In Grupo Scorpio we believe that success will be yours abroad if you take advantage of “Cultural Experience”. It is not only a matter of speaking the language the locals do but knowing their culture.
We diversify our activities and work with several divisions. We also expand our network constantly in order to learn and become more productive.
One of our divisions works with Real Estate. It is a very profitable market. It is important to be very careful when investing in Real Estate in a foreign country. You have to take in consideration several factors. You have to make sure you are investing in a safe area. It will be crucial to learn how the zone you are venturing into is appreciating.
The legal factors when dealing with Real Estate are something to be very serious about. You have to get the proper advice from a professional that knows the market . Make sure you always get a second opinion before making any decisions . Try to get some good references about the person you are dealing with. You have to understand that some people would love to make some quick money especially when dealing with a foreign investor. Take it easy and with enough patience.
Learn what you are able to do and what you are not. The laws in a foreign country might be quite different to the laws from you country of origin. You will have to find out what the constitution of the country you are investing in allows foreign citizens to own or not. There might be some exceptions or legal ways to compensate the fact that you are coming from a foreign nation.
Investigate if you can own land on the coast or not. Learn of certain exceptions like getting a bank trust to represent you when buying land or properties in certain areas. It might be beneficial to set up a corporation and place your new properties under the corporation. Proper legal advice is highly recommended. Consider every option.
Make sure you understand what you are signing. It is crucial to verify you are signing the deeds for the place you requested and not some other place you haven’t even seen yet or ever been to. It will be very important to investigate that the Real Estate you are purchasing belongs to the person you are dealing with and not somebody else. There are frauds where they sell illegally the same property to several naïve investors. Also, verify the property is free and clear and up to date paying the proper taxes. Investigate if you can build in that piece of land you are buying. There might be laws against building in that area.
It is here where you have to be very careful. The Real Estate you are interested in might cost 10 times less of what somebody is asking for. Try to get advice from local friends or people not related to the seller. If you don’t know anybody in this new place then, go and try to get advice at your consulate.
These are all good tips when dealing with Real Estate in a foreign country. If you have any doubts or concerns you can contact us anytime. Remember cultural experience is the key to close the perfect deal.
“We are looking forward to hearing from you”.
To contact Scorpio Enterprises LLC or Grupo Scorpio go to:
Follow us on Twitter: @scorpio_llc
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