Second homes continue to grow in popularity in the United States with some 3.34 million second homes bought in the U.S. in 2005, up 16% from the previous year. Unfortunately, given the uncertainties of the real estate market, buying a second home in the desirable vacation home areas in the U.S. has become impossible for many people. Increasingly, Americans are turning to more affordable regions overseas - some stay close by in Mexico or Canada while others are more adventurous, looking to parts of Central and South America, the Caribbean and Pacific Islands. This book will discuss the benefits and challenges of buying overseas property, including whether or not foreigners can legally own property, tax implications, exchange rates, currency restrictions, availability of medical services, cost of local travel, etc.
