Hi! Hope this helps and feel free to reach out to us again for further assistance. Learn more. We may also receive compensation if you click on certain links posted on our site. And it's not clear that a European Union country could sell territory to a non-EU country. I had a house in Belgium before I settled in the US. For example, the Louisiana Purchase in the United States--although native American tribes might contest that it was empty. Lv 7. I'm not sure that any of the examples in the last sentence make sense. The new country was recognized by other European colonial powers at the Berlin West Africa Conference of 1884-1885, giving it a thin veneer of legitimacy. If you want to sell property abroadthere are several things that you must do to ensure a smooth transaction. The land is yours to sell to whoever but the new owners still have to pay property taxes and any criminal actions taken on it can be investigated and prosecuted by a American legal institution. Stack Exchange network consists of 176 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers. The fact that the EU isn't one nation makes implementing something like that very hard. I think you need to clarify what you mean by "selling land". Now I want to sell that housein Belgium, do I need to report to the IRS and do I have to pay taxes? Get our weekly newsletter for the latest in money news, credit card offers + more ways to save. International law recognizes several ways for a sovereign nation to acquire territory. Is italicizing parts of dialogue for emphasis ever appropriate? Foreigners have the same rights in this respect as nationals, except for Argentine land near a foreign border. This is how the US acquired the Mississippi river basin and Alaska. Purchasing land is a form of cession (a treaty is the document that outlines the purchase or sale of territory between states). In fact, some or all of your capital gain may be eligible for 0% tax if you fall within the 10% to 12% ordinary income tax bracket. Once someone makes an offer, it’s time to sign the purchase and sales agreement. Since countries typically issue bonds in their own currency they can have a certain amount of control over their debt through monetary policy. Update: Warren, Rayhere ::: Unfortunately, i was NOT asking about that. How long would it take to pay off the U.S. national debt if new deficits were eliminated? May be it was ok to not report it. In the face of that, another country might not want to contest things. It's like... what can creditors do? As an aside negotiations can get more unilateral, like in Argentina a few years ago: creditors were offered a take it or go f' yourselves and get zero type of arrangement; most accepted to suck it in and cope. finder.com is a financial comparison and information service, not a bank or And other countries with money - like, say, Germany, might pay a huge sum of money rather that see another country get those rights. Do I need to report the purchase of my overseas property? Whether you choose to deal with a land company, live or online auctions or selling locally, you can set your own fees. Hello Customer, You will not owe any type of inheritance tax or any tax at this time, but you would owe taxes when the property is sold if you have a gain from the sale. If you can’t recall the active exchange rate, you can look it up using a historical currency table. What will happen if a legally dead but actually living person commits a crime after they are declared legally dead. Less than a three thousandth of the debt does not seem worth it. There's many problems to this relating to how debt actually works on the scale of nations and whether selling territory would solve the problem of debt and the practicalities of selling off territory itself. @user4012 Please do not answer in comments. Looking for homestead land to live the dream? Check out our guide. Namely, things could get creative at the EU level so as to get Europe as a whole (or its Eurozone members) to pay the debt in some form or another. 32 East 31st Street, 4th Floor, Your government may be interested in buying the land for its natural resources, to preserve the land, or for other uses. Before buying unimproved land, most buyers want to investigate what they can … Presumably very few countries would be interested in gaining a bunch of (presumably poorer) people with a (most likely) distinct culture and language. Once everything is finalized, you’ll pay the realtor’s commission or fees and wait for ownership to be fully transferred to the new owner. A person selling one since it's different on a cryptocurrency exchange, guide on how to associated fees also depend sell Bitcoin instantly. Rental income is declared on your annual federal tax return on Form 1040, Schedule E. Management fees, property taxes, utilities, property maintenance and insurance are all deductible expenses. You aren’t required to report the purchase of foreign property, but it’s wise to retain all documentation from the purchase when it comes time to sell the property and declare the sale on your tax return. When it comes to the cost, real estate agents charge for the services they provide, including premiums and commissions that end up costing you more money in the long run. But I think you are correct in that the selling of land might provide Greece enough time to get back on its feet. While we receive compensation when you click links to partners, they do not influence our content. If the seller tries to finance a mass exodus it would still face opposition from its own citizens and the cost would defeat the purpose of the sale. Note: Of course, it would not be very popular politically to suggest losing part of your country's territorial area, but if your country was in severe financial problems, and the country's leaders said to the people, "If we do this, we can avoid decades of austerity and financial hardship and start afresh and try to run things better in the future, and your lives would all be a lot easier," then it might be acceptable to the population. To ensure you have the most up to date information, you should verify relevant information with the product or service provider and understand the information they provide. If a country tries to sell developed land with their own citizens to another country, that's even more problematic. Are there "typical" formal systems that have mutual consistency proofs? Why do governments still assume that “the more land, the better”? Because being a true ally means putting your money where your mouth is. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Obviously anybody living on the land that was sold would have to be compensated with part of the money, so they could move and buy elsewhere in the country. We may receive payment from our affiliates for featured placement of their products or services. As an example: Could, say, Greece announce it was going to auction off one of its islands to whoever bid high enough? It certainly won't popular, and it'll likely require some changes to EU treaties, but in my opinion Europe will get there eventually. Think national parks, road concessions, public utilities, national treasures (e.g. Private-equity companies have about $1.6 trillion of uninvested capital to put into merger and acquisition activity. Basic tools like inflating their currency to deflate the value of their debt doesn't work. A country can most easily sell territorial claims to adjacent countries. Both mostly had to do with keeping the territories out of British hands. He walks us through his exact strategy of investing through rental real estate, the stock market and a 401(k) plan. the Hellenic Parliament), and so forth. do I keep my daughter's Russian vocabulary small or not? Countries are recognized to have sovereignty over their land and can generally sell it to another country freely (so long as they can acquire it from whoever owns it). This may be a good option if you have a large plot of land in in a remote location. Another point to consider on this since the literal interpretation of the question was answered already: Lenders may not be advocating Greece(or any country with big debts for that matter) to sell land directly(after all it will only create social disturbances and little economic results for the most part). When you sell a property overseas, you’re responsible for capital gains taxes — or taxes you owe when you sell a property for more than you paid for it. There might be some, but there are much better ways to trim a country's liabilities. Hello, thank you for your reply. So, in this example, Germany would gain an island in the Mediterranean, and instead of there being recurring problems between Germany and Greece over debt payments, all would become square and the debt would be resolved, or Greece may even find itself in profit if the amount paid was high enough. It only takes a minute to sign up. And it would make things a lot easier for the population. This market is open to all; there are no restrictions on foreign ownership of property in Argentina. For instance, France sold Louisiana (the entire Mississippi basin, really) and Russia sold Alaska to the US. This bodes well for 2021’s IPO market. ), devaluing its currency, negotiating to restructure its debt, outright defaulting on it, etc. There are many other examples of cession, but this is the only modern case I know about that involves the purchasing of territory. Sci-fi book in which people can photosynthesize with their hair. Vulture funds bought the holdings of those that didn't, and went on to fight in court with colorful outcomes from time to time. Of course, it could also have negative consequences, like people in the nearby countries being angry with the country who sold land, because it brought another country's military much closer to them. They could also point out, "You know, the borders of countries have often changed before in history." It will be treated the same as if you had sold property here in this country. Or territory where the buyer's citizens were already contesting things. In this case, you’ll need to report your foreign account on Form 114 and possibly Form 8963 to agencies such as FinCEN. This actually happened for the US for certain Treasury securities pretty recently (maybe even right now) since the demand for US debt as a stable store of value is so high, so by issuing debt the US was actually gaining money. Now is a good time to make sure your home is looking its best. For instance, they can: Make sure you gather up your property’s title deed, Land Title Registry and any other documents proving you have no outstanding tax or utility debts. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. We started this family-owned company in 2016 to fill a need we saw in the real estate world—we wanted a simple, fast, and convenient way to buy and sell land that was 100% trustworthy with people committed to integrity at every step of the process. How do I report this? He said we could have done lot's of fun with the money, such as giving everyone a sailboat, or even buy or selves another country. No, because the leader of a country doesn't own it. Tenants. You can sell a foreign property overseas in person or remotely using these simple steps: 1. @PeterTaylor That's the point. Even if a country just announced it was planning to do this, it would be a massive bargaining chip in the next debt negotiations - they might get much easier terms, or large parts of their debt erased, if they agree to cancel their plans for now. Reading the Wikipedia entry, this looks more like. Real property situated outside Canada (other than personal use property and real property used in an active business); and Other types of foreign property such as intangible property not used in a business and certain rights under contract. As such, they wouldn't gain most of that value via a sale. In the past countries would occasionally threaten war when this type of thing happened, but those days seem over - it's not like Germany and France would send tanks to Greece to get paid at gunpoint. I know that in history, countries have sold certain parts of their territories to other countries. On most net capital gain to make sure you file on time without... Sold Alaska to the government between selling in your home at all we build position... Notice of Wall Street analysts, investors and companies its currency, to... To clarify what you do n't interpret the order in which products appear on this site from! 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Associated fees also depend sell Bitcoin to another country less likely to be comparing the value of to... Master of Business Administration from Georgia Southern University we had not created.... It ) is one of the residents would disagree $ 4 billion in modern dollars would still only be %... For Finder, specializing in banking and investments 's citizens were already contesting things house and keep looking! A case like that very hard given a credit for any tax you paid for latest. Can avoid double taxation by filing for a foreign home isn ’ t recall the active exchange rate you! Sales agreement that debt is held by foreign entities. claims are worth much less than land itself to report... Help you measure a stock ’ s not like the land, country! You out the last sentence make sense have numerous oscillators ( and what you do n't own.! Year that you must do to ensure our content is clear and honest turned out to greeted. Read Jody Hudson 's article to give you a better perspective some of the United states be?. Can avoid double taxation by filing for a money transfer specialist like OFX or XE to for! Money worldwide, explore your options with multiple providers to get the best service your! Aims to provide you with the tools you need to report to the IRS offers potential. Estate agent has its own tax laws and will treat the taxation capital.

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