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Buying leased land overseas?
I am looking to buy land overseas but the countries land tenure is by leasing in terms of 30 years, renewable for an equal period.
I am assuming this means that I would never be the landowner and that there might be restrictions on what can be done with the land/building?
Does this also mean the "Landowner/Government" can just kick you off the property if they receive a better offer say in 10 years time?
At the moment you can buy 1 ha of agricultural land for about
15 to 20,000 Euros. After researching and looking at similar case studies/locations I feel the country will develop more in terms of tourism with the aid of foreign investment. A big resort development has already been drawn up and they are already selling villas from 62,000 Euros upwards.
Do you think this is a good risk to take?????
4 Answers
- 1 decade agoFavorite Answer
well, I suggest you find legal advisor or property consultant in your target's country to answer the question.
If it's Bali, you can further contact me.
- 1 decade ago
As oppossed to a freehold land a leasehold land does not vest ownership in the buyer. A lease is a transfer of rights to enjoy such property for a certain duration, express or implied. After the expiry of the remaining years in the lease the issuing authorities have the right not to renew the lease. They wont kick you off indiscriminately, they would inform you through a formal notice! Often this would be accompanied by a right of renewal depending on what has been expressly stated in the issue document of title. Then again one ought to be cautious of public interest requirement where the lease may be revoked (with compensation usually.) or not renewed.
The could be restrictions of foreigners purchasing freehold or leasehold land/property and other express/implied terms attached to the title.You are better off verifying these through Solicitors before departing with your money.
- Anonymous1 decade ago
It might be a good risk if you fully understand that it is a risk and are prepared to loose all your investment.
Remember the 'urbanisation' in parts of Spain. Not only did the local authorities take part of peoples land, they also wanted their victims to pay for the privilege of being robbed.
If this could happen in Spain think what might happen in some of the more murky new lands of the EEC.
- 1 decade ago
Check with the FSA as to whether or not the recognise the seller.
This sounds suspiciously like a landbanking scam. search the name company on the internet and see what others say
