8 Questions To Ask Before You Take The Plunge Of Buying Property Overseas

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At Premium Property Group we have examined global property markets extensively and are pleased to say we believe we’ve found the most bang for your buck investment opportunity currently available. We know that sounds like a big call, but Batumi – Georgia boasts numerous significant advantages for foreign investors that we just haven’t seen replicated anywhere else.

Now, we know when purchasing real estate overseas it is undeniably important to ask lots of questions before you jump in regardless of whether you’re an experienced property investor or a first-time buyer.

To help our clients think critically about their purchase and to put our investment opportunity to the test we’ve decided to answer the top 8 questions from Washington Post’s article “Eight questions to ask before you take the plunge of buying property overseas”.

  1. Can you legally buy property in the country?

Every country has its own regulations about noncitizens owning real estate. To increase foreign interest, Georgia has made the process for noncitizens purchasing property relatively easy. In fact, Georgia is so progressive they provide 24 hour access to banks and the justice house located in Tbilisi, meaning you can take care of any business needs quickly and efficiently at a time that suits you.

Premium Property Group facilitate this process for you with our in-country solicitor that can take you through the process either personally or online.

“I purchased two properties in Batumi with my partner through Premium Property Group. They made the process so seamless and easy with their solicitor talking us through each step, we didn’t even have to visit the country.” – Adam Macvite

  1. What kind of residency can you establish?

Our properties in Georgia are best utilised as investment or vacation properties, meaning you wouldn’t need to establish residency. The apartments are absolutely perfect for someone wanting to own a rental property with incredible returns but without the high entry level deposit we are penalized with in Australia. Due to the convenient location of Georgia, right in between Europe and Asia, the apartments make for great personal holiday destinations during the year or as a handy stopover on your way to other countries on the other side of the world.

Certainly, if you were seeking residency in Georgia this is possible if you own property to the value of $100,000 USD.

  1. How will you finance your property purchase?

Perhaps the greatest advantage about purchasing in Georgia is that you won’t need to have bank finance to fund your purchase, you are able to pay the full amount off over time. That’s right, from as little as $250 per week you can pay off your investment with no bank fees, no mortgage insurance and no stamp duty. Premium Property Group have a range of repayment options for our clients to explore which best suits them.

  1. Will you be able to rent the property to vacationers?

Yes, you will! In fact, due to Batumi very quickly becoming a tourist hot spot there is considerable profit to be made in renting out your apartment.

Batumi is a thriving resort town that sits on the Black Sea. Our strategically placed apartments make for an excellent rental property, located just 150m from the beach in the centre of the action, with shopping, restaurants and casinos a short walk away.

  1. How will maintenance or repairs be managed?

Premium Property Group have partnered with an onsite management company that will take care of every facet of maintaining your investment. You will be completely informed of any repair requirements and can trust that your property manager is just a phone call or text away to discuss maintenance. These easy communication mediums mean there’s very little difference between overseas and buying interstate Australia.

  1. How can you keep your property secure when you’re not there?

As your property will be located within a multi-functional residential hotel complex you can rest easy knowing their diligent English-speaking staff are fully committed to the safety and security of your investment.

  1. How will your taxes be affected?

For obvious reasons, tax considerations for owning property overseas can be complex. The simple answer is if you bring the funds back to Australia you will need to pay tax on the income but there are several deductions that will offset any tax in Australia such as management fees etc.

Owning an overseas property means you become eligible to have a tax deductable trip each year to check on the property. If you leave the income in a Georgian company, there is no obligation to pay tax on that income.

  1. Will there be adequate health care – and health care insurance available?

Due to our properties being better suited to investment and holiday rentals, health care and insurance is not usually necessary. However, if you were looking to retire and/or seek residency in your Georgian property they do have universal health insurance with many different policies to choose from, much like Australia.

If you have any further questions, then don’t hesitate to get in touch. We’ve answered hundreds of other questions to do with living, retiring, investing, and owning real estate in Georgia.

There are no silly questions when seriously considering an investment and it is of the utmost importance to us that you are comfortable and informed before moving forward with any decision.

Want to find out more? You can contact Premium Property Group at info@premiumpropertygroup.ge or visit our Facebook and Instagram pages linked below!

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