Home Buying in Boca Raton>Question Details

salahmj2002, Home Buyer in Miami, FL

as non american , can i buy home just with my passport and how much tax i should pay every year

Asked by salahmj2002, Miami, FL Thu Feb 28, 2013

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Nitza Ramos’ answer
Hi salahmj2002,

You can buy a property if you are a foreign national. The taxes depend on where the property is located as they are determined by the services provided in the area.

Best regards,

Nitza Ramos
Realtor & Lic. Community Association Manager
East Coast Realty Group LLC
Direct: 954-856-3156
Fax: 954-934-9530
Website: http://www.nrcv.com
**Blog: ask4realtor.blogspot.com
0 votes Thank Flag Link Fri Mar 1, 2013
As a foreign national you can definitely buy a home. If you are Getting a mortgage you will be looking at 30-35% of the purchase price as a down payment. The taxes you are probably inquiring on is the FIRPTA (foreign investment in real property tax act). As a buyer you are not subject to any additional tax, but as a seller you will which tends to be 10% withholding of the sales price. When you do sell the property you will need a good accountant to guide you.

If you want to explore some options please let me know I would be happy to help you
0 votes Thank Flag Link Sat Mar 9, 2013

Yes, you can buy a home just using your passport as identification you really are who you say you are.

The taxes will be dependent on the size of home, it's location, and its usage. Will you be buying this home to live in, use for vacations, or as a rental property?

You should consult a professional accountant who is familiar with foreign buyers.

I'd love to help you find a home. Just send me an email or give me a call.

Nadine Mauro
Highlight Realty
0 votes Thank Flag Link Thu Feb 28, 2013
You don't need to be a citizen to buy real estate in the US, and tax issues are best discussed with a local CPA.
0 votes Thank Flag Link Thu Feb 28, 2013
You may to a mortgage banker and a local real estate agent.
0 votes Thank Flag Link Thu Feb 28, 2013
If you are here and have cash, you can probably buy a home. Most of the taxes are paid locally and will depend on the location and the property how much you may pay to the city, county or state.
When you sell the home, as a non-resident alien, you may have some of the proceeds withheld for capital gains tax. If by then, you are a resident alien or citizen, you will be able to roll the profits from the sale of your first home into the second without a taxable event (in most cases, I'm not a tax professional).
0 votes Thank Flag Link Thu Feb 28, 2013
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