| Keeping it legal: Get to grips with local rules when you rent out your overseas property |
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For years people have made money by renting out their overseas homes, many without realising they needed a licence from the local authorities.However, clampdowns on illegal rentals in some European countries mean owners could now be forced to register. The economic downturn, and subsequent reduction in the number of tourists, has caused hoteliers in popular destinations across Europe to pressurise local authorities into closing down unlicensed premises. If caught, owners face fines of several thousand pounds.To obtain a licence, owners must present a copy of their deeds and habitation certificate to the local authorities, they also need to inform their immediate neighbours and provide details of any agency marketing the apartment. Other countries are less stringent, with Italian and French authorities leaving landlords alone. However, Paris-based agent Miranda Bothe says there's currently "heated debate" in France about the legality of private lettings operating as commercial ventures. So change may soon be on the cards there too. The onus may be on owners to stay within the law but it's generally agreed that legislation also needs to be clearer. Overseas Home Forever have been helping clients invest in property abroad and have a wealth of experience in providing help and guidance both from a legal standpount and ensuring that maximum rental income is acheived with a minimum of heartache! This e-mail address is being protected from spambots. You need JavaScript enabled to view it Extracts from the Independent written by Laura Latham
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