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Best countries to buy property as an American: 2024 guide
Real estate is a profitable investment, so it's no surprise that nearly 40 percent of wealthy Americans said they plan to buy a home in a foreign country within the next year.¹
But with so many countries to choose from, where should foreign buyers spend their hard-earned dollars? Here are the best countries to buy property as an American in 2024.
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What to consider when buying property abroad?
When it comes to making a sound foreign investment, there are a few things to keep in mind.
Economic Stability
Buying real estate in a country with poor economic stability or a stagnant real estate market will most likely end up being a giant headache. You may get a cheaper property, but your real estate investment can quickly lose value and become impossible to sell.
Look for countries with positive market trends and strong property values for lower risks.
You'll also want to consider how stable the local currency is and how its exchange rate compares to the US dollar.
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Residency and Visa Requirements
Some countries offer visas, residencies, and even paths to citizenship for foreign real estate buyers.
For example, Spain, Greece, and Montenegro have Golden Visa programs that grant residency to property buyers.
This makes it much easier to relocate or visit your vacation home.
In turn, other countries require pre-existing residency to make real estate investments. For example, foreign nationals need a residency permit to buy real estate in Austria. In New Zealand, foreigners may be able to purchase commercial real estate but typically need a permit to own residential property.
Quality of Life
Life abroad will most likely be different from what you're used to in the US.
When buying property overseas, consider factors such as safety, healthcare, climate, and local infrastructure.
Stay positive and open-minded. While many countries may not offer services like Amazon Prime, there may be local alternatives that more than make up for it!
Cost of Living
One of the biggest benefits of buying property abroad as an American is the lower cost of living. It allows you to stretch your budget further and enjoy a higher quality of life.
Countries like Mexico and the Dominican Republic have affordable groceries, utilities, and transportation.
If you're relocating with your family, you should also consider the quality and cost of education. When moving to South America or the Caribbean, expat children typically go to private international schools, which can be costly. In turn, Western Europe often has good public schools.
Taxes
Research the tax implications of real estate ownership in your chosen country.
Countries like Panama have favorable tax laws with low property taxes and incentives for foreign buyers. In contrast, countries with high taxes may reduce the profitability of your property investment.
Personal Preferences
The bottom line is that you should like the country where you're considering buying your foreign real estate. The culture, language, and lifestyle should align with what you enjoy and value.
Consider spending some time in the country before making your decision.
Buying property abroad? Send money the hassle-free way with Wise
Now that we covered all the basic considerations when purchasing a home abroad, you might be wondering: how to send money to pay for a property overseas?
Wise offers you a quick, secure and transparent way to send money to pay for your property overseas. You get the mid-market exchange rate for your payments and see how much it’s charged for the transfer before sending the money from your bank.
With the Wise Account you can also hold 40+ currencies, spend money in 150+ countries, and receive like a local in 9 different currencies.
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What are the best countries to buy property as an American?
Costa Rica
Costa Rica is one of the best countries to invest in real estate, thanks to its natural beauty, warm culture, and thriving economy. It's often called the "Switzerland of Central America" because of its commitment to peace and stability.
With its beautiful beaches and lush rainforests, it's no wonder that many Americans go on a vacation to Costa Rica and never leave.
Costa Rica's local real estate agents will tell you that the country has strong property laws and opportunities for a high rental income.
Combine that with the easygoing Pura Vida spirit and one of the best healthcare systems in Latin America, and you've found your dream overseas property investment. Learn more about buying property in Costa Rica here.
Spain
Spain is a favorite among Americans who are interested in purchasing property abroad. Major cities like Barcelona and Madrid are bustling with rich history and culture while coastal regions are more relaxed.
Your real estate investment comes with high rental income potential, and Spain's Golden Visa program puts you on a path to residency. Learn more about buying property in Spain here.
Dominican Republic
If you're looking to invest in a beautiful country with a low cost of living and just a short flight from the US, look no further than the Dominican Republic.
Areas like Punta Cana and Puerto Plata are perfect for a tropical vacation. For water sports enthusiasts, Cabarete is a prime location to explore.
The Dominican Republic welcomes foreign buyers and makes it easy to invest with a simple property-buying process.
United Arab Emirates
The UAE's real estate market is well-regulated and comes with opportunities for high rental income and property appreciation. Dubai is popular with foreign buyers because of its modern infrastructure, impressive amenities, and lack of property taxes.
Learn more about buying property in Dubai here.
Mexico
The low cost of living, vibrant culture, and proximity to the US all make Mexico one of the best countries to buy property as an American.
The purchasing process is relatively straightforward for foreigners, and you can easily rent out your property for some passive income. Learn more about buying property in Mexico here.
What are the easiest countries to buy property as a foreigner?
Panama
Buying overseas property in Panama comes with a straightforward legal process and a lack of restrictions on foreign ownership. Foreigners have the same property rights as Panamanian citizens.
Plus, Panama has exemptions for foreign-earned income and no property taxes under specific dollar thresholds.
Turkey
The Turkish government has made an effort to simplify home ownership for foreign buyers, and the Citizenship by Investment program grants citizenship to those who invest at least 400,000 USD in real estate.²
Malaysia
Malaysia has a clear legal framework and welcoming policies for foreign real estate buyers. There are no restrictions on foreign ownership for most types of property. The Malaysia My Second Home (MM2H) program offers long-term visas to foreigners who meet certain financial criteria.
Learn more about buying property in Malaysia here.
What countries offer residency when you buy property?
Spain
When you invest a minimum of 500,000 EUR in real estate in Spain, you can get residency for yourself and your family.³ This is known as the Golden Visa program, and it provides a pathway to permanent residency and, eventually, citizenship after ten years. You don't need to live in Spain to renew your residency.
Greece
Greece also has a Golden Visa program. By purchasing real estate worth at least 250,000 EUR, you can get a five-year residency permit.⁴ It can be renewed indefinitely as long as you own your property. This program is one of the most affordable in Europe.
Learn more about buying property in Greece here.
Malta
Malta offers residency for renting or purchasing residential real estate.
To get residency by renting, you have to pay government fees, donate to a charitable organization, and rent a residential property in Malta for five years. Typical investment starts at 150,000 EUR. For purchasing real estate, the investment starts at 370,000 EUR.⁵
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Buying property abroad as an American FAQs
Is international real estate a good investment?
There are many countries where US citizens can buy property to retire, rent out, or live in. International real estate is a great investment because it opens up new income streams, appreciates in value, and, in many cases, allows you to have a better lifestyle with a lower cost of living.
Do I pay US taxes on foreign property?
You typically don't have to pay US taxes on foreign property. However, if you get rental income from your foreign property, that income is usually subject to US taxes and must be reported on your tax return.
Keep in mind that you may also need to pay property taxes in the country where your property is located.
Will US banks give mortgages on foreign property?
It's possible to get a mortgage from a US bank to buy an overseas property, but it's not always easy. You may need to look for financing options in the country where you plan to buy the property or negotiate financing terms with the developer or property owner.
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Buying property abroad is a growing trend among Americans, and for good reasons.
It's a profitable way to diversify your portfolio and prepare for retirement. Plus, many young professionals who work online are considering buying overseas property to experience a new culture and generate rental income.
Wise makes it easy to send money to 160+ countries without hidden fees* or exchange rate markups. Safely move big money from one country to another to take advantage of real estate opportunities abroad.
Sources:
- Yahoo!Life - Second homes will continue to draw luxury buyers around the world in 2024
- Presidency of the Republic of Turkey Investment Office, Acquiring property and citizenship
- Immigrant Invest - Spain residence permit or citizenship by real estate investment
- Immigrant Invest - Greece golden visa
- Immigrant Invest - Malta permanent residence programme
Sources checked on 07.30.2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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