Question about purchasing condo.

[Ook]

Anyone familiar with the current process of purchasing a condo (in foreign quota).
What about potential (income)tax on any incoming funds? Or will this be not considered a foreign income when transferring funds from abroad for purchase of condo?
What if the payment goes directly from abroad to the seller of the condo (private person). Or would it be better through company of real estate developer (in case of new condo). Or what about when the company arrives in the account from the property lawyer/firm who is assisting/facilitating with the process?

 

Thanks!

 

Ook

[Peterw42]

None of the foreign income laws have been enforced or tested as yet so largely an unknown. There is no reason not to presume condo fund would be treated the same as any other foreign income, already taxed at home via a tax treaty etc.

 

You don't pay the money directly to the seller as the money needs to come into an account in your name, could cause all sorts of problems with the land office. You can pay direct to a developer as they have the authority to produce an FET for the land office.