A lot of research will be needed to find a property that\u0027s right for you
“Real estate is generally a long-term investment, so have that mindset. In terms of the risk, we have all learned from the pandemic this could all of a sudden end. So we have to stress test this what-if situation of this worst-case scenario,” Leong said.
“Between Canada and some of these countries there are tax treaties, so you may not have to pay dual taxes. But there are other jurisdictions that don’t, so this is something that would have to be figured out,” Leong said. “In say China, 10 to 15 years ago we could go there as a foreigner and buy with cash. But now, foreigners aren’t permitted to buy these properties.”
“Because of the pandemic, people passed away. Or accidents just happen. Canadians will address Canadian assets, and maybe you can bring that to light. But some countries may not recognize a Canadian will,” Leong said. “If you want to make sure your children or family inherit this property, how would that work?”Then there’s the biggest question of all, Leong said, as to whether this absolute ownership across the world is a desire, or a need.
For Butcher, it’s the real estate that’s the investment, but the location that matters. The goal is to have roots near his family, but live in Canada where he now has a partner, a job, and a life. But owning in Canada is simply not as appealing as owning back in Devon.
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