Home Buying in Lake Worth>Question Details

Leejj, Home Buyer in Lake Worth, FL

How can an international buyer go about purchasing a property/home in the United States? What information or paperwork is needed?

Asked by Leejj, Lake Worth, FL Mon Sep 14, 2009

My husband and I recently moved to Florida (I am a citizen and he is a permanent resident). We would like for his parents to purchase a property in Florida (and eventually put it in trust to us),but his parents are not U.S. residents and live in another country. We need to know what they need to provide in order to qualify to purchase a home in the U.S.

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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
0 votes Thank Flag Link Sat Sep 19, 2009
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
0 votes Thank Flag Link Fri Sep 18, 2009
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
0 votes Thank Flag Link Thu Sep 17, 2009
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
0 votes Thank Flag Link Wed Sep 16, 2009
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
Web Reference: http://www.peterwjust.com
0 votes Thank Flag Link Wed Sep 16, 2009
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
0 votes Thank Flag Link Mon Sep 14, 2009
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
0 votes Thank Flag Link Mon Sep 14, 2009
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