Purchasing a property from abroad can seem daunting, but it can be a seamless and rewarding experience with the right guidance.
These are common questions people ask.
- Can I buy a property in Ghana as a foreigner?
- How do I find the right property from abroad?
- What are the legal requirements for purchasing a property in Ghana?
- How do I transfer funds for the property purchase?
- What are the tax implications of owning a property in Ghana as a non-resident?
Learn how to purchase a property in Ghana from abroad with ease and convenience. Follow our step-by-step guide and overcome the common challenges in buying a property in Ghana as a Ghanaian living abroad or a foreigner.
Step 1:
Researching and Choosing a Reputable Real Estate Agent
When buying a property in Ghana from abroad, it’s important to work with a reputable real estate agent with a lot of experience in international transactions. Look for agents who are members of professional associations like the Ghana Real Estate Developers Association (GREDA), Ghana Real Estate Professionals Association (GREPA), or the International Real Estate Federation (FIABCI). A good agent will guide you through the process, ensuring a smooth and secure transaction.
Step 2:
Understanding Legal Requirements and Regulations
Familiarize yourself with Ghana’s legal requirements and regulations for foreign property ownership. The 1992 Constitution of Ghana and the Land Act 2020 govern property transactions. Ensure you understand the laws regarding property ownership, taxes, and any restrictions on foreign ownership.
Step 3:
Finding the Right Property
Ghana offers a range of properties, from apartments to houses and commercial spaces. Consider factors like location, property type, and amenities when searching for your ideal property. Popular locations include Accra, Kumasi, and Takoradi.
Step 4:
Conducting Due Diligence
Before finalizing the purchase, conduct thorough due diligence on the property. Inspect the property, review documents, and ensure that there are no outstanding debts or litigation.
Step 5:
Negotiating the Price and Terms of Sale
Negotiate the price and terms of sale with the seller or their representative. Ensure you understand the payment terms, including any applicable taxes or fees.
Step 6:
Finalizing the Purchase
Once the terms are agreed upon, sign the necessary contracts and transfer the funds. Ensure you understand the refund policy in case of a failed transaction.
Conclusion
Buying a property in Ghana from abroad requires careful planning and research. By following this step-by-step guide, you’ll be well-equipped to navigate these processes with confidence. Remember to work with a reputable real estate agent, understand the legal requirements, and conduct thorough due diligence to ensure a secure and successful transaction.
