We provide worldwide overseas property acquisition from countries including Canada, Australia and the United Kingdom.
Overview
Compared with Hong Kong, overseas property prices are rather low, and choosing the right area does have an impact on the market value. These days many Hong Kong people are considering investing in the overseas property market, even if they have no plan to immigrate. However, it is really confusing and helpless to buy a property if you are not physically in the area. Most Hong Kong people choose Britain and Australia as their preferred countries for overseas property purchases. Because the country’s economic system is mature and there are many overseas students, it is easier to rent out properties. With a large immigrant population in Australia, properties are very compatible in the market. As for the United Kingdom, a huge population of overseas students, expats, and immigrants are the potential market for leases.
In addition, Canada has also become one of the most popular countries for Hong Kong immigrants in recent years, and many people invest in properties there. However, due to the rising number of overseas buyers’, local property prices have risen sharply. The Canadian government intends to levy taxes on overseas home buyers. The relevant measures are expected to be introduced in March to April next year.
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Canada
The Canadian government maintains an open attitude towards foreign investors buying local properties, and is open to global investors to purchase different types of local real estate. When purchasing real estate in Canada, non-local residents share the same real estate ownership rights as Canadian residents or citizens, but some provinces have corresponding restrictions on non-residents purchasing agricultural or recreational land.
In addition, it is not necessary to hold a Canadian citizenship to buy a property in Canada , but somehow you may be required to meet a certain length of stay in the country. If overseas people plan to stay in Canada for half a year or less, they will be regarded as non-local residents by the Canadian authorities and can purchase properties as non-local residents, but additional taxes may be required in some areas. On the contrary, if overseas people intend to stay here for more than half a year or more, they need to apply for resident status in order to continue their stay.
2020 Canadian property prices:
Vancouver: From about CAD 800,000 in the city centre / 500 feet (about HKD 4.79 million)
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United Kingdom
Regardless of your citizenship, people are welcomed to purchase property in the United Kingdom. The most concerning issue would be mortgage application. In addition, non-owner-occupied properties need to levy additional stamp duty, and also need to levy income tax on rental income.
2020 UK property prices:
London: GBP 400-800,000 / 400-600 sq. ft. (approximately HK$3.94 million to HK$7.88 million)
Manchester: From GBP 220,000 / 500 sq. ft. (approximately HK$2.16 million)
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Australia
Non-residents are welcomed to purchase Australian properties. First of all, foreigners must first obtain foreign investment approval from the Foreign Investment Board (FIRB) to buy a property in Australia, and they can submit an application online and pay the specified fee.
The types of Australian properties that foreigners can buy are also restricted. For example, they cannot buy existing houses (second-hand buildings). ) that is not restricted in any way, and there is no limit to the number of purchase. Unless the developer of the new building has obtained the FIRB Exemption Certificate for the entire development in advance, foreign buyers must apply for and obtain FIRB approval in advance before purchasing each residential unit.
In addition, in states that are more popular with investors, such as New South Wales (NSW), where Sydney is located, there are many additional taxes for foreigners. Moreover, the Australian government’s first home ownership subsidy program does not apply to foreign investors.
2020 Australian property prices:
Melbourne: From about AUD 50/500 feet (about HK$2.72 million) in the city centre
Sydney: From about AUD 60 in the city centre / 500 feet (about HK$3.27 million)
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Procedure