Buying real estate in Latin American and the Caribbean countries is a reality. However, before embarking on the adventure, it is important to know what the steps are to follow. From each country’s approach to foreign investment to the language services you need, there is a lot of information to consider. Pawel Kentaro Grendys, an expert in Latin American real estate, provides insight into how to meet the goals of owning a new property in the region, whether for personal, professional or financial reasons.
Living in Central America, South America or the Caribbean is a dream for many, but a dream that can come true. This depends not only on financial issues but also on thorough preparation and implementation of a plan to execute to perfection. Not only will you need to meet a number of requirements but also submit the appropriate documents, which many involve having the best human translators both in the country you want and online services that can guarantee high quality in all content.
The interesting thing about the real estate markets of Latin American and Caribbean countries is that they offer many investment opportunities both financially and personally. You will have options to buy a house to reside or invest in a guest house or boutique hotel. These can be in populated cities with a lot of urban life, in coastal destinations with natural beauty or in mountain places with panoramic views. Like any other business, it’s important to adopt successful principles to achieve positive results.
While some countries have restrictions, most are very quiet in relation to the properties of foreigners. In most cases, you will not need too many procedures, beyond having the resources to carry out the transaction and an official online document translation company that can help you with the necessary stationery. Usually, you do not need to be a lawful permanent resident to buy real estate in Latin America and the Caribbean, so just by having a tourist visa you can begin the process of acquiring your new property.
“The best way to buy a property in Latin America or the Caribbean is to do it in cash,” explains Kentaro. “This will allow you to avoid many legal procedures, you will be able to formalize the operation quickly and you will not have major problems throughout the process.”
If you need a bank loan, you will surely have to formalize your legal status in the country and go through a more detailed study to know the final decision. Therefore, analyze your situation well and what is the scope of your budget with respect to your tastes, objectives and needs, thinking about the destination and the property you have in your sights.
Another situation that you should consider beyond the legal requirements and documents that require a certified translation, is the need to rent a place to live in that country while you make the desired purchase. Each country has its own laws around the owner-tenant relationship, so it’s important to do some research into the options available to you. A good approach is to travel to the destination country in the low season to find better prices.
In countries such as Argentina or Uruguay, in many places, you will need a mortgage guarantee as a requirement to rent. This means that you must have a person who owns a property to serve as a guarantor, hire an external company to extend a guarantee or pay in advance the amount corresponding to six months of rent.
Brazil is a popular destination for real estate investments. The price of housing has fallen in cities such as Sao Paulo and Rio de Janeiro in the last year, so many experts say that it is a good time to make real estate investments thinking in the medium and long term. With exceptional tourist destinations and metropolises of intense professional and social life, it is one of the most popular countries in the world. To carry out official procedures, you will need a professional business translation office.
Costa Rica is another sought-after tourist destination on the continent, with natural beauties and a quiet pace of life that attracts many foreigners. Properties in key places such as the surroundings of the capital San José and tourist paradises live a rise in prices. However, there are still condominiums, real estate developments and land to build at more than interesting prices.
Property prices in Mexico have risen on average nationally, but there are still many accessible places without a large investment. Explains Kentaro, “You can opt for industrialized cities, tourist destinations and picturesque villages in different parts of the country, with a wide range of prices to choose from.”
Housing development in Panama is one of the great drivers of the local economy, and investment opportunities are the order of the day, especially in Panama City. Prices have soared by 15% since 2014, and the trend will continue for a while, so it is still a good time to make real estate investments for personal enjoyment or in business mode.