Home Buying in Las Vegas>Question Details

Alastair, Home Buyer in Outside U.S.

What are the restrictions on foreign ownership of property in the U.S.? More specifically Las Vegas NV? Can I just buy whatever I like?

Asked by Alastair, Outside U.S. Mon Mar 7, 2011

I'm also interested to know if the title of the property can be correctly registered in my name if I do not have a social security number?

Are there any other traps and pitfalls I should be aware of?

And would I perhaps be better off legally by purchasing a shelf company in the U.S. first and buying through that? (would prefer not too as it would make financing that much harder)

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Answers

6
Hello Alastair,

You can definitely purchase if you have the available funds, or if you qualify for a mortgage loan.

You can apply and receive a tax identification number (TIN) and have the property in your name, and a social security number is not required.

Upon resale, you will have taxes withheld via FIRPTA. If you contact an account and do your taxes correctly, you can receive some of that money back, depending on the income gained during the resale of the property. FIRPTA withholds 10% during the resale.

Also, check what the laws are in your country about buying foreign property; there may be some restrictions of their own.


I can help you with all of your real estate needs; I often work with foreign buyers and sellers, mostly investors, from around the world. Please, call or e-mail me to further discuss how I can help you.


--


Sincerely,

Mark D Fleysher, MBA, Broker, REALTOR
The Jack Conley Realty Group
C. 702-291-8186
E. mfleysher@gmail.com
1 vote Thank Flag Link Mon Mar 7, 2011
The US does not restrict sale of real estate property to foreigh nationals. If you have the means to make the purchase, you can buy.

The only restriction on foreigh nationals is when you get ready to sell property. You then may be subject to the Internal Revenue Services Foreign Investment Real Estate Tax Act better known as FIRPTA in which the buyer of your property may be required to withhold a portion of the sale to pay tax on the profits. The theory being you made the money in the US, so you would owe the related taxes to the US. If at the time you sell, there is a profit and you find yourself subject to it, you would then need to apply for an ITIN number.

You do not need a social security or ITIN number to make the purchase.

I work with many foreign nationals who are investing or buying vacation homes in Las Vegas. If you'd like my assistance, please give me a call or send me an email.

Best regards,
Marie Sestile
Sellstate NRES
702-524-3668, Cell
mariesestile@gmail.com
1 vote Thank Flag Link Mon Mar 7, 2011
Hi Alastair. I think you have your answers on the selling side. On the buying side I could help you purchase with a minimum of 30% down under a Foreign National program I have access to. If this is your first purchase in the U.S. then I could go over the other conditions on this program. I actually have two lenders that may be able to help you with financing. Your credit can be obtained from your home country in order to do the loan. I am currently working with a number of Canadians under these programs.

If interested, please give me a call or send me an email.

Best regards

Alan Hughes
Realty Executives of Nevada
1903 S Jones Blvd, Suite 100
Las Vegas, NV 89146
alanhughes@realtyexecutives.com
702-940-8944
0 votes Thank Flag Link Mon Mar 7, 2011
While everybody has already mentioned the tax issues of selling, there is one thing you may not be aware of as a buyer. At the moment, it is difficult for foreign nationals to get a mortgage! The only programs I know of are for Canadians who plan to be owner-occupants. Obviously this is not a problem if you plan on paying cash.
0 votes Thank Flag Link Mon Mar 7, 2011
You will need a tax identification number and when you sell the property will be subject to FIRPTA withholding and tax.

You will want to talk with a US real estate attorney and a CPA.
0 votes Thank Flag Link Mon Mar 7, 2011
We should talk. There is a tax. 702-491-1971
0 votes Thank Flag Link Mon Mar 7, 2011
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