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- what & where to buy
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- agreeing the purchase
- choosing your lawyer
- confirming your offer
- exchanging contracts
- preliminary searches
- completion
- taxes and fees
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Buyer's Guide
Opening A Bank Account
You'll certainly need an overseas bank account once you own a property abroad.
Here's what you need to know.
In order to open an account you'll need to complete the bank application forms and supply the usual proof of identity/signature samples, etc., just as you would in your home country.
Often, your lawyer will handle this but if you prefer to deal with the process of opening an account yourself, that's fine and we've outlined a few things below which you'll want to keep in mind.
As a non-resident, you probably be able to open a non-resident account, which - in some countries - pays a higher rate of interest.
Another bonus with a non-resident account is that there may be no withholding tax on interest earned, unlike residents' accounts. (Check the situation with double tax treaties, too.)
You can usually arrange for all documentation (cheque books, statements etc) to be sent to your address in the UK/ROI.
Check on the availability and usefulness of having debit or credit cards - again, in some locations, they won't always be overly useful to you.
Check on bank charges - they may be slightly higher on non-resident accounts than a resident account and the costs are frequently determined by the number of transactions and the average balance you keep in your account.
When deciding which bank to choose, be sure to ask about their charging structure for receiving funds. They all charge, but some charge quite a lot for what is a very straightforward procedure.
Utility bills are normally paid via direct debit and you'll need to have an account open in readiness for this. Your lawyer will normally ensure that the direct debits for the utilities are set up.
Next - Mortgages
Life under the sun
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