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Squarefoot eMagazine 245

International 國際快訊 Shop Around 貨比三家 New investors to overseas markets can get starry eyed at the thought of fat rental incomes, but the fine print still needs to be read 海外物業 投資新手指南 | Text : Elizabeth Kerr | Photo : www.istockphoto.com | Hongkongers are great investors, but recent research indicates a relatively small number invest in overseas property, largely due to unfamiliarity with the rules and regulations. Do you need escrow contracts — where a third party protects you from shady developers? Do all jurisdictions compel down payments to forfeit if you can’t complete a transaction? We set out to clarify some of those rules, though this is the tip of the proverbial iceberg. Herewith, the basics of buying property in 10 overseas locations — and Hong Kong — for your investment consideration. Come back next issue for the rest. HONG KONG Freehold or leasehold property: All land in Hong Kong — except the ground underneath the Anglican Cathedral in Central — is leasehold, for a maximum 999 years. Stamp duties, capital gains and rental income taxes: Hong Kong has no capital gains tax. Property trading businesses pay a maximum profits tax of 16.5%, the same rate as for rental income. Escrow system: For pre-owned property, the buyer pays the deposit directly to the vendor or to the vendor’s solicitor. For new homes, deposits and subsequent payments are made to the developer’s solicitor. Down payments and refunds: Down payments are now 40% for residential properties under $10 million. If a buyer fails to complete a purchase after signing a provisional or formal sale and purchase agreement, they generally lose their deposit. The buyer may also have to pay the vendor compensation. Christopher Dillon is the author of Landed Hong Kong, www.landedbook.com 香港人是傑出的投資者,但最近有研 究顯示,由於投資者不熟悉海外物 業投資的法則,投資海外物業的數字相對減 少。在投資海外物業前,你必須考慮以下 幾個問題﹕你是否需要與中介公司簽訂合 同,讓你在第三方的保護下,免墮非法發展 商的陷阱?是否所有司法管轄區均會在你未 能完成交易時,強制沒收所有訂金?雖然眾 所周知,這些問題只是冰山一角,但我們尚 且嘗試在此澄清一些基本規則,並會一連兩 期刊載有關在十個海外地區投資物業的基本 資料,包括香港,大家不妨參考一下。現在 先提供六個地區的資料,其餘將於下一期刊 載,請密切留意。 香港 永久業權或租用業權﹕ 除了座落於中環的聖公會大教堂外,香港所 有土地的租賃期最長為999年。 GERMANY Freehold or leasehold property: With very, very few exceptions the usual structure of property in Germany is freehold. Stamp duties, capital gains and rental income taxes: Stamp duty depends on the state and runs 3.5 to 6.5%, with Berlin at 6%. Capital gains and income tax rates depend on the buyer’s personal tax rate. Germans owning an investment property over 10 years are not taxed. Double tax agreements exist with many countries and so vary, but are very transparent for foreign buyers. Escrow system: Vendors are paid directly and the purchase process must be supervised by a notary. However, in some cases, seller and buyer can agree on an escrow account, also supervised by the notary administering the contract. 印花稅,資本利得稅和租金收入稅﹕ 香港不設資本利得稅,所有物業交易及租金 收入只須繳交上限為16.5%的利得稅。 託管機制﹕ 就二手物業而言,買家須直接付款給供應商 或供應商的律師。至於一手物業,訂金和後 續費用則繳付給發展商的律師。 首期付款和退款: 現時價值一千萬以下的住宅物業首期為40% ,一般而言,如果買家未能在簽訂臨時或正 式買賣合約後完成購買手續,他們將會損失 全部訂金,更可能需要賠償賣家的損失。 Christopher Dillon是Landed Hong Kong的作者, www.landedbook.com 德國 永久業權或租用業權﹕ 德國物業的擁有權多以永久業權的形式持 有,只有極少數是例外的。 印花稅,資本利得稅和租金收入稅﹕ 不同地區徵收的印花稅亦有差別,分別由 3.5%至6.5%不等,柏林所徵收的印花稅則 為6%。資本收益和所得稅率取決於買方的稅 率。德國並不會對擁有超過10年的投資物業 徵收稅項。許多國家均設有雙重稅收協定, 而且各有不同,但對於外國買家而言,市場 的透明度仍然是很高的。 託管機制﹕ 一般而言,買家須直接付款給供應商,而且 整個購買流程必須由公證行人員監督,但在 某些情況下,買賣雙方可以在管理合同的公 證行監督下,協議使用同一個託管賬戶。 首期付款和退款﹕ 海外買家須繳付40%至50%的首期。如果在 二手市場購買物業,一旦合同中所協定的到 期日已經生效,買方必須按購買價格付款。 由於合同無法「取消」,因此融資或股權之 16


Squarefoot eMagazine 245
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