I am looking into buying an apartment in Romania for investment and possibly personal use at some point. It is in an exclusive resort/spa area which has good potential once Romania enter the EU. It will cost me about $50k US. I was going to set up a bank account locally there to accept the rent deposits. Being a US citizen, what are my tax obligations if I keep the money there and if I sell for a profit later on? Also, what about asset protection and non-us properties? Lastly, am I overlooking any thing else I should be concerned about purchasing, holding and getting an income from property outside the US? I will be visiting the property next month to see if I am interested in purchasing it. The seller is someone I have known for quite a few years and owns 3 of these units, looking to sell one of them to me.
Thanks