Buying a House in Skopelos

Only in recent years have people from outside Greece been purchasing property here and in general the Greek people are fairly new to the concept of selling property at all! In previous generations houses were usually kept within the family and if the family couldn't maintain their properties they often became ruins. This was accentuated by both rural depopulation and the world Diaspora of the Greek people and though this situation as provided an opportunity to purchase some wonderful pieces of property today it has also left us with a situation where people are often not versed in the trading and pricing of houses and land.

To give an overview of the price range, however, is useful to those who are looking for property in Skopelos and we can say that a house in Skopelos Town can be as little as 40,000euro, an average of 150,000euro for something that can be lived in straight away, or up to 300,000euro for something special (and big) and of course as nearly all properties on the island are fairly unique any variation of the above can occur and there very special residences which appear vary rarely which fetch prices up to 900,000euro!

Similarly land for building varies greatly by location, aspect, view and amenities and can be from 40,000euro to 100,000euro for a plot for one house on average and then for larger plots any multiples of the above.

There are no restrictions on citizens of EU countries buying property anywhere in Greece. Some restrictions apply to non- EU citizens buying property in areas designated as "border areas". Non-EU citizens should apply to the Local Prefectural Authorities if they want to buy property in certain parts of Northern Greece, Crete, Rhodes, the Dodecanese islands or islands in the eastern Aegean Sea. (This does not apply to Skopelos island.)

The transfer of property ownership is always executed in the form of a notarial deed. When the actual agreement is drawn up by the notary and signed by the contracting parties two lawyers are present one on behalf of the seller and one on behalf of the buyer. Your lawyer is there to ensure that you are not cheated, that the title deeds are without impediment, and to determine the objective taxable value of the property. Before the actual sales agreement is signed, your lawyer will conduct a thorough search of the archives at the Land Registry office to make sure that there is no impediment or obstacle to the transfer of ownership and that the title deeds are in order. This does not take long and it will soon be time for you to sign the sales agreement/contract at the office of the notary.

The deposit

It is normal to deposit 10% of the agreed purchase price when the preliminary agreement is made. You may lose your deposit if you change your mind. If the seller changes his mind, he is obliged to return your deposit to you.

Written preliminary agreements may be dispensed with if the property is not of very high value or if it is obvious that the transfer of ownership will be completed in a relatively short time. Where a preliminary agreement is drawn up, it states who the parties to the agreement are, what the property is, what price has been agreed how the money will change hands. It also includes any other conditions agreed upon.

The notary will want to see that all the necessary documents (tax, deeds etc.) are in order before drawing up the sales agreement /contract. The deposit commits both buyer and seller. One of the differences between purchasing property in Greece and purchasing property in other countries is that most buyers have ready money; there is no chain involved, so it does not take long for the transfer of ownership to be completed. You should have at least enough money for the deposit ready to hand. You would not like to miss a good opportunity because you were too slow with the deposit. The deposit also reduces the likelihood of the seller accepting a better offer. It is wise, easy and quick to open a bank account in Greece.

If the search at the Land Registry office reveals an impediment, your deposit will be returned. If the seller simply changes his mind, he must return the deposit plus 100% in compensation. If the buyer changes his mind he forfeits the deposit. In effect, the deposit binds both buyer and seller to their word.

You will have to pay a one-off purchase tax. The amount payable is calculated on the basis of the "assessed value" of the property. The assessed value is lower than the actual market value. The tax due is 9% to 11% of the assessed value.

Planning permission

Planning permission is a matter of course if your piece of land is within the confines of a village, town or city. If your piece of land is not within the confines of a village, town or city, but is within the area covered by town planning, you will be granted permission to build on it provided it measures 2,000m 2, and borders with a municipal road. If your land is not within the confines of a village, town or city, and is not within the area covered by town planning, you will be granted permission to build on it if it measures 4,000m 2 or more, provided it is not within a forested area, and no restrictions are imposed by the Department of Archaeology. Only fully qualified, registered architects or engineers are allowed to apply for building permits. The cost is approx. 4% - 5% of the estimated cost of the building. Municipal taxes and duties are incorporated in electricity bills. The amount added to your two-monthly bill is negligible and includes a compulsory television license.

Amorgos Island Real Estate in Amorgos Greece-Houses Villas Hotels For Sale in Amorgos Island

Amorgos island real estate in Amorgos Greece. Houses villas hotels for sale in Amorgos island. Within this article one can find what to consider, and the steps one needs to take when purchasing a property on Amorgos island.

1. Find first a property that is of your liking via the internet or even better after a couple of visits to Amorgos island. Keep a record of all the properties you visited in Amorgos Greece. Prices of Amorgos island real estate will vary greatly. One will also note a big gap in the city evaluation, and the market value usually the city evaluation being lower up to five times, however in some case the city evaluation will be greater than the market value, so don't get taken for a ride.

2. Pay special attention when purchasing land, on Amorgos island in Greece.

If one decides to purchase land and wants to build, the building laws in Greece change frequently therefore you will also have to hire an engineer or a topographer who will inform you about the specific piece of real estate in Amorgos Greece. A lawyer and a notary cannot help you out in this step. If they do you will be getting wrong input, and might end up with some Amorgos island real estate which is not usable.

3. The costs when purchasing Amorgos island real estate are as follows. Calculated on the city evaluation or the price put on the deed of sale, which ever is greater, the notary will charge you about 2% the lawyer from 1.5% to 2%, and the government transfer taxes today are about 13%, however the government tax rates concerning real estate in Amorgos Greece change from time to time. Engineer costs for land purchasing may vary from 300 to 1000 euros. Also if a real estate agent in involved the agreed fees must be paid or else action may be taken against you down the line.

4. After the job is done from the lawyer and notary ask from the Amorgos island real estate registry the 4 certificates concerning your real estate in Amorgos Greece. These should be a certificate of ownership, one that states there are no existing loans or leans, a certificate that there are no claims private or government against your Amorgos island real estate, and a certificate of transcription or in simple words that your deed is actually registered at the Amorgos island real estate registry.

5. Don't forget that after all of the above you will be required to submit income tax for the next fiscal year. In the income tax form you submit you will be required to prove where you got the funds to purchase real estate in Amorgos island in Greece. For more details don't forget to ask you lawyer, before purchasing your favorite piece of real estate in Amorgos island. Be careful with this step, you don't want any unexpected surprises down the line. If you can't prove where you got the funds, the purchase value on the deed of sale as well as the notary fees will be calculated as an income and you will be taxed on this amount in an escalating form, from 0% to 43% about, which is the same scale as one has to pay for Greek income tax or income tax in Greece.

This article is designed to help people interested in purchasing Amorgos island real estate.

thanks

7 Tips for Buying Property in Bali

1. Proximity to a temple

There are literally thousands of temples in Bali.  There are local laws stating that you cannot build within a certain range of the temple.  The reality is however, many buildings and houses are built near temples.  As a foreigner you need to be careful and check with the local government (banjar) if building on the land will be a potential issue before you buy the land.

2. Check ownership of trees/crops

Just because you own the land in Bali, you might not necessarily own the plants or trees that are growing on it.  This is especially the case of coconut or mango trees as they are harvested by farmers. 

3. Check the IMB (building permit)

To build a house or any building in Indonesia, you need to get a building permit or IMB. This is often placed prominently at the front of the property.  You might find that many locally owned houses in Bali don't have IMBs, but you can still organize the permit during the property transaction.  

4. Check the water and electricity

Check whether the house has water connected to the town water system (PDAM) or if it uses a well or bore on the land.  If the land uses a well, check that supplies enough water for your needs, particularly if you are planning later to build a swimming pool.

For electricity, make sure it has adequate wattage to run the appliances you want.  Bali is having problems keeping up with increased demands for its electrical supply, so getting an increase in watts is not always easy or even possible.

5. Find a reliable notary

Notaries handle property transactions in Indonesia. It is important to try to find someone who is reliable and honest.  They also need to be located in the same regency as the property you are purchasing.  If you have a notary that is located in a different part of Bali, you can still use them to check that the notary handling the transaction is doing everything above board.

6. Check ownership of the access road

Many people have been caught out in Bali because they don't have public access to their own land. It is important to check who actually owns the access road before you buy the land.  Even though the road looks as though it is a public one, it could be owned by a private individual and they can block access to your land unless you pay a substantial fee.

7. Talk to other foreign property owners in your village

Some villages in Bali are more friendly to foreigners than others.  Some villages will demand large fees to be paid, even if you have a building permit and will do anything to stop you from building until the 'fees' have been paid.  Bali's villages are very community focused, so it is a good idea to try and become involved as much as possible in the village, to avoid these kinds of problems.

Traveller's Guide to Cape Verde

Independent since 1975, the Cape Verde islands were once a Portuguese colony. To be found in the North Atlantic, our hundred and fifty miles off the Senegal coast, they are the most westerly point of Africa.

Cape Verde comprises ten principal volcanic islands and five smaller, largely uninhabited, the whole divided in two groups - the Ilhas do Sotavento the leeward group and the Ilhas do Balavento is the windward group.

Once a staging post and source of salt for ships, the islands now rely for there living on agriculture, shipping and other services, and more and more on attracting tourists. Most food is imported and there are annual budget deficits.

Recent economic reforms are designed to develop the private sector and attract foreign investors, although the islands are expected to remain dependent upon aid. Cape Verde has also been exploring the possibility of European Union membership, and its currency, the Cape Verdean Escudo, is already tied to the euro.

The islands and are prone to drought and seasonal winds which can bring dust storms, but have warm, dry summers. Seas around the islands can be 'treacherous'. Each island has its own characteristic although the landscape is predominantly rugged and mountainous with lots of beaches.

The capital is Praia, which is situated on the largest island, Santiago. Cape Verde has international airports on the islands of Sal, the main tourist destination to the north east of the group of islands, and Santiago in the south. There are also smaller airports on several other islands. Many international flights from Europe are via Lisbon.

Population is just 424,000, and the official language is Portuguese, while laws, architecture and customs also reflect the islands' Portuguese heritage. There are also strong African lifestyle influences. Foreign nationals require visas to enter the islands. Those buying properties will require a habitation permit.

The British Embassy in Dakar, Senegal has the responsibility for UK relations with Cape Verde. There is no Cape Verdean Embassy in London - the Cape Verdean Ambassador to the UK is resident in Brussels.

The Foreign Office judges the threat from terrorism in the island to be 'low'. Crime rates are also low although petty theft is common and 'there have been incidents of muggings involving British nationals'. The political situation is 'stable'. Recent property development has created investment interest in this emerging market - although with a weak but improving domestic economy and more Cape Verdean's living outside the islands than living on them, its development will be largely reliant on overseas investment.

Property ownership is subject to land registration. Transfer begins with a legally binding promissory contract signed in front of a notary public. At this point a deposit of between 10 per cent and 30 per cent is expected to be paid by the purchaser. Ownership is transferred when a final deed of transfer is signed, again in front of a notary, and payment made of the outstanding balance.

The purchase will then be registered at the local land registry and with the local authority on receipt of a report from the notary. Notary, registration fees and stamp duty are around 2.5 per cent of the property's price. There is also a transfer tax of three per cent and an annual property tax equivalent to 0.75 per cent of value.

Buying Monaco Property

Monaco is an independent Sovereign state situated between France and Italy on the Côte d'Azur. The fact that Monaco residents pay no personal income tax has encouraged an influx of many high net worth individuals to buy or rent Monaco property in order to qualify for residence.

One of Monaco's other main attractions is the high level of security afforded to its residents due to the presence of a strong police force. Many of the apartment complexes have 24hr security and concierges for extra peace of mind.

These factors as well as the superb climate have contributed to make Monaco property prices some of the most expansive in the world. The majority of Monaco property advertised in the local estate agents is for rent and generally the contracts require a three month deposit and three month rent in advance and the agent will charge ten percent of the annual rent their fee.

As Monaco is less than 2 square kilometres in area most of Monaco property is in the form of apartments and range from minute studio flats to enormous triplexes and penthouses many with their own swimming pools. There are a few town houses available in the Monaco property agent's windows however these are even more expensive than some of the penthouses.

The actual process of buying Monaco property is fairly simple and there are no restrictions on foreigners investing in the Monaco real estate market. To ensure that the transaction runs smoothly and conforms to the local law you will need to appoint a local notary. You will be required to pay a deposit of 10 percent (normally held by the notary) upon signature of the contract and the balance is payable upon signature of the transfer deed before the notary.

Monaco Property Fees

Notary fees plus supplementary expenses such as copies and stamps range from 1.5% to 2.5%. Real estate agent's commission is paid by both parties, 5% (plus 19.6% VAT) for the seller and 3% (plus 19.6% VAT) for the buyer.

Cape Verde Property Buying Guide

Emerging Cape Verde property market has been in conjunction with growing visitors to the tropical island with surfing and year round sunshine. Infrastructure expansion is greatly planned with an international airport, 4 or more tourist designated islands, road networks and inward investment relaxation of rules to accommodate foreign property buying. Cape Verde government is keen to attract many visitors on prolonged stays and as tourists to the number of islands earmarked for tourist development. Good returns for property developers that wish to build houses and apartments for holiday rentals to sell on or sit back and take high rental yields. Of course tax is due on rental profits, although substantial incomes can be made investing in the right property or land for development. Risk is always present buying property in an emerging market, although Cape Verde seems very promising as a long term property investment proposition.

Buying Process Cape Verde Property

Search for property and putting in an offer is the first stage of property buying. Estate agents and property developers can help with land and buildings for sale or you can locate property for sale on many websites and deal direct with owners and house builders and save money in the buying process. Good idea to conduct searches on the local area and property through Land Charge searches at the Municipal Authority and Land Registry Offices in Cape Verde. Searches here will provide a lot of information on the property:

- Debt attached to the property. Check to see all taxes, utilities is paid on the property as the new owner would inherit all financial liabilities.

- Restrictions on the property, property transfer and title.

- Valid habitation permit that goes with a valid conveyance of the property.

- Land register certificate "Certidao do Registo Predial".

- Map location of the property "Planta de Localizacao".

- Tax information on the property "Certidao Matricial".

Retain the services of a good lawyer who will arrange for the initial contract to be signed and agreed by both parties in property buying, and all other legal matters. Of course have a lawyer check all the details above and if the property is registered and in the sellers name and has the right to sell the property.

- Get hold of a tax card that is required when buying property and paying taxation due.

When signing the initial contract in the lawyers or builders (Promissory Contract of Purchase and Sale "Contrato Promessa de Compra e Venda") office a deposit is due and the contract is binding, meaning you must buy the property and the sellers must sell you the property. Contracts are as mentioned signed in a lawyer's office known as a Notary Public in Cape Verde.

When you have completed all the searches on the property and your lawyer says that everything is no problems with the property and the survey check on the property is all clear the final contact will require to be signed. Escritura is the final deed of conveyance that gets signed in a Notary Public in Cape Verde and provides the buyer of the property a document proving they are the rightful owner of the property. The Notary will register the title deed with the local land Registry and local Municipal Authority enabling enforceable title, also your lawyer can register the property. Final balance due on the property is due at this point.

Notary, lawyer, survey fees are also due, and stamp duty at present 2.5% of the final property buying price, all which are payable at the time of the final contract signing.

- Taxes are payable, please remember. Capital gains taxation when buying land for building is payable at different rates according to the sales price of the end user of the property. Sales vales in excess of 100% of purchase price of the land are then due, with other capital gains tax levels due if the increase in selling price is 30% or more.

- Transfer tax at 3% payable at the final contract signing stage.

- Annual taxes are due at present in excess of 3% per annum.

- Capital gains tax is also payable at 3% presently for the property and a "Declaracao de Mais Vallis" Capital Gains Tax Statement is also required to be sent to the Cape Verde Government within 30 days of the deed being issued.

- Gifts of property or property transferred to anyone including family members are taxable at 3% transfer at present.

Purchasing Berlin Real Estate - What is the Purchase Cost?

One of the most asked questions by investors new to Berlin is regarding the typical cost involved in making a real estate investment.

The cost depends on the price of the property and the cost tables for the notary public and the land register. They are digressive, in other words, the higher the price, the lower the percentage of the cost.

For a property with a purchase price of EUR 1 million the cost would be roughly:

Notary Public for the contract: EUR 6,965
Escrow account if required (based on EUR 500k): EUR 3,020
Land Register: EUR 4,280
Property Sales Tax 4.5% in Berlin: EUR 45,000
Agent Commission: Between 4 and 6 % plus VAT, (4%): EUR 47,600
Total: EUR106,865

For a property with a purchase price of EUR 2 million the cost would be roughly:

Notary Public for the contract: EUR 13,660
Escrow account if required (based on EUR 1 mill.): EUR 5,995
Land Register: EUR 8,410
Property Sales Tax 4.5% in Berlin: EUR 90,000
5Agent Commission: Between 4 and 6 % plus VAT, (4%): EUR 92,2600
Total: EUR213,265

For the quoted size of investment as a rule of thumb it is safe to use 10 % purchase cost for an initial calculation, with higher values reducing the percentage slightly.

These figures also identify the items where savings can be achieved:

1. If it is a straight forward purchase an escrow account should be avoided as the saving can be quite substantial.
2. Traditionally in Berlin the commission for the property agent is paid by the buyer. For a long time 6% plus VAT was custom and practise. With the recent influx of international investors these margins have come under pressure, especially with the agents not assuming any responsibility for the information provided by them.

The cost of financing will depend on many factors like the amount of equity used etc.. There will be cost for Technical Due Diligence and valuation, "handling fee" between 0.25 and 1 % of the loan charged by the bank and entry of the loan into the deeds register. With the right approach and experience there is also a money saving way of doing this.

Naturally there are many more aspects to be considered before making a purchase: Review of the rental contracts, maintenance, ancillary cost to mention only a few of them. Language can be quite an obstacle because an investor can not expect every property manager or care taker to speak English.

Businesses like Berlin Portfolio Ltd and their network of Real Estate Professionals from Notaries to Tax Consultants and Finance Brokers are specialised in assisting international investors in their investment decisions, providing a "Home Base" for their activities in Berlin - before and after the purchase.

Property in Bulgaria - Guide to Buying Property in Bulgaria

Guide to Buying Property in Bulgaria

Overview

Successfully looking for Real Estate in Bulgaria

As it emerges from years of semi-isolation behind the infamous Iron Curtain, Bulgaria is becoming a more and more attractive place for foreign nationals to make investments of different types in the real estate market. (With that said, and as will be discussed thoroughly later, a foreign national cannot presently directly own real estate in Bulgaria. The prohibition against direct ownership should be changed within the coming decade. And, in the interim, there are ways in which a foreign national can take title to real estate in a more indirect manner -- which will also be discussed in detail shortly.)

Presently, the biggest demand made by foreigners when it comes to real estate in Bulgaria involves residential property. Many Europeans and individuals from some other countries around the world are buying Bulgarian residential property to establish holiday or vacation retreats.

Additionally, more and more savvy investors from different countries around the world are becoming more involved in the ownership of business or commercial real estate in some of the major cities in Bulgaria, most particularly in Sofia, the Bulgarian capital and Varna on the coastal regions of the Black Sea

Population: 7.97m

Currency: Bulgarian Lev
Capital:Sofia
Flag of BulgariaFlag of the European Union

Investment Property in Bulgaria

As mentioned, more and more international investors are putting money into real estate in Bulgaria for investment purposes. For example, these investors are buying real estate that is being developed for business and commercial purposes -- especially in and around Sofia. (Once again, an investor needs to keep in mind that a foreign national cannot own real estate directly in Bulgaria at this time. Again, there are mechanisms available to deal with this prohibition that will be presented and discussed later.)

Another area in which foreign investors are becoming more active is in the purchasing of apartments or apartment complexes which are then being rented and leased to the influx of people that have taken to coming to Bulgaria to participate in the burgeoning economy of that country since it has become more fully integrated into the overall European community of nations.

Residential Bulgarian Property

As referenced, there are a significant number of overseas buyers who have taken to buying residential property in Bulgaria for holiday or vacation purposes. This includes people who have purchased elegant and substantial villas in different parts of the country as well as the more affordable and less costly apartments. In any case, Bulgaria is proving to be experiencing a sharp increase in the number of residences that are being sold to people who are looking for second homes for retreats, vacations or holiday homes in Bulgaria.

Finally, with many people moving to Bulgaria from other countries around the world, a great demand has been placed for the development of single family homes and houses as well as apartments in many parts of the country.

Residential Real Estate - Apartments in Bulgaria

Due to the prohibitions against foreign ownership of land in Bulgaria that likely will remain in place for approximately ten more years, many people are opting to purchase apartments. Because apartments normally are sold as units and without the conveyance of any actual land, a foreigner directly can purchase and own an apartment.

Throughout Bulgaria, apartment sales have been brisk with many people buying holiday apartments in the Black Sea resorts of Sunny Beach, Golden Sands, Nessebar as well as the Ski Resorts of Bansko, Borovets and Pamporovo. In addition, each year a significant number of new apartment complexes are being developed in all of the major cities in Bulgaria and in many more rural communities as well.

Again, due to the prohibition against the direct ownership of land by a foreign national, many people are opting for apartment ownership at this juncture.

Holiday Property in Bulgaria Resorts

As mentioned earlier, many foreign buyers have taken to seeking and purchasing real estate in Bulgaria for vacation or holiday purposes. One of the most interesting trends in the Bulgarian real estate market at this time involves the renovation of substantial residents -- including breathtaking and historic villas and chalets -- in different parts of the country. These magnificent properties are being restored to immaculate condition and are then, in many instances, being purchased (indirectly) by foreign nationals to be used as retreats, vacation or holiday destinations.

In addition to the trend towards the rehabilitation of older properties in Bulgaria, a significant number of new and off plan residential developments are under construction in many resort communities in Bulgaria. Bulgaria has worked diligently, through its government and through the private sector, to attract tourists and tourism money into that country over the course of the part five to ten years. Indeed, an ever growing number of people are finding themselves attracted to Bulgarian resorts and have begun to purchase (again, indirectly unless the residence is an apartment) real estate and residences being developed in this various resort communities in Bulgaria. Most Bulgarian real estate market analysts expect the trend towards the development of vacation-style residences to continue well into the next decade as an ever increasing number of people begin to discover Bulgaria and its resort destinations.

Specific Steps to Buying a Property in Bulgaria

Overview

Since it has emerged from behind the Iron Curtain, Bulgaria through its government has worked to bring that nation into the mainstream of international commerce. However, and with that said, Bulgaria remains in a period of transition when it comes to some commercial matters. This particularly is the case when it comes to the ownership of real estate by a foreign national within the borders of Bulgaria.

At the present time, the Bulgarian national constitution actually prohibits foreign nationals from directly owning land in Bulgaria. With that said, the governmental leaders in Bulgaria are in the process of changing the country's constitution to allow for the direct ownership of land in Bulgaria by foreign individuals. The proposed constitutional changes likely will not be in effect until 2014 or 2015.

Understanding that a foreign national cannot directly own land in that country at the present time, this does not mean that a foreigner cannot own property in Bulgaria "indirectly." In other words, if a person is interested in owning land in Bulgaria, there is an additional step that he or she will need to take in advance of making such a purchase and of assuming such ownership of real property.

Keep in mind that if a foreign national is interested only in purchasing an apartment -- to which no land will be involved, to which any land outside of the apartment unit will be conveyed to the foreign national -- direct ownership is, in fact, permissible.

If a person is interested in buying or investing in land in Bulgaria, and if that person is not a Bulgarian citizen, he or she will need to establish what is known as a Bulgarian Limited Company through which land in Bulgaria can be purchased and legally owned. In order to set up or establish a Bulgarian Limited Company, a person will need to plan on spending just under one thousand Euros. In most instances, a qualified real estate agent in Bulgaria should be able to offer this service to a foreign national.

Once this Bulgarian Limited Company has been established, the hunt for land/property to purchase can begin in earnest. At the time that a piece of property has been identified that a person is interested in buying, an oral offer to purchase is made to the seller. If the seller orally accepts a buyer's offer, the next step in the purchasing process is the preparation and signing of what is known as a preliminary contract.

Customarily, in Bulgaria, at the time the preliminary contract is executed, a 10% deposit is placed or made by the buyer. Generally speaking, the deposit is non-refundable unless the seller withdraws from the contract or cannot, in the end, provide a clear conveyance of the property in question to the buyer. In other words, if the buyer pulls out of the deal, he or she will lose his or her deposit money.
In Bulgaria, perhaps more so than in many other countries in Europe and elsewhere in the world, it is imperative that a very thorough title search be undertaken. In addition, an independent survey of the property subject to the sale should be taken to ensure that the legal description of the property is, in fact, correctly stated. Unfortunately, Bulgaria has somewhat of a reputation of being a country in which titles to real property and survey descriptions are rather muddled in more than a few instances.

Once the title to the real estate is deemed clear, and once all other inspections and evaluations have been completed, the time will arrive for the signing of the final contract. This must take place in the office of a notary public. When the final contract is signed, all state and municipal taxes will need to be paid as well as the remaining balance due and owing on the real estate. After the final payment is made, the deed will be transferred into the buyer's name, which in the case of a foreign national will be the Bulgarian Limited Company.

How to buy property in Bulgaria:

Bulgaria is one of the new boom countries for property investors - property is relatively inexpensive compared to neighbouring countries and certainly much better value than the developed economies of Western Europe.

Buying property in Bulgaria is a relatively straightforward procedure. We've broken the process down into a few simple steps - follow these and you'll soon be the proud owner of a new property in Bulgaria!

1. Find your property

OK this is the fun bit - at http://www.property-abroad.com you can find an amazing range of Bulgarian property on offer from budget apartments to grand residences. Browse our site to find the property that suits your needs best but bear in mind the following:

If the property seems cheap by UK standards, it may indicate that it:

o Requires significant refurbishment.

o Is built in an older style

o It's located in a remote area

o Only has an outside toilet

Many new developments, especially on the coast, are sold "off plan" which means that they are currently under construction. You need to ensure that the relevant terms and conditions are included in the preliminary contract - ask your legal advisor for assistance.

2. Set up a limited company:

Foreigners are permitted to buy buildings in Bulgaria but not land. If you are not a Bulgarian national, we recommended setting up a limited company that will then own both the real estate and the buildings on the land. If you are buying an apartment, it may not be necessary to form a limited company - check with the property agent whether a direct purchase is permitted.

While this law is expected to change when Bulgaria enters the EU in 2007, it is also the reason why Bulgarian property is currently so inexpensive compared with other European countries.

What is a limited company?

As shareholder in a limited company you are liable for the company's financial commitments up to the value of your share in the company's registered capital ie: if the company incurs any expenses or debts your liable is limited to the full amount of your investment in the company.

Who can set up a limited company?

Essentially anyone can form a limited liability company in Bulgaria - you do not have to be Bulgarian to do so. This enables foreign nationals to purchase Bulgarian property indirectly.

How do I set up a limited company?

Before signing any agreement you should agree with all the other shareholders what commercial activities the company will be involved with and agree the structure of the company.

Once you have all agreed on the nature of the business, the relevant documents for incorporation will be prepared by your legal advisor and signed by all the shareholders.

Next you will need to open a dedicated company bank account to collect all share capital.

The minimum share capital necessary to form a limited company is 5000 leva, of which a minimum of 70% (3500 leva) is required at the time of registration. As well as your share capital you will be required to pay administration costs for the registration. Don't forget you will still have the money in the company.

Your limited company will officially exist as soon as it is added to the Commercial Register of the district court, in the region where the company will be based.

This entry is made as soon as the district court make a decision to permit the incorporation of your company.

When you submit your registration application you will need to provide the following documentation:

o Proof that each shareholder has paid into the company at least one third of the total amount of his or her financial interest, amounting to no less than 10 leva.

o Proof that at least 70 per cent of the registered capital has been paid.

o Articles of incorporation

o A memorandum relating to the appointment of directors

In order for any law to take effect, all Bulgarian legislation has to be published in the official Bulgarian state newspaper, the Bulgarian State Gazette. Publication of your company's entry in the commercial register is a public declaration of your formation.

Finally, you will need to register your company with the National Tax Register Authority to complete the process of formation.

Following registration, once you have paid your entire share capital you can withdraw funds from the company to make your property purchase.

Now you've formed your company you can get on with buying your property.

3. Make sure you know about the taxes

In Bulgaria, as with pretty much everywhere else, property transactions are subject to tax. It's important that you factor these charges into your financial planning.

Transfer taxes

Corporate tax (15% in 2005) is the only direct tax on the transfer of property. Because you are buying the property with your company you are liable for corporate tax.

Notary fees are payable on the transfer - rates vary but the maximum is around BGN3500.

Municipal fees of 2% of market value are also payable on completion.

Capital Gains Tax

There is no Capital Gains Tax on the profit when your company sells the property.

Local taxes and rates

Property tax is payable by anyone who owns a building or building plot. This is charged at 0.15% of the list value of the property.

If the building is on a municipal or State-owned plot, the value of the plot will also be included when tax is calculated

Local taxes are not payable on arable land

All building owners must also pay fees for waste collection

Value Added Tax

VAT of 20% is payable on all real estate transactions except with land and lease of property is for residential use.

The buyer or lessee can claim a VAT refund provide they are registered for VAT.

4. Put down a deposit on your property

Once you've found the property you want, you will need to place a deposit to reserve it. The deposit is usually 10% of the selling price and is refunded on completion of your purchase.

At this you will usually pay a commission to the property agent who will then take the property off the market while you begin the purchase. Check with the property agent regarding their fees and the terms and conditions they apply.

5. Sign an initial contract of sale

When the property agent receives all their cleared funds their solicitors will draft an initial contract, which contains details of all the relevant terms and conditions, monies paid and any other information relating to the property transaction.

Once this contract is signed, searches are carried out to make sure that the titles deeds are valid, that any relevant licenses and permissions are taken into consideration, that any debts on the title are brought to light, and that the terms of the final contract are agreeable to both buyer and vendor.

6. Sign the Notary Act

The last step in the buying process is to sign the Notary Act - essentially an official declaration that you have agreed to buy the property. At this point any state and municipal taxes must be paid and any outstanding balance of monies must be paid to the vendor.

The title deed of the property is then transferred into your company name.

Congratulations - you're now the owner of a Bulgarian property!
Property Abroad always recommends using a Solicitor or Lawyer

Latvia Property - Guide to Buying Property in Latvia

Overview

The Latvia Property Market

Since the liberation of the Baltic states, since the countries of the Baltic (including Latvia) regained their independence, there has been nothing short of a remarkable building boom in every major urban center in the region. In addition, there is far more activity by foreign nationals in the Latvian real estate market.

Historically, foreigners paid premium prices -- due to additional taxes and other charges and assessments -- when it came to purchasing real estate in Latvia. However, beginning the mid-1990s, the Latvian government took what amounted to rather drastic steps to eliminate the monetary penalties that accrued to foreign investors who were interested in purchasing real estate in that country. In today's Latvia, a foreign national essentially stands in the same shows as a Latvian citizen when it comes to the purchase of real estate, when it comes to the costs associated with buying real estate in Latvia.

Investment Property in Latvia

One of the most significant changes that has occurred in the Latvian real estate market since the turn of the century, since the dawn of the 21st century, has become the heavy activity of foreign nationals in that particular real estate marketplace. At the present time, foreign nationals heavily are involved in the development and ownership of real estate projects and enterprises throughout Latvia. Foreign investors in the Latvian real estate market have initiated fairly significant development projects in all of the major urban centers in the country as well as in some more remote and rural areas as well. In this process, many foreign nationals from different countries around the world have begun to realize some very significant profits from these real estate ventures.

Most real estate analysts predict that the number of foreign investors who are actively participating in the Latvian real estate market will continue to increase over the course of the coming two decades. There remains much development and modernization to undertake throughout the country -- and a seemingly bottomless number of foreign nationals who are interested in diving into the Latvian real estate game not only today but well into the future .

Residential Real Estate in Latvia - Single Family Properties in Latvia

Many foreign nationals have taken to purchasing single family residents in different parts of the country. Indeed, many of these foreign real estate buyers are purchasing older, quaint properties. Throughout the country, there truly are some magnificent older properties on the market.

With that said, and considering the age of this type of real estate, foreign nationals strongly are encouraged to undertake a very thorough structural assessment of these types of properties before they invest in them. Once a buyer enters into a sales agreement for real estate, the concept of "buyers beware" really does enter into the equation in Latvia. Truly, it is the responsibility of the buyer to make certain that the real estate he or she is purchasing is in sound and stable condition. In Latvia, a buyer really does take the property in the condition it is in -- including hidden defects -- unless the seller has engaged in serious fraudulent conduct in hiding different negative aspects of the property .

Residential Real Estate in Latvia - Apartments in Latvia

Throughout the Baltic region there has been a tremendous amount of development when it comes to the construction of apartments. This holds true in every single major urban area throughout the Baltic states. Latvia is following this same trend.

Many foreign nationals have been highly involved in the development of these new apartment projects in the major Latvian urban centers. In addition to being involved in the development and construction of these properties, foreign nationals can also be found making the purchase of a great number of these apartments. Due to the economic growth that is being experience in the Baltic region, many foreign nationals can be found spending a goodly share of each year within the country. In this regard, these business men and women do require places in which to reside and are finding purchasing apartments in Latvia to be a perfect solution .

Holiday Property in Latvia

Latvia is one of the most historically interesting countries in the entire world. As a result, since Latvia regained its independence from the Soviet Union, tourism has become a major industry and enterprise in the country. Thousands of foreign nationals stream into the country each and every year, including those that are making regular and extended stays in the country.

With the growth in the tourism industry in the country, a growing number of foreigners are now making the purchase of real estate for holiday usage. When this trend commenced in the late 1990s, many foreign nationals were buying apartments in the major cities in the country and in the major resort communities, particularly along the Baltic coast itself. Since the turn of the century, there additionally has been an increase in the percentage of foreign nationals who are buying more substantial residential dwellings -- including villas and larger homes -- in both urban and rural areas in the country. These larger residences are proving wonderful destinations for people who prefer extended holidays away from the hustle and bustle of every day life in the day to day world.

Specific steps to buying real estate property in Latvia

When it comes to the buying selling of real estate in the Baltic states, including in Latvia, it is important to remember at the outset that there is very little dickering over price. In many other countries around the world, the listed sales price for a piece of real estate really is intended as a starting point for negotiations. In many instances, a seller intentionally hikes the listed sales price upward to allow for some bargaining space and room with a potential buyer of the real estate.

In Latvia, and in other Baltic countries, the listed sales price more often than not likely will be the ultimate selling price of the real estate. Simply, there just is not much bargaining or haggling over the price of real estate in Latvia and the other nations of the Baltic region.

In Latvia, a notary performs the major functions associated with the buying and selling of real estate in that country. The notary is responsible for holding in escrow any deposit posted for the property by the buyer, making certain that the title to the real estate is genuinely held by the seller and making certain that there are no liens or encumbrances on the real estate.

The initial step in the real estate sales process in Latvia is the execution or signing of the initial contract for sale. It is at this juncture that the seller will pay to the notary a deposit, which normally is in the amount of 10% of the overall purchase price for the real estate.

After the initial contract has been executed, the notary will go about his or her business in determining if the title to the real estate properly is held by the seller and to make certain that there are no encumbrances on the title that will impact a transfer of ownership to the buyer.

It is also at this juncture that the buyer needs to have a structural engineer check out the real estate being purchased. As was referenced previously, this is important when dealing with an older property. However, and unfortunately, there have been a notable number of situations in which newer construction has not been undertaken in an appropriate and professional manner. In some instances, builders take terrible shortcuts (like not putting studs in walls) which can have horrific consequences down the road. Thus, and once more, a thorough inspection of the real estate is necessary on the part of the buyer. As an aside, it is imperative that the initial contract contain an escape clause for the buyer -- including a refund of his or her deposit -- if the structural report reveals serious defects with the property.

Once these various tasks have been concluded, the buyer and seller more forward to the execution of the final agreement which will result in the conveyance of the real estate from the seller to the buyer. Upon the execution of this contract, the title will be revamped to demonstrate the ownership interest of the buyer in the subject real estate. The title will then be filed with the land registry authorities in Latvia.

As a final note, foreign nationals (and Latvian citizens as well) need to remember that there is a value added tax attached to and associated with the sale of real estate in Latvia.

The value added tax normally amounts to 18% of the total purchase price of the subject real estate. Therefore, it is vital that the buyer keep this tax in mind when he or she is looking for financing and a mortgage loan. The value added tax assessed by the Latvian government in a realty transaction is significantly higher than similar taxes imposed in some other countries around the world

Property Abroad always recommends using a Solicitor or Lawyer.

Good Faith Estimates - Explained

A Good Faith Estimate (GFE) is something that you are to receive within 3 days of a mortgage application. These are standard forms, so they are intended to be used to compare different offers (or quotes) from different lenders or brokers.

The GFE lists an estimate of what the total costs will be to get your mortgage. It is a long list, and the charges can be confusing.

The key thing to remember is that it is only an estimate. Your final costs may be different - sometimes very different.

These quick explanations will help you understand many of these costs, and how you can save on them. Keep in mind that some lenders or brokers add their own custom fees to the GFE.

The fees come in these basic categories:

Loan fees

Fees to be paid in advance

Reserves

Title charges

Government charges

Additional charges

The following is a list of the typical charges, with advice on how to lower this if you can. Each charge starts with a number - the same number is the number of the charge on your GFE. This makes it easier to find the charges you are looking for on your GFE.

ITEMS PAYABLE IN CONNECTION WITH LOAN:

801 - Loan Origination Fee

This fee is a charge for originating or creating the loan

802 - Loan Discount

This is an upfront charge paid to the lender to get a lower interest rate - same as "buying the rate down"

803 - Appraisal Fee

This is the cost of the independent appraisal. It is usually paid by the buyer

804 - Credit Report

This is the cost of the credit report

805 - Lender's Inspection Fee

This is the lender's cost of inspecting a property - some may double check the appraisal provided by an independent appraiser

808 - Mortgage Broker Fee

This is the upfront charge that a mortgage broker charges. Brokers can also earn a "rebate" from the lender which is not listed here

809 - Tax Related Service Fee

Lender fee, usually small, for handling tax related matters

810 - Processing Fee

This is the charge for processing the loan - collecting your application, running credit, collecting pay stubs, bank statements, ordering appraisal, title, etc.

811 - Underwriting Fee

This is the cost of the loan underwriter (approver)

812 - Wire Transfer Fee

This is the cost of wiring the money around, which is usually done by escrow

ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE

901 - Interest for days X $ per day

This is your prepaid interest for your mortgage loan

902 - Mortgage Insurance Premium

This is the prepaid mortgage insurance premium, if you have one. This is the insurance premium some lenders charge for loans with little equity/

903 - Hazard Insurance Premium

This is your home's hazard insurance being prepaid

905 - VA Funding Fee

This is the Veterans Administration funding fee, which is something you will not incur unless you go through a VA program

RESERVES DEPOSITED WITH LENDER

1001 - Hazard Insurance Premiums # months @ $ per month

This is any prepayment of your future hazard insurance expense

1002 - Mortgage Ins. Premium Reserves months @ $ per month

This is any prepayment of your future mortgage insurance expense

1003 - School Tax months @ $ per month

This is any prepayment of your future school tax expense

1004 - Taxes and Assessment Reserves months @ $ per month

This is any prepayment of your future tax expenses, such as property taxes

1005 - Flood Insurance Reserves months @ $ per month months

This is any prepayment of your future flood insurance expense

TITLE CHARGES:

1101 - Closing or Escrow Fee

This is the cost of escrow. This is the service of a neutral party that actually handles the money between all the different parties in a real estate transaction, including: the lender, the buyer, the seller, the agents, notary, etc. This is often times done by the "Title Company" - a related entity in the same office that provides title insurance

1105 - Document Preparation Fee

This is the charge for preparing the loan documents. Lenders often email the loan documents to the escrow company, which in turn prints them out and reviews them before signing

1106 - Notary Fees

This is the cost of the notary. This is to have all of the legal documents surrounding this transaction notarized

1107 - Attorney Fees

Any legal charges

1108 - Title Insurance

This is the cost of insuring the title of the property. If there is a question about title (who really owned the property), after the transaction is done then this insurance protects the lender from future problems

1200 GOVERNMENT RECORDING & TRANSFER CHARGES

1201 - Recording Fees

This is the cost of updating relevant government records

1202 - City/County Tax/Stamps

Unavoidable government charge

1203 - State Tax/Stamps

Unavoidable government charge

1300 ADDITIONAL SETTLEMENT CHARGES:

1302 - Pest Inspection

This is the cost of the pest inspector. Their purpose is to document the state of the property that the lender is making the loan on

Others charges

These can be additional charges that change within different loan sources
Pay particular attention to these charges, but they can also be listed in other sections

Saving on your expenses

The expenses are in three different categories:

Fixed - government charges

Slightly variable but small - escrow, notary, pest inspector, appraiser
Highly variable - loan fees

The biggest expenses are usually in the loan fee section. This is where you need to focus to try to get a good deal.

Compare the GFE's you receive from different lenders. Keep in mind that these GFE's are only estimates. They can change, and sometimes become unpleasant last minute surprises.

Buying Property in Italy

The purchase process

It is advisable to use an independent, English-speaking legal adviser to act in all property transactions.

The first legal document in the purchase process is the "proposal of purchase" (compromesso, or proposta d'acquisto). Signing this document means that the buyer binds himself for a stipulated period (normally from five to 30 days) to buy the property at a named price. However, during this time, the vendor and his agent are free to consider other offers.

When the offer is accepted, the buyer needs to pay a deposit (usually 10 per cent), and sign the "preliminary contract of sale" (compromesso di vendita) which is drawn up by a notary (notaio), who acts for both sides of the transaction. This sets out the formalities of the sale, including any conditions. If the purchaser breaches the contract, he may forfeit his deposit. If the vendor does so, he must pay the buyer twice the amount of the deposit.

The completion usually happens around six to eight weeks later. At this stage the title to the property passes from the vendor to the buyer by a "deed of sale" (il rogito).

There are two types of deed. One is a public document and the other a private contract.

The former type provides a greater protection and is slightly more expensive. If a property bought by private deed is subsequently found to have a charge against it (such as a mortgage), the notary cannot be held responsible, whereas if a public instrument has been used, legal action can be taken against him.

Following completion, the notary issues a certified copy of the "deed of sale" and registers the original document with the Land Registry.

Costs

Many properties in Italy are freehold. The total fees for buying a property are approximately 10 to 20 per cent of the purchase price. Among the costs are:

• Registration fee
• Land Registry fees/stamp duty
• Notary fees (usually about 4 per cent of the declared price)
• Legal fees (for independent legal advice)
• Estate agent's fee (usually shared between vendor and purchaser)
• Mortgage fee (if applicable)
• IVA (Italy's equivalent of VAT), if buying from a company
• State tax, if buying from a private individual

Financing your purchase

When working out how to finance your purchase, consider all the options. Paying cash, if you can afford to, is often recommended, but you may not want to tie up a relatively large sum in this way.

There are other options availabl: remortgaging your UK home or arranging a mortgage on your Italian property through a UK or Italian lender. Remortgaging offers the easiest solution. Releasing equity in a UK home means that the second home can be purchased for cash, without the need for another mortgage. However, this may only be feasible for those who own their first home outright.

Some UK mortgage providers will lend funds of up to 80 per cent of the purchase price for a second home purchase over, typically, a 15-year term.

Getting a mortgage in Italy

Mortgages in Italy are based on the property and self-certification mortgages are not generally available. Borrowing limits are normally based on 30 per cent of monthly income. Projected rental income will not be taken into account.

Proof of income and outgoings will have to be shown. If total outgoings exceed 40 per cent of monthly income, Italian lenders will not be interested in doing business.

Taxation

Everybody who has financial transactions in Italy must have a tax ID number (codice fiscale) and complete a tax return.

Personal taxation: non-residents

A double taxation treaty exists between Britain and Italy, so the good news is that tax is payable in one or other country, not both.

Non-residents may be liable for taxes on income, capital gains and inheritance. Obviously, these vary from individual to individual, and it's important to take professional advice. There is no wealth tax in Italy.

The authorities are only concerned with Italian-sourced income. This includes interest on funds deposited with an Italian bank and income from letting a property in Italy. You can offset expenses including repairs to the property, management costs etc against income. The residue is taxed at between 19 and 46 per cent, depending on the amount. Most property owners will pay around 30 per cent.

Personal taxation: residents

Anyone staying in Italy for more than 183 days during a tax year (which coincides with the calendar year) is considered a resident and liable to pay tax. The 183 days need not be consecutive.

Residents may be liable for taxes on income, capital gains and inheritance. Like many bureaucratic areas of Italian life, the taxation system is extremely complex, and it is essential to take expert advice from a "commercialista". Anyone thinking of buying a property in Italy should examine their tax status carefully. By doing this, they may well be able to save money in the future.

Local taxes

Every town council (commune) raises a tax called "imposto municipale" or "imposta comunale sugli immobili" (ICI) on property. This is based on the property's "rendita catastrale" (rateable value) which is usually between 0.4 and 0.7 per cent.

There is another tax that is raised locally is called "tassa comunales". This is the equivalent of the UK council tax and funds refuse disposal, street lighting,cleaning of streets and beaches etc.

Estate Planning in Panama

Today, hundreds of US, European and Canadian citizens arrive in Panama looking for a mountain retreat or a beach house. Since most of them are retirees, not infrequently, they request information on how to transfer assets to inheritors in a cost-effective and expeditious manner. It is very safe to purchase real estate in Panama, as it is easy to plan your estate under the Panamanian legal system. Several estate planning legal entities used in North America and Europe are available in Panama.

As a foreigner, if you own assets in Panama and pass, your inheritors may encounter legal fees and time consuming proceedings, should you not follow some simple rules to ease or avoid probate. When planning your estate you may face several options, for instance, absence of a will, a will, special tenancy, private interest foundations and trusts.

Absence of a will

If you do not have a will, dying intestate -without creating any property transfer method-, entails that property will be distributed according to the law of the relevant jurisdiction. Under Panamanian law, if there is no will and no surviving spouse, the estate is inherited by the children and the closest descendants of the children, if a child has died. If there are no descendants, the parents will inherit. In absence of descendants and parents, the closest ascendants will inherit. On the other hand, if there is a surviving spouse, the estate is inherited by the surviving spouse, the children and the closest descendants of the children, if a child has died. If you there are no relatives at all, who takes it all? Yes, you are right, the government, the municipality of your last Panamanian address, to be specific.

It is not the best choice to die intestate, because property will be distributed according to the civil law, not as you wish. In addition, both your executor and the guardian for your minor children will be appointed by a judge, following the criteria of the law. If no inheritors appear before the judge, the Municipality where your domiciled is located will inherit.

A Will

In certain cases a will is advisable as an estate planning tool, i. e., if you do not have the time to engage in a full-scale plan, or if it is very unlikely that you will die in the near future. If you have no assets, but would like to name a personal guardian for your children or donate your organs, a will is an adequate tool. In some cases, if you already have a thorough estate plan such as a set of trusts and private interest foundations, you may want a will, as a back-up will, to dispose of suddenly acquired property.

In some countries, Spain and Colombia to name a few, the freedom to dispose of assets through a will has been limited: part of the estate must be inherited by the closest relatives, another portion must be inherited by any relative and the final portion can be disposed of without any restrictions. Under Panama Civil Laws, there is absolute freedom to dispose of your assets post-mortem; one can leave the whole estate literally to the girl next door, except for the monies owed as alimony to children and/or parents and/or spouse. On the other hand, wills are always revocable; a new will can be written leaving the previous one without legal effects.

There are several types of wills authorized by the Panamanian civil code. The main ones being: Handwritten or holographic will: should be written, dated and signed in the handwriting of the person making the will. Might be inside a sealed envelope or not and is not normally witnessed. Open will: written before a Public Notary and three witnesses, the document is kept at the Public Notary archives, a copy is handed to the person making the will, anyone can have access to the document. Closed will: written by the person making the will, enclosed in an envelope that must be thoroughly sealed by the Public Notary and handed back to the signatory. The contents of the document will only be known by the person who wrote the will. Once the person dies, the will is opened by the judge in charge of the probate proceedings. Nuncupative will: also called oral will, is valid if the person is in risk of imminent death, expresses his/her last will before five witnesses and dies within two months after so doing.

A will written in a foreign language requires the presence of two official translators, chosen by the person who is disposing of his/hers assets, in order to have the document translated into Spanish. A will that lacks this formality can be nullified. There are several formalities instituted by the law in order to protect the will of the person that passed away; a well trained Public Notary can give you assistance in order to comply with all legal formalities and avoid any claims challenging the validity of the will.

Are you, as a foreigner, able to dispose of your Panamanian assets through a will written abroad, say in your home country? In principle, yes, a will written abroad is valid in Panama. Notwithstanding, the treaties between Panama and the country were the foreigner was born must be checked on a case by case basis, to determine further legal consequences.

Although there are no inheritance taxes in Panama, the main drawbacks of a will lie in the grounds of time and money. If you use a will as a tax planning tool, your inheritors will need to hire a lawyer, pay legal fees, pay appraisal fees and, apart from that, they will have to file the deceased person´s will with a local court and, once the will is proved and the estate appraised, the assets will be distributed, in other words, the inheritors will have to wait for a judicial decision regarding probate and will have to pay legal fees.

Trusts, Joint Tenancy, Private Interest Foundations.

So, is there a legal tool that allows you to avoid probate? There are several. The private interest foundation is, to avoid legalese, a legal person, similar to a limited liability company, except that it cannot engage in commercial activities, but, as a living trust, can hold, administer and transfer to the next generation the assets of individuals and families. So you can transfer your local assets to a Private Interest Foundation, appoint an administration council which administers the assets according to your instructions, and at your death, everything goes to the person or persons you have named to inherit, avoiding probate. The Founder can be a member of the Administration Council, with such powers that will allow him/her complete control over the assets. Private Interest Foundations can be revoked or modified by the founder, in principle, subject to the provisions of the articles of incorporation. A protector can be appointed by the Founder with or without power to veto the decisions of the Council. Once the founder dies, the assets will be distributed by the Council according to the instructions of the founder, without the need to file for probate, pay legal fees or engage in time consuming court proceedings.

As in the US and the UK, it is possible under Panamanian law to use a living trust whereby all or part of your assets are transferred to the trust; so, when you die, beneficiaries you have named receive trust property, without going to court, in a discreet, cost effective and expeditious fashion. Living trusts, also called inter vivos, are revocable before you die. While you are still alive you control the trust assets, hence you can dispose of them in any manner you consider adequate, without any limitations. As a settlor or trustor you may choose yourself or a third party as trustee, if the latter, it is advisable to hire a reputed well established trust company.

In some cases, a joint tenancy bank account can be a useful probate avoiding tool, especially when there are family ties. Be sure that the bank account is opened in the name of "A" or "B". This type of bank account allows any of the two persons to withdraw any or all of the money in the account, so there is an element of trust that must be carefully weighed.

Beneficiaries, Imposing Control Over Property, Medical and Financial Decisions.

It does not matter if you use a will, a private interest foundation or a trust to plan your estate, you can always name Primary Beneficiaries and Alternate Beneficiaries. The latter being those named to receive a gift if the primary beneficiary cannot, for any reason, receive it. You can, also, name people as Life Estate Beneficiaries (usufructuarios mientras vivan) who receive rights to receive income from, or the use of, the property during their life, but never receive rights of ownership. Whereas the Final Beneficiaries are those named to become legal owners after the Life Beneficiaries die. It is common place to name children as Life Estate Beneficiaries and grandchildren as Final Beneficiaries. Residuary Beneficiaries are those named to inherit assets that are not expressly left to any other person.

Whatever device you use, it is possible to impose controls over property. You can leave assets for a specific purpose, for instance, for the education of your grandchildren; in this case you should decide what level of education a child must reach. It is also possible to establish an annuity instead of a total lump sum for the beneficiary. In some cases, it is sound to ban the beneficiary from selling the estate, for a certain period of time, particularly when the beneficiary is financially irresponsible. There are various options to impose control over property left to your loved ones.

When your are mentally incompetent or you are alive due to the use of life-sustaining medical technology, and are not able to make medical or financial decisions, your will and the instructions therein contained shall not apply, due to the fact that your will takes effect when you die, not before. Hence, what can be done to overcome this problem? Although there are neither regulations nor Supreme Court decisions on these intricate matters, it appears to me that in these cases there might be at least two ways of dealing with the problem: first, a power of attorney, whereby the person appoints a trusted one who will take the important healthcare and financial decisions, during the relevant period of time. Second, you may leave directions and instructions on medical care and financial issues that will be implemented or executed by doctors and bankers, while you are incapacitated. The lack of instructions to your doctors and bankers or the absence of a duly appointed agent with authority to deal with your medical and financial issues, could lead to substantial harm to your assets, during periods of mental incompetence or absolute disability.

Small Business Ideas That You Can Begin on a Small Budget

Maybe you have wanted to start your own small business for some time now, but you only have a small amount of money set aside. No problem! There are many business ideas available for an investment of $1,000 or less. Many of these businesses have little to no overhead, and can be run out of the comfort of your own home. Becoming your own boss has never been cheaper, or easier.

- Open a Consignment Shop - Instead of selling your used items on a bidding site, sell them in a storefront. There is little to be invested when you are selling items you already own. Enlarge the idea by selling the goods of others. You provide the space to store and sell their items, and when they are purchased, you split the profits. This concept of selling others' items can also work with bidding sites if you choose to sell entirely online.

- Reseller of Wholesale Products - Many companies offer their products at a substantial discount if you buy in bulk, or at wholesale rates. You will need to get a reseller number from the proper state or county entity; you can then purchase the product for resale. That is the only investment required. If you research and pick the ideal product to sell, you can earn up to a 50% profit on each sale, even after paying for shipping to your customers.

- Provide a Valued Service to Others - Many local business owners start by offering a service. Wash cars, mow lawns, or open a window washing business. Housecleaning and "sitting" services are inexpensive to operate and there is virtually no investment other than your time.

- Become a Notary Public - For an investment of a couple hundred dollars, you can become a Notary Public through your Secretary of State. Notaries must pass background checks and be bondable, as they will be guaranteeing the signature on extremely important documents. Mortgage paperwork, estate planning forms, and birth/death certificate applications are among the documents a Notary can guarantee your signature on. At $10 to $500 a signing, depending on the documents, you can earn your investment back in no time.

While some small business ideas can be implemented for next to no money, there are so many more than take a very small budget to get started. With a small investment, it is possible to realize your dreams of becoming an entrepreneur and being your own boss.

No Credit, No Money, No Problem! Getting Started in Real Estate Investing

Despite what the "no money down" courses suggest on television, having money does make real estate investing much easier. In real estate, cash is king.

When you have lots of cash you can buy properties at a deep discount by offering all cash. You can rehab a property easily. You can swing deals that just can't be done in time by someone applying for loans. Cash makes life easier.

What if you don't have any cash at all? Worse, your credit is destroyed and you have to work at McDonalds at night to pay your bills. You don't have much time, you don't have credit, and you don't have money. Are you just hopeless? Are your dreams of profiting from real estate dead?

No. You can still make money in real estate. Believe it or not, there are still lots and lots of ways you can profit. Let's cover some of them.

Partnering or investing with another person or persons is on method. Find someone with credit or cash. You offer to do all the work of finding the property, and put the deal together. They put up whatever cash is needed, and then you split whatever profits are made. It's much better to have 20%, 40% or 50% of something than 100% of nothing. Both you and your partner will profit.

Manage properties. If you have management skills you might offer to manage an apartment building in exchange for a management fee or even a free apartment. You can get a free apartment by managing storage units as well if you are willing to put up with constant interruptions.

If you manage a building successfully for a while, you might ask the owner for an option to buy the building should he or she ever decide to sell. They know you; they trust you, especially if you do a good job. A "no money down" sweet deal is in your future if you treat that owner right and do an excellent job.

Getting a license and working as a real estate agent is another way. A lot of people overlook this entry way into investing. There are many agents already in your area, and you would be new and inexperienced, so it could take time to earn a living. If you did it part time however you'll still know the market well and you'll have access to "players" or people that invest. They might be your future partner if you do a good job for them. Find an investor a few juicy deals and they will be your friend for life. Offer to partner with them in the future and they might just take you up on it.

Be a Notary Public. A Notary is just someone that has taken an easy test, licensed by the State, who can put their seal on documents to certify that the parties signing are who they say they are. It's super easy to become a Notary. Why would being a Notary Public help you in investing: for the contacts. Investors need documents signed and notarized sometimes in the middle of the night. If they know you can perform this service for them, they will come to you. They will have your business card with them at all times. Having people with money, especially real estate investors and agents, knowing your name can launch you into a nice investment if you play it right.

Wholesaling properties or bird dogging can make you instant income without credit, financing, or the need for cash. A bird dog finds run down properties, or even just great deals, for other investors. They either get the deal under contract then assign it to an investor for cash, or they sell the lead to an investor. Whole books and courses have been written on this method of making money with real estate.

As you can see, if you have nothing, you can still make money in real estate. Don't let anyone tell you it can't be done. It can.

All About Certified and Notarized Translations

A lot of times, people are told that they need a certified and notarized translation of their documents, but they are left wondering what these terms mean. Most people get confused by these terms since they have different meanings in different contexts. In this article, we will take out the confusion about certified and notarized translations.

Basically, to make a translation certified, it needs to be accredited according to the laws in the destination country. In general, the certification procedure is different in different countries due to different requirements to translators' credentials. The certification requirements also depend on the intention of the translation (i.e. immigration purposes, patent, court proceedings). Furthermore, some governmental organizations that are formal may require notarization in addition to certification. We will cover both certification and notarization in the following sections.

In general, if a document is a correspondence or a technical manual, web-site, brochure, or a document that is not being submitted to an formal party, then certification is not necessary. In unofficial cases, it is at the discretion of the client to accept the translation. On the contrary, if you are translating a document that should be filed somewhere, such translation ought to be officially validated. The purpose of this validation is to make sure that the translator is fluent in the languages and is personally responsible for the translation, which may be submitted for an accepting party. The laws of such validation vary in different countries.

In the United States and in a few other countries a photocopy of the original is acceptable as an attachment to the translation However, in a lot of countries the original document needs to be submitted to a notary who is supposed to witness the signing of the translation and confirm the identity of the translator.

A notarized translation is a certified translation that contains a notary public stamp that verifies the certifier's signature. This certification must be performed by a licensed notary public and be signed with an official notary seal affixed. Notarized document translation service is for the formal translation of documents that have to be presented to official authorities for legal purposes. Some common reasons to order a notarized translation include:

* Birth Certificate Translation
* Marriage Certificates Translation
* Divorce Certificates Translation
* Judgment Translation
* Wills Translation
* Academic Degrees Translation
* Diplomas Translation
* Adoption Papers
* Naturalization Papers
* Immigration Documents

We hope that this article clarified the meaning of certified and notarized translations and when each one is necessary.