The home buying process for foreign buyers is not much different than it is for US buyers. However, it is important that international buyers plan ahead and work with a qualified Real Estate expert in the US.
Does buying Real Estate give me privileges regarding legal stay in the USA?
If you are a foreign investor investing in a “new commercial enterprise” (for-profit activity formed for the purpose of ongoing business), you may qualify for an EB-5 Immigrant Investor Visa. Learn more here: http://www.uscis.gov/working-united-states/permanent-workers/employment-based-immigration-fifth-preference-eb-5/eb-5-immigrant-investor
Buying residential Real Estate in the USA does not give you any special privileges when applying for permanent residency or Visas into the USA. It is best to contact your immigration lawyer for matters revolving around this issue.
Do I need to travel to the USA to complete my purchase?
No. It is not necessary to physically travel to the USA to close your purchase. You can sign and mail your documents to the US or you are able authorize a third party to sign on your behalf by executing a “Power of Attorney “.
How does the purchase of a property affect my taxes?
This will vary depending on the country in which you reside and the state in which you purchase. Contact a tax attorney or accounting professional practicing in that state. The Brill Group can refer you to a qualified expert. You will be responsible for paying state property taxes and US income tax on profits from US income properties.
Are there any restrictions on buying homes in the US?
The US does not restrict foreign buyers from buying and owning real estate in the US. Some countries, however, do restrict their citizens from buying homes in the USA. It is best to consult an official in your own country about the restrictions they set on foreign home ownership.
Here are some key considerations when beginning a property search:
First, determine the primary purpose of your purchase. This is very helpful as it allows your agent to efficiently and effectively seek out the properties that best meet your needs.
Are you looking for a:
* Vacation home?
* Temporary residence?
* Home for children while they attend college?
* Investment property?
* Future residence?
Determining the primary function of the home will greatly assist your licensed agent in finding the best fit for you.
Educate yourself about US Real Estate Practices
US Real Estate practices differ not only from those of other countries but also from state to state within the US
* In the US, Buyers typically don’t pay their agents anything. As a homebuyer, your agent represents and works on your behalf and is paid a commission by the seller. You only pay for the agreed price of the purchase plus applicable closing costs.
* One agent can show you all of the available properties that meet your needs. In the United States, your agent has access to and can show you all of the available listings on the market. You don’t have to go from agent to agent to learn about or view different properties because every agent has access to all of the information.
* Agents must be licensed in order to represent you in the state in which you wish to purchase property.
* To read more about the steps required to close a Real Estate deal in the US, visit this page: https://www.escrowlink.com/EscrowOverview.aspx
Learn about FIRPTA and other Tax implications of owning US property
FIRPTA is the Foreign Investment in Real Property Tax Act of 1980. To learn more about FIRPTA, refer to this article: http://www.irs.gov/Individuals/International-Taxpayers/FIRPTA-Withholding
Foreign buyers can qualify for financing from US banks and lenders. The Brill Group will connect you with the industries’ top lending professionals to ensure you get the best advice and the best terms possible.
Find an Expert in your area
Use a Real Estate expert. A knowledgeable Realtor® is essential in guiding you regarding price, market trends and negotiating the best deal.
Agents can also provide valuable information about schools for your children, transportation routes and average length of commute between important locations, neighbourhood features and the overall feel of the community.
Call us today for a free consultation and we’d be happy to assist you. The Brill Group consistently ranks in the Top 1% of all Coldwell Banker Residential Brokerages internationally. The experts at Brill Group have over 30 years of extensive experience helping people find the best properties at the best price. Our multilingual agents (Farsi, Spanish, French, Mandarin, Cantonese and Russian) are waiting to help. Call us today at (310) 497-5166 or reach us by e-mail at [email protected]
The name California originates from a popular early 16th-century romance novel by Spanish author Garci Rodriguez de Montalvo called Las Sergas de Esplandian which describes a mythical land populated only by beautiful Amazon warriors in an “earthly paradise” rich with gold. When the Spanish landed in California in 1533, they had believed they found California in the paradise that lay before them.
Modern day California still possesses many of the attributes that allow us to call our home paradise. Over 1,000 miles of California Beaches give us access to over 118 beach cities. A trip to Hollywood will allow you to walk the red carpet and live the lifestyle that many of your favourite artists enjoy. Live among the stars in our specialized area of Beverly Hills, Bel Air or Holmby. Take in the breathtaking architecture of some of the world’s greatest minds. California enjoys a population of people from over 140 countries speaking approximately 86 languages!
For those looking to live a life of luxury, Los Angeles is the perfect place to call home.
The experts at Brill Group have over 30 years of extensive experience helping people find their dream luxury home. Whether you are looking for a secured and profitable investment, or to make Los Angeles your next home, trust this important decision with a team who is consistently ranked in the top 1% of all brokerages in the USA.
The Brill Group