I cannot stress enough how important it is for your family to consult with an international tax advisor prior to making your purchase. If you set up a trust, you avoid probate but not estate tax. If the property is in a revocable trust, you may owe gift tax. Both taxes are anywhere from 18-45%. How you take title to a property is critical for it protects your assets in the long term.

Please contact me at Carla@CarlaRayman.com and I will give you the name and phone number of the head of the international tax department in our area. She works with all our international clients.

Best Regards,
Carla Rayman, Your Global Agents
Director of International Business Development
Prudential Palms Realty, Sarasota, Florida
941 724 0519

Hi Leejj,

There are some good answers and links here as to how to buy in the most tax efficient way, but the real bottom line is that an international buyer buys a property just like a domestic buyer. You are qualified if you have the money to buy, there are no special rules to buy in the US. Seller's don't care who pays, just that they get paid. I've helped two different Canadians buy this week and it was completely normal.

Best of luck to your in-laws,
Mark LeMenager
Weichert, Realtors - Hallmark Properties

Angela is correct, agents like us who have our Certified International Property designation should be able to assist you with the correct professionals to see prior to making your purchase. If you let me know which area you are seeking, I'd be happy to look through my CIPS directory and refer you to another specialist in that area.

Best Regards,
Carla Rayman, Your Global Agents
Director of International Business Development, CIPS
Prudential Palms Realty, Sarasota, Florida

Hi Leejj-Believe it or not, there is a specialty field for your situation. The National Association of Realtors (NAR) has cooperating relationships with many international Boards. http://www.realtor.org/intlnet.nsf/coopassocmain?Openview

There are Realtors in the US who have a designation of CIPS (Certified International Property Specialist) I would advise you to cooperate with an agent trained in this type of purchase. Not only do they have an understanding of the procedures, but they will have reliable attorney/tax advisor contacts to assist you and your parents.

I wish you all the best!
Angela

Cash and/or through a company abroad would be the main issues.
If a cash deal is the case, hardly any problems, if another position is taken, you need to involve some tax experts.
I happen to specialize in international buyers, speak 5 languages, so feel free to contact me.
Peter Just
561-309-6914
Peterjust@kw.com

Hi, are you talking cash or financed?
Cash, no problem on the IRS.

It seems that there are some tax implications when bying a property.
Witholding issues. http://www.irs.gov/pub/irs-pdf/i1042s.pdf

My best advice is to refer you to speak to an international tax consultant. They will need to speak to both you and your parents. The USA has tax treaties with certain countries and how one takes title, wills a property, puts it a trust, etc. is depicted by this. I'd be happy to refer you to a few people that we use on a regular basis with our international clients. Feel free to contact me.

Carla Rayman, Your Global Agents
Director of International Business Development, Prudential Palms Realty
Sarasota, Florida
941 724 0519
Carla@CarlaRayman.com