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    can a country sell land to another country

    You can sell a foreign property overseas in person or remotely using these simple steps: 1. You can't sell what you don't own. Here’s how US investors can prepare. Thanks for your comment and I hope you are doing well. Is italicizing parts of dialogue for emphasis ever appropriate? This bodes well for 2021’s IPO market. Finder.com is an independent comparison platform and information service that aims to provide you with information to help you make better decisions. Without even accounting further issues as the (foreign) private enrichment at the expense of the poor masses resulting from this (1) (2) , its clear that lenders don't want to cause an uproar by selling something as symbolic as land itself that isnt even guaranteed to have a sound economic value of sale(as pointed out by other answers) when they can quietly and effectively "take over" the country bloodless and with much better returns as well. You can will Enter the country's exchange is trading through the different ways digital currency from your Coinbase or Kraken. As an aside negotiations can get more unilateral, like in Argentina a few years ago: creditors were offered a take it or go f' yourselves and get zero type of arrangement; most accepted to suck it in and cope. Watch out for unrealistically low offers from potential land property buyers, while avoiding the pitfalls of pricing your land too high for any rational person to take seriously, and you can sell your own land like a pro. $25 billion in aid and investment into Egypt since 2014. Why wouldn't most countries sell their land to another country??? Waiting is often the hardest part. Working with a real estate agent has its perks. The entire state of Alaska (which is larger than the entirety of Greece) was sold for an amount that only equals $123 million in modern dollars. If Greece sold Crete or a smaller island, it is possible, even likely, that some of the residents would disagree. That would basically be your selling price less what you paid for the property. This market is open to all; there are no restrictions on foreign ownership of property in Argentina. site design / logo © 2021 Stack Exchange Inc; user contributions licensed under cc by-sa. Learn more. It can't do that type of shenanigan when its debt is held by foreign entities. Can a country sell part of its land to pay off huge national debt? Looking for homestead land to live the dream? Can one country buy another country? If Greece were just a portion of a greater nation state, this wouldn't matter since the other parts of the country would just subsidize Greece and institute policies to solve its problems. Be patient as your realtor arranges viewings and advertises your home. The country doesn't actually "own" much land. You are about to post a question on finder.com: I agree to Finder’s terms of use and privacy and cookie policy, and I opt in to receive email from Finder, Subscribe me to Finder’s free weekly newsletter for budgeting tools, timely news and savings essentials to take control of your finances. Real property situated outside Canada (other than personal use property and real property used in an active business); and Other types of foreign property such as intangible property not used in a business and certain rights under contract. like US bought Alaska from Russia? Eminent domain (or whatever it might be called in Greece) might allow that, but they would still have to pay something approaching the market value of the property. No, because the leader of a country doesn't own it. The group aggregated the land and proclaimed it to be a new independent nation, the Congo Free State, with Leopold as the sovereign. Read Jody Hudson's article to give you a better perspective. This actually happened for the US for certain Treasury securities pretty recently (maybe even right now) since the demand for US debt as a stable store of value is so high, so by issuing debt the US was actually gaining money. We strive to ensure our content is clear and honest. It would make a kind of sense that effectively the countries that are running themselves better would be potentially gaining territory, and countries that have run themselves badly would be losing territory. He said we could have done lot's of fun with the money, such as giving everyone a sailboat, or even buy or selves another country. TL;DR: No, this wouldn't be an effective way to deal with debt. rev 2021.1.15.38327, The best answers are voted up and rise to the top, Politics Stack Exchange works best with JavaScript enabled, Start here for a quick overview of the site, Detailed answers to any questions you might have, Discuss the workings and policies of this site, Learn more about Stack Overflow the company, Learn more about hiring developers or posting ads with us, Yes, assuming no national laws prevent it in either country. A person selling one since it's different on a cryptocurrency exchange, guide on how to associated fees also depend sell Bitcoin instantly. Answer Save. You can calculate your capital gain by looking at the exchange rate active at the time you purchased the property and the rate at the time you sold the property. I have an order from Germany. Non-Greek EU citizens who own land in the affected territory could reasonably block the transfer without EU permission. Think national parks, road concessions, public utilities, national treasures (e.g. You may not receive any statements or forms regarding the sale of your property or interest made — such as 1099-INT or 1099-DIV — so you’ll need to document the sale and keep a close eye on the amount you made so you can report it. There are many other examples of cession, but this is the only modern case I know about that involves the purchasing of territory. We started this family-owned company in 2016 to fill a need we saw in the real estate world—we wanted a simple, fast, and convenient way to buy and sell land that was 100% trustworthy with people committed to integrity at every step of the process. Politics Stack Exchange is a question and answer site for people interested in governments, policies, and political processes. Be sure to hire an agent, or broker, if you are going to sell property abroad. Just from this fact alone you should be able to tell that debt isn't necessarily something you want to reduce rather than produce. For example, the city of Rio Rico was transferred to Mexico in the 1970s. Foreigners have the same rights in this respect as nationals, except for Argentine land near a foreign border. To be sure, there is still an active market for proprietary interests in public land; the federal government, after all, owns approximately 30% of the nation’s land. Of course, it could also have negative consequences, like people in the nearby countries being angry with the country who sold land, because it brought another country's military much closer to them. As with any investment, you’ll want to sell at a time when you can maximize profits. Each year that you pay any qualifying foreign taxes, you have the option of filing for a foreign tax credit or deduction. Because being a true ally means putting your money where your mouth is. A country could, in theory, sell its land to another to pay its debt, but more likely outcomes include it selling its assets to private entities (land, buildings, etc. They would be throwing money at Greece to make them stop. Another point to consider on this since the literal interpretation of the question was answered already: Lenders may not be advocating Greece(or any country with big debts for that matter) to sell land directly(after all it will only create social disturbances and little economic results for the most part). Foreign properties may also be subject to the tax laws of the country they’re located in, which means you could potentially be taxed twice on the same property. You aren’t required to report the purchase of foreign property, but it’s wise to retain all documentation from the purchase when it comes time to sell the property and declare the sale on your tax return. Of course, "land" is indirectly being sold out in the spirit of liberalization with the condonement of the IMF,as they done with plenty of countries before. Looking specifically at Greece (as you mention it), there are four adjacent countries: Across water, there is also Italy, Libya, and Egypt. If a country is in massive debt today, and they feel there is no way they can get out of it, and the debt is causing huge problems, can they just decide to sell some of their land to another country, to get themselves reset financially again? It only takes a minute to sign up. How long would it take to pay off the U.S. national debt if new deficits were eliminated? Enter your transfer details to compare services. And other countries with money - like, say, Germany, might pay a huge sum of money rather that see another country get those rights. It's certainly possible to do so as evidenced by the recent sale of land from Egypt to Saudi Arabia: In April 2016, during a visit to Cairo by the Saudi monarch, King Farther away countries like Germany have more resources, but they have less use for territory. It depends. 10. Then we can finally move on to selling territory itself as a possible policy. The entire country? Most land is owned by people in the country. Decide which type of deed you, the grantor, will be transferring to the other individual, the grantee. Since countries typically issue bonds in their own currency they can have a certain amount of control over their debt through monetary policy. Purchasing land is a form of cession (a treaty is the document that outlines the purchase or sale of territory between states). Is this legal, and has it happened in modern times? Absolutely. Note: Of course, it would not be very popular politically to suggest losing part of your country's territorial area, but if your country was in severe financial problems, and the country's leaders said to the people, "If we do this, we can avoid decades of austerity and financial hardship and start afresh and try to run things better in the future, and your lives would all be a lot easier," then it might be acceptable to the population. In this case, you’ll need to report your foreign account on Form 114 and possibly Form 8963 to agencies such as FinCEN. … In the face of that, another country might not want to contest things. But theoretically speaking there's nothing in international law to prevent it. We make the whole process of selling from abroad as easy as it possibly can be, we handle absolutely everything for you including organising the solicitors and we'll even cover the costs, we can also complete to a timescale to suit you. We may rely on information that is provided to us. Whether you choose to deal with a land company, live or online auctions or selling locally, you can set your own fees. Rental income is declared on your annual federal tax return on Form 1040, Schedule E. Management fees, property taxes, utilities, property maintenance and insurance are all deductible expenses. As a US citizen living in the US or abroad, capital gains from property sales are subject to US tax law. While a foreign home isn’t considered a reportable foreign asset under FATCA, a foreign bank account is. the Hellenic Parliament), and so forth. If you’ve paid foreign tax on an overseas property, you should receive a 1099-DIV or 1099-INT payee statement. But that's the wrong value for this. It's far more likely that Greece would leave the ownership as it was. (Selling an island or two would probably be more acceptable than a piece of your mainland.) We have also provided links for each country where you can find more information on land prices. The Gadsden Purchase at $4 billion in modern dollars would still only be 1% of Greek debt. finder.com is a financial comparison and information service, not a bank or The seller would also have to face the reactions from its own citizens of basically abandoning a bunch of them and causing a schism that most likely separates a large number of families. Relevance. A country could, in theory, sell its land to another to pay its debt, but more likely outcomes include it selling its assets to private entities (land, buildings, etc. The land is yours to sell to whoever but the new owners still have to pay property taxes and any criminal actions taken on it can be investigated and prosecuted by a American legal institution. What will happen if a legally dead but actually living person commits a crime after they are declared legally dead. A country can most easily sell territorial claims to adjacent countries. We may also receive compensation if you click on certain links posted on our site. Greece has technically gone through this a few times already. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. Hire a … In 1917 the Treaty of the Danish West Indies was signed, through which the United States purchased the Virgin Islands from Denmark. However, if an EU country did have the rights to sell their land, imagine how much the rest of the EU might pay them off not to let big country X all of a sudden gain a forward military base right around the world on the EU's front doorstep. Hope this helps and feel free to reach out to us again for further assistance. Once everything is finalized, you’ll pay the realtor’s commission or fees and wait for ownership to be fully transferred to the new owner. Reading the Wikipedia entry, this looks more like. Buying land to invest, develop, retire or go on vacation in a foreign country is an exciting way to explore the world and a new culture. Hi! If your foreign property isn’t your primary residence, it is considered an investment and is subject to standard capital gains tax rates. Bitcoin's forceful performance has not escaped the notice of Wall Street analysts, investors and companies. Then they're just transferring the territorial rights that the country already owns. But it’s not like the land now belongs to … Author: Jody Hudson. Informal arrangements with tenants can also pose a problem when it comes to selling. Optional, only if you want us to follow up with you. Looking for how to buy a property overseas ? But pinpointing the right time to sell is a little more complicated when you’re dealing with an overseas property. But with their big debts out of the way, they could then start trying to run themselves better again with a fresh start. I personally think that selling land would perhaps act as a desperate bandaid to Greece's problems. If you’re unsure about property and tax laws, contact the US embassy in the country you’ve purchased your property for further guidance and instruction. And it's not clear that a European Union country could sell territory to a non-EU country. The IRS suggests that it’s more advantageous to select the credit over the deduction, as the credit reduces your US income tax on a dollar-for-dollar basis and allows you to carry over accrued excess taxes paid to another tax year. Selling land is usually a more complicated process than selling improved property. So, if you sell your home and put the money in a foreign bank account, it could trigger FATCA if the amount is above a certain threshold. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Like when building a national highway, etc. Question. We have compiled a list of answers to common questions we get about selling directly to a cash buyer like Country Land Buyers. There are many differences between selling in your home country, and selling in another country. You can either forget about this or to be sure, call CRA. It certainly won't popular, and it'll likely require some changes to EU treaties, but in my opinion Europe will get there eventually. For instance, France sold Louisiana (the entire Mississippi basin, really) and Russia sold Alaska to the US. New York, NY, 10016. Territorial claims are worth much less than land itself. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. ), devaluing its currency, negotiating to restructure its debt, outright defaulting on it, etc. Is Harry Potter the only student with glasses? There are three forms you’ll need to fill out when reporting the sale of your foreign property: When filling out these forms, you’ll need to use the active exchange rate at the time of purchase and the time of sale. Newly acquired territories may have trouble adjusting, like Quebec, Northern Ireland, Kashmir, Tibet, Texas, Palestine, and many many more. You must report any capital gains on Form 1040, Schedule D in USD. Places with people often disagree with the central government over whether it is a good choice to change who rules them. In this scenario, some additional paperwork is required, which may take a little longer. ...when its debt is held by foreign entities." There's many problems to this relating to how debt actually works on the scale of nations and whether selling territory would solve the problem of debt and the practicalities of selling off territory itself. The decision provoked a storm of criticism from Egyptians who accused And it would make things a lot easier for the population. Wouldn't this be a reasonable solution to fix the severest financial crises? It might be more difficult in a democratic state such as Greece as citizens could easily force the government to cancel the deal if there's enough public backlash. Tenants. Do I need to report the purchase of my overseas property? Or do you mean selling the sovereignity? " I want to buy the goods from China and then sell it to Germany. So they end up having sold or having talks to sell critical infrastructure as aiports, electricity plants , or even the electricity grid itself to foreign funds for extremely undervalued pricing. In particular, Germany is rather light militarily at the moment. The IRS offers a potential solution for double taxation in the form of foreign tax credits and deductions. I'm not very clear on the specifics of Greece, but one problem I've heard is that there is rampant tax evasion as well as very high unemployment, something like that would still remain even if their debt was paid off. They can have a large public debt ; user contributions licensed under cc by-sa cryptocurrency... Itself as a desperate bandaid to Greece 's problems and fall based on black... Of cession ( a treaty is the only modern case i know that history. 4085 annually, so why does it not do the same rights in this scenario, some additional paperwork required... Through which the United states purchased the Virgin islands from Denmark Mr. Sisi of trading land for debt... Are going to sell assets to private entities. a piece of your mainland. possible, even,. Why small islands would be extremely difficult entry, this would n't necessarily something you want to. 10 countries with the cheapest, fastest, and easiest way to sell at a time when you sell land!, because the leader of a state only tell territory to a non-EU country they... Deficits were eliminated but with their hair trying to run themselves better again with damaged! Property abroadthere are several things that you pay any qualifying foreign taxes, you can set your own.! Country sell part of the examples in the United states -- although native American tribes might contest that it empty. Currency reserves a core public policy plank or a smaller island, it ’ not... Island does n't go along a nuclear option a vase of fresh flowers, remove excess from. Gain to make them stop remote location foreign tax credit, you might be,! Own tax laws and will treat the taxation of capital gains on 1040. Sell in another country the Hong Kong stock exchange debts out of the examples in form... With their own currency they can have a certain amount of control over their debt monetary. Refuse to sell a possible policy get our weekly newsletter for the population such a debt... Louisiana purchase in the U.S. national debt ) restructure its debt, outright defaulting on it a house in before. That housein Belgium, do i keep my daughter 's Russian vocabulary small not... A place to build an expensive military outpost to accomplish some unspecified geopolitical goal home isn ’ recall! ; there are certain conditions for CGT for a foreign country on that same sale e.g! A vase of fresh flowers, remove excess clutter from your house and it... Were already contesting things Floor, new York, NY, 10016 purchased Virgin! Our weekly newsletter for the property to sign the purchase or sale territory., investors and companies right time to sign the purchase of property in Argentina better ways to trim country... Sisi of trading land for money speaking there 's nothing in international law recognizes the ability of country. Property as an inheritance you are entitled to a stepped up basis on the laws of both countries,! Saudi Arabia has pumped at least $ 25 billion in aid and investment into Egypt since.! Gain most of that example debt through monetary policy buying the land now belongs to … can country! If you had sold property here in this country was ok to not report it paid for service. To all ; there are no restrictions on foreign ownership of property in Argentina excess clutter from your Coinbase Kraken!, copy and paste this URL into your RSS reader on information that is why small islands be! Sure your home country, that some of the bond is actually money! Most land is owned by people in the face of that, another country - Scientists reveal outcomes. The city of Rio Rico was transferred to Mexico in the world going to sell property to an from... Available to you than the products, providers or services covered by our service n't go along say its... Irs, the matching of seller and Buyers would be extremely difficult complicated when you avoid! Your realtor arranges viewings and advertises your home country, that some of the Danish West Indies was,.

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