During the telecast of the British Open, I spied a "For Sale" sign on a house in Hoylake, which led to an epiphany: Why not buy overseas near the course you've always dreamed of?

Whether it's a flat in St. Andrews, a house in Lahinch , a villa in Spain or a cottage in the Caribbean, foreign real estate provides a cushion against a slowing U.S. housing market and the faltering dollar—plus access to great golf.

No matter where you buy, your first step should be to hire a local attorney. "In parts of Asia you"ll actually have to pay fees to access the road that leads to your home," says Dr. Delores Conway of the Lusk Center for Real Estate at the University of Southern California. "A local attorney knows the ins and outs of the nation's landholding laws."

The U.K. requires buyers to hire lawyers, whose fees run about 10 percent of the purchase price, plus value-added tax and expenses. Then there are options like the St. Regis Resort, Temenos Anguilla, which has 100 residences and has a special arrangement with the government to facilitate the transaction. "We handle all hookups, title insurance and alien landholding license applications," says Paul Kavanos, chairman and CEO of Temenos Anguilla developer Flag Luxury Properties. "The process is completely streamlined for the buyer."

Unless you plan to move, consider renting your property to visiting golfers or other tenants through a local management company, who charge about 13 percent. High-season rentals in Irish golf towns can be $3,600 per month, while an apartment near the Old Course can fetch $2,000 per week. And should the Open come to town—let the bidding begin.