by : Craig Mclaughlan

Buying, selling or owning luxury property in your own country is something that is not done lightly. Such a significant financial investment requires planning and research if the final purchase is to meet your needs and to be acquired with the minimum number of problems. Familiarity with the buying and selling process in your own country automatically helps to eliminate some problems, particularly if you are used to this kind of investment.

However, buying property in another country where you are not familiar with the laws, customs and culture requires more background research whether this purchase is your first large investment in Europe and particularly if this is your first large investment, period. Whether you choose to buy your property through your company, or money manager or as an individual it is useful to be aware of what the process involves. Knowing where and how your money will be invested, the legal and practical issues involved, understanding the small print and the details are obviously part of sound financial planning and execution even if you involve other professionals in the process. However, cultural differences are potentially overlooked as you get caught up in the excitement of purchasing your dream chateau or your conference centre on a sprawling estate.

In the initial stages you will have addressed questions around whether the luxury property or real estate suits your needs .For example

• the purpose of the property, a primary residence, business, second home.



• the type of luxury property, a villa, country house, a castle, a chateau.



• is it within my budget?



• physical location, urban or rural area? Sea view or in land.



• will I be staying there all year round or just part of the year?



• will I need to employ staff from the locale to maintain my home/ property?



• will I need local staff to run my business?



• does the climate suit me?



• what is available for me to build my social life?

And the list goes on.....But how can you really know the impact of local culture and custom on your new life or business in an unfamiliar country? You can read books, get information by exploring the internet, take a few holidays. A great insight can be gained by reading about others who have pursued the same dream or investment project as yourself. Articles and books highlight the joys and pitfalls of moving abroad whether the projects involve small or large financial investments. A lot can be gained by learning from those who have already trodden the path. Taking a few holidays in a particular place may have whetted your appetite and fired your enthusiasm to make a move to a new country. Whether you were led to invest abroad to live there or to diversify your portfolio, the bottom line is you will invariably meet and possibly work with people who experience the world in a different way. On a positive note, the food maybe different, the sights maybe different, the local customs and practices may intrigue and fascinate you if you are merely observers or enjoying the activities and services offered. But can you always assume that people from other cultures work in the same way that you do, share the same values and morals as you, even have the same concept of time as you? Not everyone adheres to the time is money rule.

Differences occur in how people communicate particularly problems, even every day problems and how solutions are sought. Social habits will direct how much information you receive from people you deal with and how far they will go to co-operate with you to achieve things you need to achieve whether living or working with locals. Different cultures do business in different ways and may have varying ideas about the value of truth and integrity in the way they go about their lives. People in rural areas may not even share the same view of the world as their own country folk working in big metropolitan cities. The most obvious difference is language and it is at the heart of understanding all that has been mentioned previously.

Many people who have relocated abroad with small or large investment ventures often recommend that those planning to make a similar move should actually go and live in your chosen place first. A lot can be gained and the process of adjustment made smoother by seeing life as a resident rather than a tourist before you invest. It is sound wisdom. However, you may feel that as you had what it takes to make a significant investment abroad, you have what it takes to face the challenge of whatever is given to you either in your business or personal life in another country. Either way, there is enough information around that suggests that you cannot underestimate the impact of cultural differences on how you experience life in your luxury property in another country. As people say 'there's now't as queer as folk!'