I'm planning to buy apt for personal use, not rent, but I'm not citizen. Is it better buy using foreign LLC ? Is it expensive to apply and maintain ?

Asked by Swanny.rusli, Mountain View, CA Wed Nov 20, 2013

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Juliana Lee, Agent, Palo Alto, CA
Wed Nov 20, 2013
I own real estate in both my own name and in an LLC. As implied by the name, LLC -> limited liability company, the LLC is intended to shelter the owners from certain liabilities. The US government treats the LLC as a pass-through entity for tax purposes. Income taxes are paid at the individual tax rates if the LLC is owned by a single person.

Some governments, including California, levy a tax on LLCs. Taxing jurisdictions outside the US will probably treat the LLC as a corporation.

You probably would have to have a specific need for the LLC to be worthwhile for your own home.

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Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Cell 650.857.1000

Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
Web Reference:  http://julianalee.com
1 vote
Marcy Moyer, Agent, San Ramon, CA
Wed Nov 20, 2013
People us LLC's to buy real estate all the time. While often they are investment properties not always. It is done for privacy and since all real estate records are public there are many people who do not want the public to know their personal home address.

It is never cost free to have an LLC and as far as tax advantages I know of non but that is a question for a CPA. They help shield liability in investment properties and maintain privacy in personal residences. If you need either of those things then you need legal advice on how to go about setting one up.

Marcy Moyer
Keller Williams Realty
Cal BRE 01191194
Web Reference:  http://www.marcymoyer.com
1 vote
Thank you all for the answer
Flag Wed Nov 20, 2013
Steven Ornel…, Agent, Fremont, CA
Wed Nov 20, 2013
Hi Swanny,

"Is it better buy using foreign LLC?”

Perhaps and assuming it's the ONLY way you can buy; however, understand there will be extra work on your part. For example, take a look at this Trulia Q&A Post:

"Setting up an LLC for real estate investing"

Is it expensive to apply and maintain?

Well, this depends on how involved you want to be regarding the duties of maintaining your "Corporate Veil" protection(s).

If you still want to investigate a LLC I would suggest a review of:

Personally, I would focus on finding a Mortgage Broker/Banker that can walk you through the documentation requirements for buying as non-US citizen/individual.

0 votes
Thanks , I will review it.
Flag Wed Nov 20, 2013
Alexander Gr…, Agent, San Jose, CA
Wed Nov 20, 2013
Well it really depends on how you are going to finance the property and if that money will be coming from overseas that will determine this.

Alex Greer
Loan Officer
NMLS #1056079

0 votes
If you want a conventional loan it must be a person on the loan
Flag Sun Nov 24, 2013
So if using LLC can not apply for loans?
Flag Wed Nov 20, 2013
Annette Law…, Agent, Palm Harbor, FL
Wed Nov 20, 2013
Elena has provided you excellent advise. However, it is understated. View the link below to get a better idea of what disquising ownership can cause. In additon to the community that is the subject of the video, others are sliding into similar situations and are destined to become the investor controlled.
Things may be differant in California. Here in Florida, this will alarm the managing association.
LLC are easy and low cost to maintain. However, this does not seem the solution to any problem UNLESS you are also holding the property in a trust. Time to chat with an attorney.
Your concern must be the preparations you must make now in the event you sell the apt at some time in the future. Skipping this step will prove extremely expensive when it's time to sell.
To summarize, cloaking the ownership often raises red flags warning of the bad intent of the buyer.
Take a look

Best of Success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Move to the Front of the Line
0 votes
Elena Talis, Broker, Palo Alto, CA
Wed Nov 20, 2013
From point of view of real estate I can't think about any benefits of using an LLC. If anything, it may create an impression that you are buying for an investment. In terms of cost and potential tax benefits of an LLC, you should talk to a CPA or an attorney.
0 votes
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