate the new market for them and understand how much this or that object is objectively evaluated. How to save your savings, avoiding unjustified costs, and prevent errors when paying for acquisition? In many foreign countries, cash payment is not always welcome. Moreover, the large amount of the national currency is simply impossible to take out the borders of the Russian Federation. Since the legislation on this subject provides for certain restrictions. In addition, it is also not safe to import a large amount of cash into other countries. To date, no more than $ 10,000 can be taken outside Russia (in cash). This is the maximum amount that does not require filling out the customs declaration. This amount, of course, can be spent at your discretion, including to search for the desired real estate object. The remaining funds are transferred abroad through bank transfer. As a rule, payment of the transaction is made in the currency of the country in which the object is purchased. For example, in Egypt, cash payment is not only possible, but also welcome. While in a number of European countries the origin of money will still have to be confirmed by a special document. Cashless calculation-the second option for paying for a real estate purchase and sale transaction. In this case, the required amount is transferred from the buyer’s account to the seller’s account. However, to carry out such an operation, it will be necessary to open an account with a foreign bank. At the same time, it is worth noting that some banks have a restriction for individuals in the amount of 1 million. dollars, and individual banks do not open such accounts at all. It is also worth it to keep in mind that not all banks have their representative offices abroad. For this reason, often buyers of foreign real estate open accounts directly at the bank of the country where a deal is being made. You can also pay for the transaction by direct transfer of funds from the bank’s account in Russia to the account of a foreign bank whose client is a real estate seller. However, in this case, the buyer will be forced to pay a certain amount for the banking operation to transfer.

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