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You are here: Home > Real Estate > Buying > Nova Scotia Mini Guides: Buying a Home in Nova Scotia from Abroad |
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Answers - Nova Scotia Mini Guides: Buying a Home in Nova Scotia from Abroad
Rising prices in European countries are making would be 'downshifters' look further afield to start their new lives. Requirements for cheaper housing and land to start their new lives mortgage free have made many turn to rural Canada especially the Atlantic Provinces where a modest home with a few acres may According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product cost you as little as 17k in sterling. Buying a home in Nova Scotia, either for investment, holidays or eventual permanent residency is a simple process even if you live abroad and are not Canadian….we did just that in 2004, mostly by e-mail from the UK and were pleasantly surprised just how easy the proc ; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug. Examples of combination products may in ss was. Before I start to explain the process it maybe worth clarifying a few points and address some commonly asked questions… lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together. . However, as are the tax laws in the UK, if this is your second home or even your only home and you are not a resident of Canada for tax purposes when you sell the property, you will be taxed on the profit you make on the sale. Check with your provinces tax office. It is also worth noting that although the here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe e is no restriction on the amount of land you can purchase in Nova Scotia, as a non-resident, there are some restrictions in other provinces: Saskatchewan for instance limits the amount of land to no more than 10 acres. d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations. Combination pro is such a beautiful country and Nova Scotia such a lovely province that many people buy second homes or cabins here. You can stay in Canada on holiday for up to a 6 month stretch (remember you are not allowed to work in the country or province without a work permit). People who spend their summers here or e ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc ven 6 months of the year (minus a day) are known as seasonal residents. easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi s. Other people find a HRDC approved job and can work many years in Canada even while their immigration process is underway. Selling up in the UK, buying a home in Canada and moving out here on work or study permits is risky while awaiting permanent residency. There is no guarantee that permanent residency nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically will be granted, however, this is a risk many are willing to take rather than waiting 3 or 4 years for processing. Only you can weigh up the pros and cons and make that decision. For full details of the permanent immigration process go to http://www.cic.gc.ca A brief guide to house buying the p and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ ocess So you’ve been looking through the Canadian ‘Multiple Listing System’ at http://www.mls.ca and seen some homes you really like the look of . The next step is to make an enquiry about the property and you do this by contacting the ‘Realtor’ whose name appears on the listing. We have found re ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi ltors in Nova Scotia to be refreshingly helpful. Our realtor must have spent hours answering our questions by e-mail and sending us photos- she definitely went far beyond the call of duty but as potential buyers who didn’t really have any idea of the house purchasing process in Canada we were extremely grat ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it. Following aspects would a eful. It really did make all the difference! Realtor acts for both parties After much research, many photos and many, many questions we felt we really wanted to put in an offer on the house we had been discussing. We had been made aware that we could ask ourrealtor to work on our behalf by e dd to the challenges in developing combination products: Which markets to tap where the combination products can do fairly well? Which combination prod tering into a limited dual agency relationship (this service provided by realtors is free to the buyer ). Basically this means that the realtor acts impartially for both the seller & buyer and you sign an agreement with the realtor. The next step was for us to make an offer. Our offer was a little unique be cts are meaningful and rational? Which therapeutic categories to select? Which Combinations can address unmet needs of the patients? Do combin cause it contained a clause that allowed us to come out to Nova Scotia within 14 days to view the house so the offer was subject to a satisfactory viewing of the property and home inspection. Home Inspection The home inspection can be done in the presence of the buyer and normally is a thoro tions increase the patient compliance? What would be the developing cost? How to tackle the risks encountered during combination product developmen gh general report which takes around two hours to complete. A few days later we received a detailed report via e-mail and a week later the same report presented nicely in a file for our records. This gave us a really good idea of the condition of the house and what possible changes that would need to be mad t? As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel in the future. Solicitor Once the home inspection has been completed and the offer accepted then all the details are passed to a local solicitor. The house purchasing process and legalities are quicker to close (complete) here in Nova Scotia and in our case just four weeks later everything ping new procedures for reviewing their safety, efficacy and quality. Professional from academic institutions, pharmaceutical industries, health care indust was signed and sealed following all the legal title checks and sheriffs certificate etc. Your solicitor should be able to advise you and send all documentation by e-mail or fax to you which you then can sign and return the same way. Once again following the close of the sale we were sent a nicely presented y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products ile with all the documents labelled for our records. Payment for house and for services During your visit to Nova Scotia it is recommended that you set up a non- residents bank account with a well known bank. You need to pre-book your appointment and you will need forms of identification su . As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de ch as passport, birth certificate …the bank will advise you. The process is very quick and you are instantaneously given an ‘instabank’ card which you can use immediately in most ATM’s (cashpoint machines) and in stores where you you can pay for goods with your card by typing in your pin number on the keypa elopment. They need to be wiser in analyzing the market trends and the regulatory requirements. Companies that provide selfless information through particip provided. Several cheques are also given to you use until your proper cheque book arrives. Setting up a Canadian bank account was useful as we were able to transfer lump sums of money through our UK bank. In part 2 I discuss setting up services and insurances and the costs involved --------------- tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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