Question Details

David Tan, Home Buyer in

What criteria for foreign to buy property?

Asked by David Tan, Fri Jul 11, 2008

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3
Hello David. The answer to your question depends on whether you are a foreigner who resides and works in the U.S. or whether you are foreigner who lives and works abroad. U.S. citizenship is not required to purchase property and as long as you have cash and don't need a loan, you can buy real estate without meeting any special requirements. Of course, brining large amounts of money into the U.S. can become subject of scrutiny and a title/escrow company or an attorney handling real estate closings would be your best source of information for that. If you a looking to finance a real estate purchase, it will be more difficult to find a lender willing to provide financing if you don't reside in the U.S., but I have heard that it can be done. One thing you have to remember is that any income that you earn from your real estate will be taxable in the U.S. and when you sell the property it will also be subject to tax withholdings. I have included the link to the IRS webpage that discusses the taxation issue. I hope this helps.
0 votes Thank Flag Link Fri Jul 11, 2008
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
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Hello David,

As Bill Mentioned, the main thing that is required for foreign nationals to purchase property here in the United States is a minimum 30% deposit. That is a good thing also because you are automatically eliminating the Purchase Mortgage Insurance (PMI) which most people don't realize they can request to be removed once they reach 20% equity on their property. Being a foreign buyer, regardless of where you are coming from, you are taking advantage of our low U.S. dollar so your currency goes a longer way than it ever did. A great deal of inventory and an what has been a declining market is to your advantage and of course historically low interest rates. I can be further assistance if you can provide me with some of your critieria for your current Real Estate needs. I look forward to helping you and your family MOVE FORWARD and purchasing a piece of paradise here in South East Florida. Congratulations.

Best Regards,

Stelios Stylianou
Marketing Specialist
stelios@stelsells.com
561.542.4131
Web Reference: http://www.stelsells.com
0 votes Thank Flag Link Fri Jul 11, 2008
David,

There are no restrictions on a foreign national purchasing property in the US. There may be limitations on financing. The standard deposit for foreign buyers today is 30%.

If you are interested in information on southwest Florida, we would be happy to assist you.

Good luck,

The "Eckler Team"

Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Fri Jul 11, 2008
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