So, what in particular should you watch out for? There are five typical scams that expats should watch out for.
Property buying abroad used to have a distinctly Wild West feel to it, as British retirees and holiday homebuyers bought time-shares from friendly fellow Brits who approached them on a Costa del Sol prom. Dodgy developers sold apartments on land they’d already mortgaged, country homes were built without planning permission, or granted by corrupt officials.
Since the global financial crisis, authorities have cleaned up their act and property buyers wised up to the need to use an independent lawyer, (rather than the estate agent’s brother-in-law).
The result: property buying abroad should be as safe as in the UK so long as you always use a local, independent, specialist property lawyer and a reputable and experienced international payments specialist.
This is likely to be a growth area for…