Opting to purchase a vacation property in another country has multiple advantages. Not only will you have a foreign getaway to use at your convenience, but you'll also gain an asset that doesn't have any tax-filing requirements in the U.S.
Some countries, including Turkey, Greece and Portugal, will even grant you second citizenship if you own property there. Plus, there's the possibility of renting out the property when you're not using it to produce an additional stream of income.
To help you weigh your options, here are six of the best countries to own vacation properties.
"Italy is a place where the tourists come and go every year and every day," said Matt Ward Realtor and team lead of The Matt Ward Group. "Most of the vacation rentals in the country remain booked mostly any time of the year. If you are planning to invest in vacation properties, this country would be one of the best places to start with. Any Americans legally can buy a vacation home in Italy with the right amount of money."In the major cities of the country, buying a property outside of the city center will be significantly cheaper than buying in the city center.Live Richer Podcast: How To Start Investing and Win Big, According to WallStreetBets
"There's no doubt about the fact that Greece is a popular tourist destination," said Kurt Walker, real estate investor at Mill City Home Buyers. "So, it's an ideal location for investors seeking to buy a vacation property. With picturesque views of unspoiled islands and clear blue waters paired with Mediterranean architecture and history, it is the perfect tourist attraction."Walker added, "Additionally, with the country's golden visa scheme, tourists are jumping on the opportunity to visit this beautiful place. This has resulted in a hot real estate market, especially in terms of vacation rentals. More traffic means that more people will book properties for their holiday, making it one of the best countries to own a vacation home."Some Grecian islands like Naxos and Paros are super affordable. You can buy as many as five three-bedroom village houses for just a million euros. This affordability has made Greece an attractive destination for people to invest in vacation rentals."
"Costa Rica is a great country to invest in; [it's] also called the 'greenest country on Earth,'" said Rashard Alomari, founder and CEO of real estate company Fair Cash Deal."This name was not given to [it] because of [its] scenery, but mainly because it is currently the leading nation in terms of greener environmental practices and sustainable technological advancement. In addition to being the greenest country, Costa Rica also has a low cost of living, which is the main attraction for investors to buy a vacation house in Costa Rica. Vacationers set a budget of $3,000 per month, which is more than enough to live a luxury life in Costa Rica. People have been able to find vacation houses for as little as $40,000, while the most expensive house can only be as expensive as $500,000."
"Turkey, despite being a major tourist attraction and a strong economy, offers affordable real estate options compared to other countries," said Samantha Odo, chief operating officer and licensed real estate expert at Precondo."The pricing of small apartments can start from as low as $55,000-$65,000 USD. The prices are increasing at a slower pace making investing in a property for the long-term ideal."
"Tourism in this country is thriving, and there's been an influx of international tourists coming in to see the towns, islands, castles and much more," said Eyal Pasternak, licensed Realtor and founder of Liberty House Buying Group. "A significant portion of these tourists travel to look at the filming locations of the popular TV series 'Game of Thrones.' That alone is a reason to invest in the vacation properties in Croatia."Pasternak continued, "Property prices have gone up recently because of the boom in the tourism industry. Properties can go all the way up to a million dollars, but you can also find great vacation homes for as low as $150,000. The thing about Croatian property is that its capitalization rate is also going up with prices. This means properties are appreciating well, so you'll see a good return on your investment."
"Portugal is considered one of the top places for buying a vacation property in 2022," said Martin Carreon, broker/owner at Soco Wine Country Properties. "The country has a lot to offer with its captivating culture and great nature. The growth of tourist numbers along with the economic growth has been good and steady in the cities like Lisbon and Porto.""Lisbon may be too expensive to buy a vacation property, but the amenities and features offered by the city are magnificent. The other cities near Lisbon would be a good option if you are looking to buy a new vacation home at an affordable rate."More From GOBankingRatesSee Our List: 100 Most Influential Money Experts
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