CAUTION!! EXPATS ARE BUYING INTO A REAL ESTATE BUBBLE AT IT’S PEAK- MOST WILL LOSE AND NEVER CASH OUT:
Unfortunately, a good percentage of Gringos and Expats in Latin America have bought (or are buying) into the peak of the Latin Real estate bubble. How would they even know? Yes, everyone wants their little piece of paradise and as long as Latin vacation properties are remain cheaper than US vacation properties (not necessarily so) they think they’d better buy in now. A few short years ago buying Latin real estate seemed like such a no brainer but all things must end.., and this one will end badly. Bubbles that over-expand will deflate, bottom out and burn the last suckers in. Sure, some Gringo buyers who got in early found they could flip properties over and over at nice profits… and those stories help drive the bubble as greater fools rush in. Few if any recognize the ominous signs even now (bubble sign in itself). Even this late in the game fools still trickle in but NOT rushing in like they used to. Meanwhile, many fools are find they’re stuck, cash poor, in too deep, with too many properties and too few new suckers…
-INTERVIEW WITH AN EXPAT TAX PREPARER- PART TWO:
Today we have Part TWO of an interview with a profession Expat tax preparer who has over 600 Expat clients. He lives in Medellin, Colombia and knows the peculiarities of Expats and US taxes. We’ll ask him the tax questions that most concern Expats.
When it comes to Expats and US taxes, the most knowledgeable and best equipped tax preparers are generally long term Expats who advertise in the local Latin country they live in and thus provide face to face service. Caution! Your neighborhood tax guy in Cleveland probably hasn’t a single Expat client (except you maybe?). You don’t want to be his guinea pig.