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Buying Real Estate as a Foreign National

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Posted by GENILDE GUER RA CITY CITY

The Real Estate Market in the U.S.

STATE STATE SPECIALITY SPECIALITY

The United States real estate market is very diverse and offers many opportunities for foreigners including investors or people who want to purchase a house, apartment, townhouse, condominium, or other type of residential or commercial real estate property. A buyer may purchase real estate as an investment to produce income, or just as a family vacation home for personal use when traveling to the United States. The options of real estate in the United States are unlimited and there is a real estate property for every budget and taste. One of the great advantages when buying a home in the United States is that the country has a very good, easy and efficient information system to buy and sell houses or other real estate properties. A real estate buyer should seek help from real estate agents, real estate attorneys, financial institutions, property managers, and others to smooth the purchase and maintain the property in the U.S. However, it is always advisable to consult an immigration lawyer before buying or owning real estate property in the United States. Many foreign investors buy real estate in the U.S. without traveling or being physically present in the country.

Real Estate Investment as a Foreigner The South Florida market presents great opportunities in real estate investment to foreign investors.  With the dollar’s value at its lowest, foreign investors are finding great real estate bargains.  There are no shortages of deals in this market.  More and more distressed properties are being sold and foreigners are investing millions in the market buying foreclosed or distressed properties.  The United States real estate has become a very attractive long-term investment for foreign investors. There are many reasons to invest in the United States real estate market.  Aside from the fact that the floating exchange rate has given a lot of leverage over the bargaining table, the financial market is a great reason to invest in U.S. real estate.  The financial market in the United States in relation to the real estate market is quite liberal and the regulations regarding foreign investors are very reasonable. Furthermore, despite the devaluation of the U.S. dollar and the wide foreclosures of a lot of properties, the real estate market remains stable.  This may be largely credited to the fact that there remains minimal risk.

The Benefits of Foreign Real Estate Investment The United States of America remains the most diverse and important economy in the world.  In 2010, the US economy was responsible for 20.218% of the world’s total GDP or US$ 14,624 trillion. (Economy Watch) The United States government supports foreign investments and has formulated various tax incentives to encourage foreign investment in real estate. Most of these tax advantages are not available in most countries. Foreign real estate investment in the United States is open to everyone.  Many real estate buyers can afford to pay cash and others choose to

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Buying Real Estate as a Foreign National

finance, to secure their foothold in America.  Lenders have re-opened their doors to foreign investors. The United States has a stable, practical economy – the likes of which is not found anywhere else in the world.  The benefits are priceless.

Understanding the Tax Ramifications In today’s economic climate, the question of whether real estate still presents an investment opportunity may be asked. But with prices and interest rates at historic lows, many foreigners are considering real estate investment as a once-in-alifetime opportunity. The low risk attached to the U.S. real estate market, the availability of countless properties, and steady market liquidity attract many foreign investors.  Even though it is advantageous to invest in the United States, there are many legal and tax ramifications you need to observe. Foreign investment in the United States can take a lot of forms, and a foreigner has many options.  An investor may acquire direct interest, or can acquire an interest in real estate through a partnership, a corporation, or a limited liability company.  It is crucial to consult a lawyer about this – the property is American but the foreign buyer may or may not have U.S.  immigration status.  Ownership through a legal entity rather than personally is a typical structure used by foreign investors, and this can not only limit personal liability but also may provide tax advantages. Any given purchase may present unwanted tax ramifications triggered by your immigration status, your legal residency, domicile, citizenship, employment, or student status – among other factors.  It is important to always consult a lawyer prior to signing a Real Estate contract.

Do You Need to Secure a Real Estate Lawyer? When considering buying a property in the United States, one is strongly advised to first secure the services of a real estate attorney – someone who can help you with the legal issues concerning your purchase.  To avoid complications, make sure you have a professional, knowledgeable realtor to work together with a lawyer - from the contract stage to a successful closing.  The lawyer can custom tailor your purchase, and make sure any time sensitive issues are dealt with accordingly to avoid any complications or delays. A lawyer can provide assistance on various tasks.  The lawyers at Law Offices of Kravitz & Guerra will review the sales contract, check on the title and other documents relating to the property.  They will also review the mortgage contract and make sure to custom draft any time sensitive adjustments and corrections.  Your lawyer will also review theTitle Insurance and tax issues, and make necessary adjustments relating to the various expenses and costs involved in the purchase includingeligibility for tax refunds and statements. In conclusion, to ensure a safe, sound, legal and stress-free transaction, the real estate lawyers at Law Offices of Kravitz & Guerra are your guides to purchasing a real estate property in the U.S. We look forward to representing your interests in the United States. Please visit our website Law Offices of Kravitz & Guerra or call our office at +1 305 372 0222 with any of your real estate questions.

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Buying Real Estate as a Foreign National

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Buying Real Estate as a Foreign National