Where to buy a home abroad, and benefit from it financially
Some countries offer favorable visa programs
Buying a home is a big financial decision, but buying a home abroad can be even more daunting.
Besides where you might want to live or vacation, it's crucial to look for countries that are the most favorable financially.
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"You have to look at exchange rates on currency," Philip White, president and CEO of Sotheby's International Realty, told FOX Business. "You have to look at tax treaties, the tax consequences of buying a property overseas can be very meaningful."
White said while the United States has tax treaties with a lot of countries, there is not a flat rate.
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He said even a financial adviser might not know the inner workings of how to do it, as it can be rather complex. But there are some things to look for when it comes to purchasing real estate abroad.
"Some countries have a visa program that can be very beneficial as well if you want to set up a residency outside the United States," White said.
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Portugal
White pointed to Portugal as an example of a place with a favorable visa program.
"They have a golden visa program review where, if you buy a property a certain price level, then you can actually qualify for a visa."
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And with Portugal being a part of the European Union, the visa gives residents easy movement between the EU states.
Colorful buildings of Lisbon historic center near landmark Rossio Square
So besides Portugal, where are other places that are favorable?
West coast of Mexico
"The West Coast of Mexico has an appeal, certainly for Californians," White said.
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He credits the climate and the proximity to both California and the Pacific Ocean.
A hotel perched on the side of a cliff overlooking the Banderas Bay in Puerto Vallarta, Mexico
Hawaii
"Not international ... but Hawaii is a very, very attractive market, certainly to Americans," White said.
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Hawaii attracts a lot of Asian homebuyers looking for a residence abroad as well, White said.
Luxury homes lining the rocky cliffs overlooking the Pacific near Honolulu, Hawaii
Australia/New Zealand
"Two of the most beautiful countries in the world," White said. "You can buy a ranch property there with a lot of acreage."
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View of coastline town of Bulli in NSW Australia
White also mentioned Phuket, Thailand, and Vietnam and the Philippines and popular places to buy, too.