Second homes: The world can be your (fractional) oyster

— -- For most people, a home overseas is a fantasy, be it a Parisian pied-à-terre or Scottish golf cottage. But now those considering second homes abroad are discovering that if you can't have it all, you can still have part of it.

Fractional ownership splits a residence into six to 10 shares, allowing buyers to spend less and use it only a portion of the year. (Unlike a traditional timeshare, in which typically set weeks are bought for each year, fractional ownership offers larger chunks of time, which often rotate from year to year.)

This is more attractive overseas for several reasons: most people cannot use a far-off property more than a few weeks a year, it offers hassle-free maintenance, and in some countries, traditional ownership is legally and logistically difficult.

Hotel chains such as Marriott and others are adding overseas fractionals. "But in Europe, you find a lot more single-property fractionals," says David Kelsey, president of Hamilton Capital.

In many cases, properties being fractionalized include family-owned castles or estates that can no longer be supported. The owner often remains a partner or manager, and buyers pay annual maintenance dues.

"From a buyer's perspective, it can be more difficult to locate these opportunities," Kelsey says, "but they can be truly unique places with a lot of history. Owners often have deeper pockets and family pride in the place."

Hot regions for fractionals include major European cities, Tuscany and the Lake District in Italy, Scotland and Ireland. Properties also can be found from Bermuda and Argentina to Thailand and Egypt.

A look at three popular fractional locales abroad

• Tuscany, Italy. For many, it's the ultimate foreign destination. Borgo di Vagli is a 32-acre hamlet near Cortona, setting for the book Under the Tuscan Sun. Ten one- and two-bedroom residences have one-tenth shares for $80,500-$123,000 (clubborgodivagli.com) In the Chianti wine region, Castello di Casole has fewer than 30 renovated villas on 4,200 acres of vineyards, and a 700-year-old castle turned hotel. Homes are opulent; one-twelfth shares range from $371,000 to $754,000 (castellodicasole.com).