We will not look into your wallet and count your savings for ethical reasons. But we can help with their wise use. Comparison of real estate markets Germany and France, Dubay and the USA already gives you some idea of where the prices and profitability are. You even know that having a minimum amount of money, you can find an original version for purchase. In fact, you can safely call yourself real estate bombers, since you already have a deep understanding of the markets of several dissimilar countries. Now all that remains is to figure out how to withdraw your capital abroad in order to buy housing there. This is not an easy question, but we will try to answer it.
Financial monitoring abroad
Before moving on to analyzing the procedure in another country, let's get acquainted with the concept itself:
❝Financial monitoring or financial monitoring is a process aimed at systematic control and analysis of financial transactions and money transfers. It is carried out to identify illegal and fraudulent activity related to money laundering, terrorism and others.❞
In Ukraine there is a fairly simple procedure confirmation of source of income. But each country has its own characteristics and rules, so providing the usual certificate from the employer to a foreign commission will not cause the same reaction as our tax office. If you have previously sold real estate in Ukraine and are now planning to refinance, that is, invest money in the same real estate market, but in a different country, you should prepare properly so that the deal does not fall through at the final stage due to minor formalities.
Of course, each state sets its own rules for completing the financial monitoring procedure. We recommend that you do not be lazy and thoroughly study the local legislation so as not to put a spoke in your wheels through your own ignorance. Pay special attention to the points regarding the list of documents for legalizing funds and the ways in which you can legally deposit a large amount into an account. Despite some differences, there is still an average standard of documents required to purchase real estate. These include:
- a copy of the purchase and sale agreement, which indicates the amount in foreign currency. It is important to refer to the current exchange rate of the National Bank of Ukraine in order to carry out conversion accurate to the penny;
- a document confirming the transfer of money from hryvnia to the currency of the required country;
- payment documents confirming the transfer of money to the seller.
*all specified documentation must be translated and legalized.
The only exception to the general rule is Dubai, where the purchase procedure has been significantly simplified for the convenience of investors and attracting foreign capital. There, no one will be interested in the source of your income, since this is your personal business. Bonuses in the form of visa and residency are also provided for buyers.
Time to spend bitcoins
The topic of cryptocurrencies is still a controversial issue. Some lucky ones managed to jump on the wave and earn a fortune with minimal investments, while less fortunate crypto investors are happy that they were able to break even. If you fall into the first category, we congratulate you and envy you. You can use the fruits of your luck to buy real estate. The following countries accept cryptocurrency with open arms in their markets:
- 🇺🇸 USA;
- 🇹🇷 Türkiye;
- 🇹🇭 Thailand;
- 🇸🇬 Singapore;
- 🇵🇹 Portugal;
- 🇬🇪 Georgia.
In America, the function of obtaining a mortgage for housing using a cryptocurrency outpost recently appeared. This became possible thanks to the startup Milo. It offers its users to obtain a loan for a period of 30 years. Even earlier, in April 2022, the large American bank Goldman Sachs also allowed its clients who had BTC in reserve to receive cash loans at their outpost. It is planned to launch a similar function for Ethereum soon.
Like all other countries, the USA also requires confirmation of the source of funds to conduct a real estate purchase and sale transaction. The transfer is carried out using the escrow account of a notary company. This is a special account that is opened by a notary so that the buyer can convert the currency of his country into dollars in accordance with the current exchange rate and transfer them to the seller.